Business support during COVID-19

To help you navigate through the plethora of information, here’s a summary of the most significant government-backed measures to provide funding and support to businesses in this period:

We’re also collating advice and guidance from various leading authorities here:

Retail Businesses – Business rates, reliefs and grants

We know this is a really challenging time and COVID-19 is affecting everyone. Businesses are looking for support through this uncertain period. The latest developments and measures are outlined on the GOV.uk advice page.

Following the Government’s announcements on business rates relief and grants, here are some steps you can take to help preserve your jewellery business using the available support packages.

12-month rates free period

From April 1, all retail businesses are entitled to a 12-month rates free period. You can also write to the Valuation Office Agency (VOA) and claim back any rates paid from March 23. This has to be on the grounds your premises became “empty” on that date due to “Statutory Prohibition of Use”.

Grants

If you are a small retailer with a business based in England and your business premises has a rateable value of less than £15,000 a year then you are eligible for a cash grant of £10,000. For larger businesses with a rateable value of between £15,000 and £51,000 you can receive a cash grant of £25,000.

Businesses based in Northern Ireland can receive grants on the same basis as in England. For businesses based in Wales, the £10,000 grant is for all businesses with a rateable value up to and including £12,000. The £25,000 grant is for businesses with a rateable value between £12,001 and £51,000.

In Scotland, the £10,000 grant is for a rateable value of up to £18,000 and the £25,000 grant is for businesses with a rateable value between £18,000 and £51,000.

Financial support for individuals

Many of us face uncertainty as the coronavirus situation develops, not least when it comes to financial wellbeing. The Money and Pensions Service is the new body replacing the Money Advice Service, The Pensions Advisory Service and Pension Wise.  They have published guidance on how to deal with financial effects that some of us may be suffering from, including topics such as emergency budgets, debt worries, falling behind on rent, mortgage or utility bills. You can find them at https://www.moneyadviceservice.org.uk/en/categories/coronavirus