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Covid 19 update 23.3.20

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Covid 19 update 23.3.2020

23rd March 2020

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

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 30th June 2020 are being deferred to 5th April 2021

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