Coronavirus financial help for Scotland & VAT payments

Scotland: new sources of Coronavirus financial help

Three new grants became available this week to help Scottish businesses negatively impacted by the Coronavirus:

1. Pivotal Enterprise Resilience Fund
2. Creative, Tourism & Hospitality Enterprises Hardship Fund
3. Newly Self-Employed Hardship Fund

Pivotal Enterprise Resilience Fund

It may be difficult to secure this grant because it will be “needs based”, and your business must meet the criteria of being either “vital to the local, regional or national economy” or “be a supplier or potential supplier to NHS or other COVID-19 vital services“.

• Your business must provide financial and business information to prove your case.
• ad+ can help you to prepare the information needed to support your application.

The guidance is detailed, and can be found on this web page: Guidance notes for applicants

Creative, Tourism & Hospitality Enterprises Hardship Fund

This grant is for small creative, tourism and hospitality companies that are experiencing hardship because they are ineligible for other COVID-19 Government grant support.

Payment of this grant is also “needs based”, and your business “must have experienced at least a 50% loss of current or projected revenue“.

• Your business must provide financial and business information to prove your case.
• ad+ can help you to prepare the information needed to support your application.

The guidance is detailed, and can be found on this web page: Guidance notes for applicants

 Newly Self-Employed H?ardship Fund

If you are newly self-employed, having become self-employed on/after 6 April 2019, and are facing hardship, you may be eligible for a £2,000 grant through the Newly Self-Employed Hardship Fund.

It will be managed by Local Authorities. Follow this link: It is now open for applications via Local Authorities (links included).

VAT payments arising from current trading 

Please be aware that all businesses must continue to record their current trading activity as normal.  VAT registered businesses are still required to prepare and submit VAT returns, within the normal timeframes.

HMRC previously announced that VAT liability payments falling due between 20^th March and 30^th June could be deferred.  It is possible that HMRC may extend the stop date for the deferral period beyond 30^th June.  However, it is important to note that they have not yet announced any extension.

Therefore, at present, any business accruing a VAT liability payable from 1^st  July onwards should be budgeting for making that payment as it falls due.

Business loans

Despite criticism, 25,000 businesses have received more than £4bn so far, via CBILS loans.

The new Bounce Back Loan will inevitably appeal to many small business owners.

Both loans will provide much-needed cash injections into many businesses. That is already having a positive impact with some local business owners noting a boost in confidence and, more importantly, an increase in sales enquiries and orders.

• Your business has to provide financial and business information to prove your case for the CBILS.
• ad+ can help you to prepare the information needed to support your application.

What is your next step?

If you wish to discuss further, simply get in touch.

ad+ is here to serve and support our clients during this challenging time.