Category: Updates

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How the Upcoming UK Election Could Impact Your Business

Posted on | by Jade Donno

Election 2024: How Party Manifestoes Could Impact Small Businesses in the UK

As the 2024 UK election draws nearer, small business owners are keenly aware of how the potential shift in power could impact their operations. Understanding the manifestoes of the main political parties – Labour, Conservative, Green Party, and Liberal Democrats – is crucial for preparing for the future. Here’s a closer look at what each party proposes for small businesses.

Labour Party

Taxation and Finance

Labour’s manifesto traditionally focuses on increasing public spending and social welfare, funded by higher taxes on the wealthy and corporations. For small businesses, this could mean:

  • Corporate Tax: An increase in corporate tax rates, especially for larger corporations, could indirectly affect small businesses through changes in supply chain costs and market dynamics.
  • Business Rates: Labour has indicated a willingness to review business rates, which could benefit small businesses struggling with high property costs.
  • Access to Finance: Proposals to increase funding for SMEs, particularly through government-backed schemes and incentives for banks to lend to small enterprises.

Employment and Labour Rights

Labour often emphasises worker rights and fair wages:

  • Minimum Wage: A potential increase in the minimum wage could raise labour costs for small businesses.
  • Worker Protections: Enhanced worker protections and rights, such as improved sick pay and holiday entitlements, which may require adjustments in employment practices.

Green Initiatives

Labour’s commitment to a green economy includes:

  • Sustainable Practices: Incentives for businesses adopting sustainable practices, which could present opportunities for SMEs in green sectors.
  • Environmental Regulations: Stricter environmental regulations that might require businesses to invest in greener technologies and processes.

Conservative Party

Taxation and Finance

The Conservative manifesto typically focuses on lower taxes and deregulation to stimulate economic growth:

  • Corporate Tax: Potential reductions or stability in corporate tax rates, which could leave more profits in the hands of business owners.
  • Business Rates: Continued reliefs and potential reforms to business rates to support high street businesses and small enterprises.
  • Investment Incentives: Encouragement of private investment through tax incentives and simplified processes for accessing government grants.

Employment and Labour Rights

The Conservatives often prioritise flexible labour markets:

  • Minimum Wage: Moderate increases in the minimum wage to balance affordability for businesses and fair wages for workers.
  • Employment Law: Policies aimed at maintaining flexibility in employment law, reducing red tape for hiring and firing.

Green Initiatives

The Conservative approach to green policies balances business interests with environmental goals:

  • Sustainability: Encouraging voluntary adoption of sustainable practices with financial incentives rather than strict regulations.
  • Green Investment: Investment in green infrastructure and technologies, potentially benefiting businesses involved in these sectors.

Green Party

Taxation and Finance

The Green Party’s manifesto emphasises sustainability and social equality:

  • Corporate Tax: Higher corporate taxes, especially for larger companies, with funds redirected to support green initiatives and social welfare.
  • Business Rates: Reforms to ensure business rates reflect environmental impact, potentially providing relief for environmentally-friendly businesses.
  • Access to Finance: Increased support for green businesses, including grants and loans for sustainable projects.

Employment and Labour Rights

The Green Party focuses on worker welfare and sustainable jobs:

  • Minimum Wage: Significant increases in the minimum wage to ensure a living wage for all workers, impacting payroll budgets for small businesses.
  • Worker Protections: Strong emphasis on worker rights and protections, potentially increasing administrative and financial burdens on employers.

Green Initiatives

Sustainability is at the core of the Green Party’s policies:

  • Environmental Regulations: Stricter environmental regulations requiring businesses to adopt greener practices.
  • Green Investments: Significant investment in green infrastructure and support for businesses in renewable energy and sustainable sectors.

Liberal Democrats

Taxation and Finance

The Liberal Democrats typically advocate for balanced economic policies:

  • Corporate Tax: Moderate changes to corporate tax, aiming to balance economic growth with social responsibility.
  • Business Rates: Comprehensive review and reform of business rates to support SMEs and high street businesses.
  • Access to Finance: Support for SMEs through improved access to finance, grants, and incentives for innovation.

Employment and Labour Rights

The Liberal Democrats emphasise fair working conditions:

  • Minimum Wage: Incremental increases in the minimum wage to ensure fair pay without drastically impacting business costs.
  • Worker Protections: Policies to enhance worker rights and protections, including support for flexible working and family-friendly practices.

