We asked our head of finance, Pete Hinnigan, to give a brief overview of what support the government has made available to event promoters.
The government has announced various support packages to help businesses get through Covid19. We know there is loads of information being put everywhere about this assistance but we thought we could tailor it to help you, our promoters, in brief bullet points. Below we have listed the certain schemes we think are key to help you through this challenging period.
These are non repayable cash injections:
- Self Employment Income Support Scheme – for the self employed who aren’t able to generate income due to Coronavirus, maximum of £7,500
- Coronavirus Job Retention Scheme – covers salaries of furloughed workers up to a maximum of £2,500 (per member of staff) plus employers national insurance and pension contributions
- Business rates relief – You will not have to pay business rates for 2020 to 2021. Live music venues are listed within the eligibility criteria
These are repayable back to the issuing bank, generally within a maximum period of 6 years, repayments do not have to be made for the first 12 months:
- Coronavirus Bounce Back Loan – 100% government backed loans aimed to help small and medium businesses offering between £2,000 and £50,000
- Coronavirus Business Interruption Loan Scheme – 80% government backed loans aimed to help small and medium sized businesses offering up to £5m
Deferrals of payments
HMRC have been open to deferring tax payments which may be otherwise be due in this time of cash flow struggles:
- VAT payments – between 20th March and 30th June any VAT payment due can be deferred but must be paid any time before 31st March 2021. The key is to cancel your VAT direct debit if you have one set up
- Self assessment tax bill – a payment may be required on account by 31st July 2020, this can now be delayed and paid before 31st January 2021
For further information head to the HMRC website
Disclaimer: This information should not be taken as legal advice, please consult professional advice for further information to see if you are eligible.