Bedford Business Newsletter November 2020

Winter Economy Plan

Job support scheme

The new Job Support Scheme launched on the 01^st  November aims to protect viable jobs in businesses who are facing lower demand over the winter months due to coronavirus. Under the scheme, which will run for six months, the government will contribute towards the wages of employees who are working fewer than normal hours due to decreased demand.

Self-employment income support scheme

The Government is continuing its support for millions of self-employed individuals by extending the Self Employment Income Support Scheme grant (SEISS). An initial taxable grant will be provided to those who are currently eligible for SEISS and are continuing to actively trade but face reduced demand due to coronavirus.

Tax cuts and deferrals

The temporary 15% VAT cut for the tourism and hospitality sectors will be extended to the end of March next year. In addition, business who deferred their VAT bills will be given more breathing space through the New Payment Scheme, which gives them the option to pay back in smaller instalments. Self-assessment taxpayers will be able to benefit from a separate additional 12-month extension from HMRC on the “Time to Pay” self-service facility, meaning payments deferred from July 2020, and those due in January 2021, will now not need to be paid until January 2022.

Giving businesses flexibility to pay back loans

Businesses who took out a Bounce Back Loan will be given the option to repay their loan over a period of up to ten years through a new Pay as You Grow flexible repayment system. Interest-only periods of up to six months and payment holidays will also be available to businesses.

Coronavirus Business Interruption Loan Scheme lenders will be given the ability to extend the length of loans from a maximum of six years to ten years if it will help businesses to repay the loan.

The government is extending four temporary loan schemes to 30 November 2020 for new applications: As a result, more businesses will now be able to benefit from the Coronavirus Business Interruption Loan Scheme, the Coronavirus Large Business Interruption Loan Scheme, the Bounce Back Loan Scheme and the Future Fund.

For more details click onto winter economy plan

Stewartby Business Park  MK43 9GA

Eight brand new business units under development.

Stewartby Business Park is a new development of eight business units with B1/2/8 planning. It is arranged as two terraces around a generous yard with additional car parking. The units have a clear internal height of 7.5m, each has a goods loading door, office and kitchenette.

The Stewartby site is situated close to Bedford and Milton Keynes and just off the A421 dual carriageway, which links the M1 at J13 and the A1 at Black Cat Roundabout.

The size of the units are between 5,970 sq ft to 17,956 sq ft and will be available from March 2021 on new leases.

For more information contact:

RICHARD LAST

richard.last@brownandlee.com

M: 07921 166595

Are you ready for the EU/UK Transition ?

With the transition period nearing, there will be guaranteed changes from 01st January 2021 for businesses as we start our new relationship with the EU and there are many actions you can take today to prepare. Find out what you need to do by visiting gov.uk/transition and using the checker tool. On this site you will also find a series of new checklists for different sectors that businesses can use to better prepare.

Regardless of whether we reach a trade agreement with the EU, from 01st January there will be guaranteed changes to:

- the way businesses import and export goods

- the process for hiring people from the EU

- the way businesses provide services in EU markets.

Help is available, please

- Check what actions you need to take by visiting gov.uk/transition

- Sign up for updates.

- You can also sign up for government webinars for additional support.

There will be no extension so unless you take action, there is a risk business operations will be interrupted. You should also check with your suppliers and customers that they are also taking action.   

Community Hub

With the country re-entering a national lockdown for four weeks from Thursday 05th November, Bedford Borough Council has relaunched its Community Hub to provide support for vulnerable residents.

In partnership with local community organisations, the Community Hub is back up and running. If you are in need of information and guidance, or if you need support to get food deliveries or assistance with prescriptions, please get in touch with the Hub.

The Community Hub can be contacted via 01234 718101 or Covid19help@bedford.gov.uk

There is more information, including information about health and wellbeing, on the Council website at www.bedford.gov.uk/covid19.