Green Initiatives

The Liberal Democrats focus on sustainable growth:

  • Environmental Regulations: Balanced approach to environmental regulations, encouraging businesses to adopt sustainable practices without excessive burdens.
  • Green Investments: Investment in green technologies and support for businesses transitioning to a low-carbon economy.

Conclusion

Understanding the manifestoes of the major political parties can help small business owners anticipate changes and plan accordingly. Each party offers different approaches to taxation, labour rights, and sustainability, which will impact businesses in various ways. At 1 Accounts, we’re here to help you navigate these potential changes and ensure your business is prepared for the future. Stay informed, stay prepared, and don’t hesitate to reach out for expert advice and support.

For more detailed insights and tailored advice, visit our website www.1accounts.co.uk. Let’s work together to ensure your business thrives no matter the political landscape.

hands voting

Election 2024: What Business Owners Need to Know

Posted on | by Jade Donno

Election 2024: What Business Owners Need to Know

As the 2024 election approaches, business owners across the UK are keen to understand how potential changes in government policies might impact their operations. The outcome of this election could bring about significant shifts in economic, tax, and regulatory environments. To help you stay informed and prepared, we’ve outlined key considerations and potential impacts for business owners.

Economic Policies

Taxation Changes

One of the most significant areas where elections can impact businesses is taxation. Different political parties often have varying approaches to corporate taxes, VAT, and other business-related levies. It’s essential to stay informed about each party’s tax proposals:

  • Corporate Tax Rates: Changes in corporate tax rates can directly affect your profitability. Watch for proposed increases or decreases in these rates and consider their implications for your financial planning.
  • VAT Adjustments: Shifts in VAT rates can influence your pricing strategy and cash flow. Keep an eye on proposed changes and plan accordingly.
  • Business Reliefs and Incentives: Look for any new reliefs or incentives aimed at small and medium-sized enterprises (SMEs). These can provide valuable opportunities for growth and investment.

Employment and Labour Policies

Labour policies, including those related to the minimum wage, worker rights, and employment regulations, can significantly impact your business operations:

  • Minimum Wage Adjustments: Increases in the minimum wage can raise your labour costs. It’s crucial to factor these potential changes into your budgeting and staffing plans.
  • Worker Rights: Enhanced worker rights and protections may require adjustments to your HR policies and practices. Ensure you understand any new regulations to remain compliant.
  • Employment Contracts and Benefits: Changes in laws regarding employment contracts and benefits can affect your employee relations and retention strategies.

Regulatory Environment

The regulatory landscape is another area that can undergo significant changes following an election. Here are some key areas to monitor:

  • Health and Safety Regulations: New or revised health and safety regulations can impact your operational procedures and compliance requirements.
  • Environmental Regulations: With increasing focus on sustainability, expect potential changes in environmental regulations that could affect your business practices and reporting obligations.
  • Industry-Specific Regulations: If you operate in a highly regulated industry, such as finance or healthcare, stay informed about any sector-specific regulatory changes that could impact your business.

Trade and International Relations

The UK’s trade policies and international relations can influence your supply chain, export opportunities, and overall market stability:

  • Trade Agreements: New trade agreements or changes to existing ones can open up new markets or impose new barriers. Keep an eye on proposed trade policies and consider how they might affect your business.
  • Import and Export Regulations: Adjustments to import and export regulations can impact your supply chain logistics and costs. Stay informed to mitigate potential disruptions.
  • International Relations: Geopolitical shifts and changes in international relations can influence market conditions and business confidence. Monitor these developments to adapt your strategies accordingly.

Financial Markets and Investment Climate

The election outcome can also influence the broader financial markets and investment climate:

  • Market Stability: Political uncertainty can lead to market volatility. Be prepared for potential fluctuations in share prices, interest rates, and currency exchange rates.
  • Investment Opportunities: Changes in government policies can create new investment opportunities or risks. Stay informed about potential shifts in the investment landscape to make informed decisions.
  • Access to Finance: Monitor any proposed changes to government-backed finance schemes and support for businesses. These can provide crucial funding opportunities for growth and expansion.

