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Weekly Digest – 6 January 2021

Happy New Year! We hope you had a relaxing holiday break and are raring to go in 2021.

Our first weekly digest of the new year includes the latest updates and ideas to help us all move forward.

UK to Toughen COVID-19 Border Controls Soon

The UK will shortly announce plans for new border restrictions to curb the spread of the virus, according to Minister for the Cabinet Office Michael Gove. While the measures to ensure that our borders are safe are yet to be finalised, Gove said that the message is clear for UK citizens– they should not be travelling.

We will keep you updated when more information is available.

£4.6 Billion in New Lockdown Grants

Businesses in the retail, hospitality, and leisure sectors are to receive a one-off grant worth up to £9,000 per property to help businesses through to the Spring. A £594 million discretionary fund was also made available to support other impacted businesses.

This follows the Prime Minister’s announcement that these businesses will be closed until at least February half-term in order to help control the virus. The one-off top-ups will be granted to closed businesses as follows:

  • £4,000 for businesses with a rateable value of £15,000 or under
  • £6,000 for businesses with a rateable value between £15,000 and £51,000
  • £9,000 for businesses with a rateable value of over £51,000

The grant is expected to benefit over 600,000 business properties across the UK. More details can be found here or you can contact us if you have any questions or require assistance.

Government Loan Schemes Extended

Further extension of all the Government’s current coronavirus business loan schemes have been announced in December. This means applications for Coronavirus Business Interruption Loan Scheme (CBILS), Bounce Back Loan Scheme (BBLS) and Coronavirus Future Fund have all been extended to 31st March 2020.

Flick us a message if you need our expert assistance on your applications and so we can help you evaluate your options.

Hospitality and Tourism VAT Extension

The reduced rate of VAT (5%) that was previously introduced will still be applicable to food and non-alcoholic beverages from pubs, bars, cafes, and restaurants, accommodation, and attractions in the UK until 31st March 2021.

Business New Year Planning Tips

Make the next 12 months more profitable and productive with these tips for business New Year planning.

  • List out the three most important goals and critical ‘big picture’ accomplishments that you want for your business. Identify WHAT, HOW, and WHEN will you do the steps to achieve these.
  • Evaluate what still works and what no longer works for your business. Don’t be afraid to try out something new, perhaps even what seems risky.
  • Set monthly metrics and quarterly goal-planning reviews instead of thinking of the year as a whole. Measure results and adjust the dials on your business plan every 3 months while keeping a close eye on results every month.
  • Don’t do it alone. Be open to suggestions from your partners, business advisor, accountant, and the rest of your team.
  • Write down your personal and professional development goals as well.

Entering into the new year with all the uncertainties ahead and the pandemic still going on can be scary. However, it is important to remember that a bend in the road is never fatal unless you fail to turn. So take a deep breath and relax– you got this!

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.