COVID 19 Update 23.3.20

23rd March 2020

Please find attached a pdf and a link below regarding the latest financial assistance released by HM Treasury.

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

We will send further information regarding the job retention scheme when this becomes available.

The Chancellor has confirmed that any vat payments due between now and 30^th June 2020 are being deferred to 5^th April 2021

Furthermore any July 20 payments on account for self assessment are being deferred until 31^st January 2021.

A summary of the release is as follows;

• a Coronavirus Job Retention Scheme
• deferring VAT and Income Tax payments
• a Statutory Sick Pay relief package for SMEs
• a 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England
• small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
• grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
• the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
• a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
• the HMRC Time To Pay Scheme