Preparing for the Election Outcome

While it’s impossible to predict the exact outcome of the 2024 election, proactive planning can help mitigate risks and position your business for success:

  1. Stay Informed: Regularly update yourself on the latest news and developments related to the election. Follow reliable sources and consider joining business networks or associations that provide insights and analysis.
  2. Scenario Planning: Develop contingency plans for different election outcomes. Consider how changes in policies might impact your business and identify strategies to address potential challenges.
  3. Engage with Stakeholders: Communicate with your stakeholders, including employees, customers, and suppliers, to understand their concerns and expectations. Keeping an open line of communication can help build resilience and trust.
  4. Seek Professional Advice: Consult with financial advisors, accountants, and legal experts to navigate potential changes in the regulatory and economic environment. Professional guidance can help you make informed decisions and stay compliant.

Conclusion

The 2024 election presents both opportunities and challenges for business owners. By staying informed and prepared, you can navigate potential changes and position your business for continued success. At 1 Accounts, we’re committed to helping you understand and adapt to the evolving business landscape. If you have any questions or need assistance with your financial planning, please don’t hesitate to contact us.

Is It Time to Electrify Your Double Cab Pickups?

Posted on | by Jade Donno

Understanding the Changing Tax Landscape

Current Tax Benefits: A Favorable Position

Double cab pickups are the backbone of the construction industry, serving as both reliable haulers for equipment and convenient transportation for workers and their families. Yet, looming changes in tax regulations could reshape the landscape for these indispensable vehicles.

The Impact of Tax Changes

Currently, double cab pickups enjoy favorable tax treatment, including a standard benefit-in-kind rate set at £3,600, plus £688 for fuel, leading to a tax bill of £857.60 for basic rate taxpayers and £1,715.20 for those in the higher tax bracket. Additionally, companies can fully deduct the cost of these vehicles from their taxable profits thanks to 100% Capital Allowances. However, starting from July 1st, significant tax changes will come into effect, subjecting double cab pickups to similar tax assessments as cars. This shift includes considering CO2 emissions ratings, which could substantially increase taxes and reduce capital allowances.

Navigating Tax Implications: A Case Study

Take, for example, purchasing a Toyota Hilux Active, priced at £34,145 including VAT. Under the current tax regime, there are significant tax savings for both the company and the employee due to VAT recovery and full capital allowances. However, post-change, the tax implications become much more burdensome, with capital allowances reducing to just 6% annually.

Exploring Alternatives: Electrification of Fleet

So, what’s the solution? It might be time to consider electrifying your double cab pickup fleet. Electric vehicles (EVs) are currently treated more favorably in terms of taxation, and although there’s no guarantee, there’s a possibility that future government policies may continue to support EV adoption.

Weighing the Options: Financial and Environmental Considerations

With the impending tax changes, it’s essential to weigh the benefits of purchasing under the existing tax regime against the potential long-term financial and environmental advantages of electric vehicles. While the current rules apply to purchases made before July 1st, 2024, until April 5th, 2028, it’s crucial to consider the broader shift towards electrification and potential changes in legislation that could impact the cost-effectiveness of maintaining a diesel-powered fleet.

Further Guidance and Resources

To dive deeper into the tax implications and allowances, refer to the official guidance at HMRC’s Employment Income Manual.

In Conclusion: A Shift Towards Sustainability

In conclusion, the changing tax landscape suggests that now might be the time to rethink your double cab pickup fleet and consider transitioning to electric vehicles for a more sustainable and financially sound future.

For more detailed information on the tax implications and allowances, please refer to the official guidance at HMRC’s Employment Income Manual.

The Autumn Statement

Posted on | by Jade Donno | Leave a Comment on The Autumn Statement

The Chancellor announced his Autumn Statement yesterday. 

We already knew that he was going to raise taxes and reverse most, if not all of the Truss Budget.

Indeed, the Chancellor set out his priorities as Stability, Growth and Public Services.

What this means is that we are back in Austerity 2.0 mode. Oh, and inflation is still going to be running at 10% across 2023.

This new fiscal direction isn’t good for small business owners. UK Plc needs repaying for all the money it gave or lent to businesses to support the economy during the Covid-19 pandemic. Yes, furlough payments, Bounce Back Loans and such like all need to be repaid.

Sadly, the chancellor has taken a swipe at small business owners and decided that this is the population that will take the brunt. After all, we small business owners don’t have a union supporting us to strike. Plus, we are a resilient bunch of people and will roll our sleeves up to get through these tough times.

