Covid-19

What is the Kickstart Grant Scheme?

The scheme was announced to help both small and medium sized business recover from the negative financial impact of COVID-19. This can be achieved through the purchase of professional services, purchasing minor equipment or to adopt new technology to prepare and diversify in response to the pandemic. SEMLEP’s Growth Hub is responsible for allocating the grants in the SEMLEP area of Bedfordshire, Northamptonshire and Milton Keynes. 

Grants of up to £5,000 will be available, with most grants predicted to be in the region of £1,000 – £3,000. One aspect of the grant is specifically aimed at tourism and hospitality-related business’, which you will need to specify during the application process to determine which funding allocation your grant will come from. Whether your business is or is not related to the hospitality sector you will still complete the same application form.

How do I receive the grant?

If you are successful in being awarded a grant you will receive a grant offer. This then allows you to purchase the items or services approved in your grant application. Once you have purchased your intended product you can claim the amount for the grant payment to be issued to you.

Is my business eligible to receive the grant?

First and foremost, you must be based in the SEMLEP area and you must be able to implement the changes listed on your application proposal as soon as your grant has been approved, with all required permission in place (such as planning permission or dependent licences). 

You must also employ less than 250 people and have a turnover of less than £45m.

Click here to view the Growth Hubs most frequently asked questions:

How do I apply for a grant? 

On Monday 14^th September at 9am the South East Midlands Kickstart Grant Scheme will be live and available for you to begin your application. To prepare and increase your chances of being successful for your application, please see below some example questions that may appear during the application process.

Link: https://www.semlepgrowthhub.com/wp-content/uploads/2020/09/South-East-Midlands-Kickstart-Grant-Scheme-webform_03.09_web-version.pdf

With Milton Keynes and surrounding regions being a comparable business hub to the capital, it is expected that there will be a high number of applications. With an estimated only 200 grants available in the SEMLEP region it is vital to be prepared.

Dates to remember

Monday 14^th September (9am): Applications open

Monday 28^th September: Successful applicants will be notified and grant offer letters will be issued

For any further questions or to confirm your eligibility, please do not hesitate to contact us:

(E) enquiries@advaloremgroup.uk or (T) 01908 219100

Today marks the first day individuals born on September 1st are able to  access the money that was set aside for them  by the  Government’s child trust fund incentive. If you have a child born between September 2002 and January 2011 they should be entitled to receive money from the government on their 18^th Birthday (subject to certain criteria).

What is a Child Trust Fund?

A Child Trust Fund is a children’s savings account made available to children born between 1 September 2002 and 2 January 2011. They have since been replaced by Junior ISAs, but those with existing Child Trust Fund accounts or vouchers could keep their accounts and  continue to pay in. 

Child Trust Funds are a long-term investment fund that allow for tax-free investments originally set up by the Government. They were introduced with the idea to help children enter into adulthood with some form of savings to be invested in expenses such as buying a car or house. The main benefit of the trust fund was that all money earned on it is completely tax-free, including capital gains and interest payments.

The first of the Child Trust Funds will mature today (1^st September 2020) 18 years since the first ones opened (the last will mature in 2029). On maturity, Child Trust Funds can either be cashed out if needed, or may be reinvested into an adult ISA.

Don’t remember setting up a Child Trust Fund?

If you don’t remember physically setting up the trust fund for your child then don’t worry, they haven’t entirely missed out and your child may still be entitled to some money on their 18^th Birthday. 

At the time, HMRC sent the parents of qualifying children a voucher of £250 (or £500 if you were on a low income) to set up a Child Trust Fund account in the child’s name. However, if the parents didn’t do this, HMRC would have automatically set one up.

HMRC have set up an online tool to help young people find  out whether they have an account and  where their accounts is held.   To find a ‘lost’ CTF click here.

Types of Child Trust Fund

1. Cash Child Trust Fund – you are able to make deposits just as you would for a bank account, which is able to earn tax-free interest.

2. Stakeholder Child Trust Fund – the savings into the account are put into a wide mix of stock market investments, each outlining their own set of rules to reduce financial risk (including how the money would gradually be moved to lower-risk investments when the child reaches 13 with a cap on the annual charge). Stakeholder Child Trust Funds are charged based on the value of the fund and capped at a maximum charge of 1.5% a year.

