As of today we thought we would provide you with the latest Government update but please note there is a scheduled further update planned for tomorrow and we continue to await further detail behind some of those proposals outlined below:
The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19.
This includes a package of measures to support businesses including:
- a Statutory Sick Pay relief package for SMEs
- a 12-month business rates holiday for all retail, hospitality and leisure 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
I’m a sole trader or have employees that are struggling so what options are available to me?
HMRC have a dedicated page in respect of this there now where you may be entitled to the Universal credit. For more information click here.
Client’s who have already benefited from above
We have already had a client call the HMRC helpline number and be offered the opportunity to postpone the payment of their VAT liability for three months; even though they acknowledged that they could pay this but wanted to be cautious. They were also advised that over and beyond this postponement they could thereafter agree a 12 to 24 month interest-free payment plan; depending on the size of the liability.
A client of a client has been able to access £60k extremely quickly from their bank without any fees or charges and been given an initial 6 month interest-free window. This same loan was even 80% backed by the Government. Naturally some banks are moving faster than others but this is consistent with the assistance we are told should be forthcoming from mainstream banks.
Please be warned that this advice is changing daily but take above as an indication of wheels slowly getting in motion.