The leaked and previously announced tax increases are still going ahead…

  • Corporation tax from April 1 2023 to increase to 25% for companies with profits over £250,000. Companies with profits under £50,000 will be taxed at 19%. Companies with profits between £50,000 and £250,000 will be taxed between 19% and 25%.
  • Still support for energy bills. After April 2023 the Energy Price Guarantee will go up to £3000 per year for a ‘typical’ household.
  • Income tax and National Insurance contributions thresholds are staying the same until April 2028.
  • The Upper rate tax band threshold will be lowered from £150,000 to £125,140 from 6th April 2023.

Remember that small business owners bared the brunt of the tax increases? Well here is the sting in the tail

  • The National Living Wage will increase by 9.1% for individuals over 23 to £10.42 and the National Minimum Wage rates are all increasing by 9-10%.
  • The dividend allowance is being reduced from £2000 to £1000 in April 2023, then to £500 in April 2024.
  • The Capital Gains Tax Annual Exempt amount is being reduced from £12,300 to £6,000 from April 2023 and to £3000 from April 2024.
  • The National Insurance Secondary Threshold, i.e. the level at which employers start to pay Class 1 Secondary NICs for their employees, will be £9,100 from April 2023 until April 2028.
  • The R&D tax relief is changing from 130% to 86% and the SME credit rate will decrease from 14.5% to 10%. This takes effect from the Autumn Finance Bill 2022.
  • From April 1st 2023 business rates will be reevaluated to take account of a rise in property values since 2017.

Inevitably the Chancellor has decided that electric vehicles need to now pay road tax. This means that:

  • Electric cars and vans will now pay road tax from 2025.
  • New electric cars registered in 2025 will pay £10 in road tax for the first year then move to the standard rate.
  • Existing electric cars will pay the standard rate from 2025.
  • The exemption for electric cars for the expensive car supplement has also been removed. This means electric cars costing over £40,000 will pay an (at current rates) extra £355 per year on top of the normal road tax of £165 per year.
  • The benefit in kind tax for electric cars is going up to 5% by 2027/2028, with an increase of 1% per year taking effect in 2025/2026 until the 5% level is reached in 2027/2028.

Small crumbs of comfort here are that you still get the 100% first-year allowance for electric vehicle charging points.

Having read all of this you would be perfectly entitled to think that there is no good news for small business owners. And, well, you’d be right to think that. What the government did announce was:

  • No introduction of a possible Online Sales Tax.
  • The business rates multipliers will be frozen in 2023-24 at 49.9p and 51.2p.
  • There is a transitional relief scheme for business rates to support the changes in business rates from the reevaluation in 2023.
  • There, maybe, more energy price support for business announced in the Spring Budget.
  • The reversing of the increase in National Insurance rates for employees (that started in Nov 2022) is still going ahead.
  • There is still the £5000 National Insurance Allowance for small business owners.

What do you need to do now?

Given the extra costs the government has now imposed on your small business AND the rising cost of energy bills AND the minimum wage increases AND the 10% inflation rate across 2023, you have work to do. Namely:

  1. Put together your business plan for 2023 and model the impact of rising costs. Do you need to:
    1. Increase your prices?
    2. Reduce your overheads?
    3. Increase your wages?
  2. Carefully look at your personal and business tax situation. For example:
    1. Would you be personally better off if you paid yourself more via PAYE or made more pension contributions?
    2. Would closing your limited company and trading as a sole trader now make more sense?
    3. Do you need to put in motion anything to avoid getting caught by the reduction in capital gains allowance in April 2023, e.g. selling your business or property?
  3. Who in your staff needs a pay rise to avoid falling foul of the rise in National Minimum Wage?

Of course, give us a call if you need help with any of these next steps. We are here to help.

Jeremy Hunt makes changes

Posted on | by Jade Donno | Leave a Comment on Jeremy Hunt makes changes

Here is another blog with yet more changes and reversals to the Kwarteng mini-budget that wasn’t a budget.

In short, most of what he announced has been ditched by the new chancellor Jeremy Hunt.

I am hesitant to say that these new announcements are ones that are going to remain. After all, we are living in “interesting times”. Things could change still further by the time we get to the 31st of October when the chancellor will reveal the full financial statement.