3. Shares-based Child Trust Fund – where most or all the money is invested in shares, but without the protections of a stakeholder account. The savings in the account could be put onto the stock market via an investment fund of your choice or into your own investments.

How much money am I able to invest?

If your child meets the above criteria of being born between 1^st September 2002 and 2^nd January 2011 and they are not at the age of being able to cash in their CTF yet, you still have time to help them to utilise its benefits.

Annually you can put up to £9,000 into the account, however if you have not used that limit previously you are not able to carry that unused amount moving forward. 

In order to pay money into the account you can do so by cheque, standing order or direct debit. Additionally, payments made by the government do not count towards the £9,000.

For more information click here.

(E) enquiries@advaloremgroup.uk  (T) 01908 219100

Eat Out to Help Out Discount Scheme

This incentive is aimed at aiding and re-boosting the hospitality sector by encouraging people to return to dining out. 

The Government’s new Eat Out to Help Out discount scheme will provide a 50% reduction (up to a maximum of £10 per head) for sit-down, eat-in meals in the UK throughout August 2020. This offer is only available to participating restaurants from Monday to Wednesday and does not include discount on alcoholic drinks.

Participating establishments may include:

• restaurants, cafés, bars or pubs
• work and school canteens
• food halls

Participating establishments will apply the discount to their diners’ bill and the business will be fully reimbursed for the 50% discount. 

For further details on the “Eat Out to Help Out” including how to register, click here: https://www.gov.uk/guidance/register-your-establishment-for-the-eat-out-to-help-out-scheme

Take a look here to find out which restaurants in your local area are taking part!

VAT reduction tourism and hospitality

On 8^th July the Government made an announcement allowing VAT registered businesses to apply a tempororary 5% reduced rate if VAT to certain supplies relating to:

• hospitality 
• hotel and holiday accommodation 
• admission to certain attractions

the temporary rate will apply to supplies that are made between 15^th July 2020 to 12^th January 2021.

A reduced (5%) rate of VAT will apply to: 

• Food and non-alcoholic drinks, for consumption on your premises
• Hot takeaway food and hot takeaway non-alcoholic drinks 
• supply sleeping accommodation in a hotel or similar establishment
• make certain supplies of holiday accommodation
• charge fees for caravan pitches and associated facilities
• charge fees for tent pitches or camping facilities

For further information and a full list of affected supply, please read the government guidance here – https://www.gov.uk/guidance/vat-reduced-rate-for-hospitality-holiday-accommodation-and-attractions

(E) enquiries@advaloremgroup.uk  (T) 01908 219100

Job Retention Bonus

The Job Retention Bonus will be introduced to help employers retain furloughed workers after the Job Retention Scheme reduces. Employers (UK) will receive a one-off bonus of £1,000 for each furloughed employee who remains continuously employed through to 31st January 2021. To qualify, the employee must earn a minimum of £520 per month.

Apprenticeships

Scheme applies from 1st August 2020 to 31st January 2021.

Businesses will receive £2,000 for each new apprentice under the age of 25 that they hire. This will be in addition to the existing £1,000 payment the Government already provides for new 16-18-year-old apprentices and for those aged under 25 with an Education, Health and Care Plan.

To find further detail around the criteria for hiring an apprentice please click here: 

https://www.gov.uk/take-on-an-apprentice

Kickstart Scheme

Timeframes have not yet been announced for this scheme, however the incentive will operate as listed below.
Employers are able to offer a 6-month work placement for young people aged between 16-24, who are claiming Universal Credit and at risk of long-term unemployment. 

Funding will be available for each six-month job placement and will cover 100% of the National Minimum Wage for 25 hours a week. Employers will be able to top this wage up.

The minimum wage hourly rates from 1^st April 2020 are: 

• Age 25 and over                                                                           £8.72
• Age 21 to 24                                                                                 £8.20
• Age 18 to 20                                                                                 £6.45
• Age under 18                                                                                £4.55

(E) enquiries@advaloremgroup.uk  (T) 01908 219100