The following announcements were posted to the GOV.UK website last month. They provide details of some of the compensation being offered to businesses affected by last month’s flooding across the UK:
Cash compensation
Measures include:
- A £5,000 repair and renewal grant for all affected householders and businesses. The aim is to top up money received from insurers to build in flood resilience when property is repaired.
- All affected businesses will qualify for 100% business rate relief for three months.
- Businesses will also get an extra three months to pay business taxes.
- A £10m fund for farmers suffering water-logged fields.
- A £750m commitment from banks to provide financial support to those in need.
A new Business Support Scheme
The scheme is worth up to £10million to provide hardship funding for SME businesses in areas affected by the floods. Both businesses that have been flooded, and businesses that are in affected areas and have suffered significant loss of trade, will be able to apply for support. Eligible businesses will be able to claim for funding for things like immediate clean-up costs, materials, and exceptional costs to help them continue trading.
Extra time for businesses to file accounts without any penalties
If any affected company is unable to file accounts or other documents on time as a direct result of the floods, Companies House will agree an extension and not collect the penalties which apply for late filings. Applications for extensions should be made before the end of the filing period.
A Government Business Support Helpline
The Helpline is providing comprehensive advice and support to businesses affected by floods. It will offer a free 1 hour call with a dedicated Business Support Adviser to help businesses get back on their feet. The helpline number is 0300 456 3565 and can take calls from flood affected businesses now.
Alongside this government action, the government also welcomes the initiative from Enterprise Nation to bring together big business offers of assistance to small firms affected by the floods. These offers of assistance include:
- Regus, the global workspace provider with 220 business centres across the UK, is coming to the aid of businesses by offering free workspace to workers affected by the floods. Those who cannot work in their normal location – whether that’s an office or their home – will be given free access to the business lounge within any Regus centre, providing professional workspace, wifi and complimentary refreshments.
- Citrix has pledged to support small businesses affected by the floods by letting them use GoToMeeting free on a trial basis for up to 3 months (90 days) for quick and easy online meetings with employees and customers. GoToMeeting is quick to install and allows you to connect face-to-face and work with people important to your business via a mobile, tablet or PC wherever you or they happen to be.