What we know now:

  • The basic rate of income tax remains at 20% and likely to stay there for the foreseeable future.
  • The 45% higher tax rate is here to stay.
  • The planned reversal in the increase to Dividend Tax which took place in April has been cancelled.
  • The repeal of the 2017 and 2021 changes to off-payroll rules, AKA IR35, is now cancelled. This means the burden of proving that a contractor is not a disguised employee now rests again with the employer.
  • The help with energy costs is still going ahead but only until April. From April there is likely to be a different and more targeted regime to help with energy costs.
  • The planned increases in the duty rates for beer, cider, wine and spirits will now go ahead.
  • VAT free shopping for non-UK visitors scrapped.

You may be pleased to know that the cuts to stamp duty and National Insurance remain in place. These are very small crumbs of comfort.

The likelihood is that there will be more announcements on the 31st October.

We will, of course, then, give you a full rundown of any changes which will impact you or your business.

Our thoughts:

It’s aint over until the fat lady sings. At the moment we seem to have no idea whether the lady in question is clearing her throat or even thinking about going to perform.

What is clear that the Conservative government is in turmoil right now. The politic gossip columns are humming with different leadership scenarios. None of which seem to involve Liz Truss in them…

Initial reactions from the markets seem to be positive about Jeremy Hunt’s new plans for GB PLC. At time of writing the pound was making tiny gains against the dollar. But still a long way off the dizzy exchange rate heights in August of US $1.20 dollar to the pound. Bear in mind that at this point last year £1 would buy you US $1.37.

As a fellow business owner, my hope is for some stability and certainty in the months ahead. After all, that is what we all need to be able to plan and take decisions for the future. However, my sense is don’t assume that we are now entering into stable waters.

This is what I still think we can rely on going forward:

  • The cost of living crisis is going to bite hard over the winter
  • It is important to keep an eye on your business’s cash going forward
  • It will be harder to get access to finance
  • The turmoil will bring opportunities for business owners who are managing their finances carefully and prepared to be bold and take good decisions.

If you are uncertain about what the future holds or how to cope with the headwinds coming your way, then get in touch. We are here to help.

Government makes a U-turn

Posted on | by Jade Donno | Leave a Comment on Government makes a U-turn

On Friday afternoon the UK Prime Minister, Liz Truss held a press conference. Ahead of this press conference, it was announced that the Chancellor had resigned/been sacked (depending on whose version of the truth you are listening to).

In this press conference, the September tax cuts as promised in the mini-budget have been watered down even further.

What we know so far… 

The Corporation Tax will rise from 19% to 25% in April 2023. It is unclear whether or not that includes the previous 19% tax rate for profits under £50k, with a tapering of tax rates up to £250k profit.

As already announced the removal of the 45% top rate for high earners has been scrapped.

What is still, apparently, going ahead from the mini-budget is:

  • The income tax basic rate cut by 1p to 19p in April 2023
  • The scrapping of the 1.25% rise in National Insurance is from November 2022 is still going ahead.

Our thoughts:

Hang onto your hats for a while longer. It is clear that the Conservative government is in turmoil right now. Read any of the online news sites and you will see speculation about whether Liz Truss can keep her job as Prime Minister. Or whether the new chancellor, Jeremy Hunt, will become a caretaker leader.

As a fellow business owner, my hope is for some stability and certainty in the months ahead. After all, that is what we all need to be able to plan and take decisions for the future. However, my sense is we are far from the stability we require.

This is what I think we can rely on going forward:

  • The cost of living crisis is going to bite hard over the winter
  • It is important to keep an eye on your business’s cash going forward
  • The cost of borrowing is going to increase as interest rates increase
  • It will be harder to get access to finance
  • The turmoil will bring opportunities for business owners who are managing their finances carefully and prepared to be bold and take good decisions.

If you are uncertain about what the future holds or how to cope with the headwinds coming your way, then get in touch. We are here to help.

New National Insurance threshold comes into effect from 6th July 2022

Posted on | by Jade Donno

Back in his Spring Statement in March of 2022, then Chancellor Rishi Sunak announced significant changes to National Insurance. The first of which came into effect in April when NI contributions were raised from 12% to 13.25%.

What is changing in July?

This month sees some respite however with the implementation of Sunak’s second change; a raise of the primary threshold for National Insurance. From July 6th this has been raised from £9880 to £12,570, bringing it in line with the personal allowance for income tax for the first time.

