Lockdown 3: Covid-19 Support Updates

We hope you are keeping well and staying safe.

Our office remains open and we are still here to chat through any issues you have or ways that we can help you through this incredibly difficult period.

We wanted to set out the latest help that is available at this time.

If you have any further questions, please don’t hesitate to get in touch.

New Covid-19 Support

The Chancellor has announced £4.6 billion available for grants to help businesses in the retail, hospitality, and leisure sectors, by way of a one-off grant worth up to £9,000 per property to help businesses through to Springtime.

A further £594 million has been made available to support other impacted businesses via a discretionary fund.

We are not aware yet as to how to apply for these grants or how they will be distributed, but we will keep you informed when we know more.

Coronavirus Job Retention Scheme (CJRS)

The government coronavirus job support scheme (furlough) scheme remains available to claim for employees who cannot work due to the pandemic. The Government will pay 80% of employees’ usual wages for hours they do not work, up to a maximum of £2,500 per month.

The scheme is open until 30 April 2021.

VAT deferral payments

If you deferred VAT between 20 March and 30 June 2020 and still have payments to make, you can:

• pay the deferred VAT in full on or before 31 March 2021
• opt in to the VAT deferral new payment scheme when it launches in 2021
• contact HMRC if you need more help to pay

The online opt in process to the new payment scheme will be available in early 2021. You must opt in to this scheme yourself, unfortunately we as agents cannot do this for you.

Instead of paying the full amount by the end of March 2021 the new payment scheme enables you to make up to 11 smaller monthly instalments, interest free. All instalments must be paid by the end of March 2022.

Coronavirus Business Interruption Loan Scheme (CBILS)

The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support for businesses that have been adversely affected by the pandemic.

The bounce back loan is still available to be claimed until 31 March 2021.

If you have already taken out a bounce back loan you can still apply for the larger CBIL loan to replace the bounce back loan up to 31 March 2021.

If you have already taken out a CBIL loan then you can apply for a further CBIL loan again up until 31 March 2021.

The CBIL loan could be taken to a maximum of 25% of your turnover, therefore if your original loan was less than this then you could apply for a further amount.

We hope this information helps you and your business, and we’ll continue to keep you updated. Please contact us here if we can provide any further information.