This change means that anyone earning less than approximately £35,000 will pay less National Insurance this year, and employees will see this change reflected in their pay this month. The Prime Minister has stated that this will mean the average worker will receive a tax cut of £330 a year. If you earn below this threshold then you will no longer pay National Insurance contributions at all. If you are a higher earner however, you will still be paying more National Insurance than you were last year.

Will this help the cost-of-living crisis?

Taxes are still at their highest rate for 40 years and the cost of living crisis continues to grow. With a new Chancellor in place it will be interesting to see what, if any, changes he makes to ease the pressure on low and middle earners. We will have a full report of the Autumn statement when it is given, and in the meantime will continue to update you as soon as anything changes.

spring statement

Spring Statement 2022

Posted on | by Jade Donno

The Chancellor recently unveiled his Spring Statement. With a background of increasing wage, fuel and raw material costs and rising inflation, it was hoped the Chancellor would bring some respite for small businesses and sole traders.

Thankfully there is some small respite coming for small business owners and sole traders. Before you get too excited, the 1.25% National Insurance increase and the new Health and Social Care Levy still kick in from April 2022.

However, the Chancellor announced 3 measures that will directly help small businesses and your lower-paid employees right now:

  • Employment allowance will increase by £1000 to £5000 per year from April 2022. For businesses with employees, this will help to offset some of the extra Employer NI costs coming in from April 2022.
  • From July 2022 the National Insurance Primary Threshold will increase to be in line with the income tax personal allowance, i.e. from £9880 to £12570. This means anyone earning less than about £35,000 will pay less National Insurance during the year.
  • A 5p per litre cut in fuel duty for 12 months starting 6 pm 23rd March. This is a saving of approx £100 per year for the average car driver, £200 for the average van driver and £1500 for the average haulier.

Other announcements of merit included:

  • A planned reduction in the lower rate of income tax to 19% from April 2024. However, 2 years is a long time in politics!
  • VAT on the installation of energy-saving materials, e.g. solar panels, to be cut from 5% to 0% (not applicable to Northern Ireland).
  • The qualifying expenditure for R&D tax credits will now include data, pure maths and cloud computing costs.

The Chancellor hinted that we can expect more tax simplification and reform, particularly to tax reliefs and allowances in the Autumn Budget. .

teamwork

Minimum Wage Update 2022

Posted on | by Jade Donno

With costs going up across the board it is unsurprising that the national living wage is also being increased. However, for businesses, particularly small ones, this could have a dramatic effect on wage bills going forward.

From April 1st 2022, the minimum wage will be increasing from £8.91PH to £9.50PH. This is a 6.6% increase on salaries. There are also increases in the lower age brackets, please follow this link to find out full details – https://www.gov.uk/government/publications/minimum-wage-rates-for-2022 

We encourage you as a business to sit down and review what you are paying your staff, particularly if you have people close to the new minimum or if you are wanting to attract new team members. Keep in mind that £9.50PH is now an entry level salary and if you are wanting to attract high quality candidates you may want to pay them more than this. It is also sensible to look at what your competitors are offering in terms of salary. A good place to start is the supermarkets who are currently hiring at £11 PH.

Work out a plan of if and how you need to increase your team’s wages and then implement the changes by the 1st of April.

lady with tablet in factory

Self-employed Income Support Grants Extended

Posted on | by Jade Donno

In line with the further extension of the CJRS furlough scheme for employees the chancellor has also set out further support for the self-employed. We had been waiting for the details of the calculation of the fourth SEISS grant covering the period to 30 April and we now know that the support will continue to be 80% of average profits for the reference period capped at £2,500 a month and can be claimed from late April. There will then be a fifth SEISS grant covering the 5 months to 30 September.

The chancellor has also bowed to pressure to extend the scheme to include certain traders who were previously excluded. Thus, those who commenced self-employment in 2019/20 will now be included provided they had submitted their 2019/20 tax return by 2 March 2021. This is potentially a further 600,000 traders.

Conditions for the fifth grant will be linked to a reduction in business turnover. Self-employed individuals whose turnover has fallen by 30% or more will continue to receive the full grant worth 80% of three months’ average trading profits, capped at £2,500 a month. Those whose turnover has fallen by less than 30% will receive a 30% grant, capped at £950 a month. We are awaiting further details of this fifth grant.