Today’s Announcement
So whilst we would usually wait until a little more detail is released, we thought we would share what we know already as we appreciate the urgency with which some people need some clarification.
As we find out more we will release a further update so watch out for any further updates in your mailbox.
The highlights are as follows:
- The current furlough scheme will be replaced by a new jobs support scheme as of November and will run for 6 months. Broadly speaking current guidance is suggesting that employees must work at least a third of their normal hours, the Government subsidising a third leaving the remaining third unpaid. Further guidance will follow around this.
- The self-employed grant will be extended but the exact terms of this are yet to be clarified.
- The deadline for applying for either a bounce back loan or coronavirus business interruption loans has been extended to 30 November 2020.
- Greater flexibility around bounce back loans including the possible opportunity to extend the term over which repayments are made.
- For those struggling with bounce back loan repayments there will be the option to potentially take a payment holiday for up to six months and make interest only repayments. Again we expect more detail to be released around this and restrictions around those who can take advantage.
- VAT will remain at 5% for hospitality and tourism until 31 March 2021.
Cash flow support
Whilst we are uncertain as to what additional support there may or may not be from the Government we can realistically expect greater difficulty when it comes to collecting debt.
We have subsequently established a creditors services alongside an independent third party offering to support businesses in need that will not only do some digging around amounts you are concerned about receiving but will also chase these for you.
This initial exercise is absolutely free and from the cases we have seen so far; as this is handled externally to ourselves, a client recently received over £3,000 that they have previously written off and it cost them little more than £200 that was only taken upon successful collection of the debt.
If this is a concern for you, have any queries and/or just wish to discuss this further register your interest by e-mailing us at funding@gtaccountants.com
Group Event (Virtual I’m afraid)
Whilst we did initially hope some time soon we could commence face to face meetings and have this event as being a physical one we have had to think again but we won’t let it hold us back entirely.
In addition to the online community platform that we have established with Futrli Peer and for which you can access for no charge through this link here to chat with other business owners and get some tips, we are also doing more.
We as a firm will be the lead for Enterprise Nation where we bring business owners together through Zoom but this will be a great opportunity to just let off some steam and take away some great content and advice.
There is no charge for attending and the first virtual event is on 1 October from midday for an hour so if this of interest then why not book through the link here.
Going forward we are hoping to make this a monthly event and get some guest speakers along with hopefully some special offers from partners. We will also keep those who attend aware of funding pots as these are shared with us in addition to sharing these with you by way of our newsletters.
External Virtual Client Events
In addition to our event being held on the 1 October we are delighted to share and invite you all to two further events that are detailed below:
Friday 9 October at 2pm
Is your business your pension?
To book click here
Thursday 8 October at 3pm
Why financial planning is important
To book click here
These are events are kindly being ran by our partners at St James’s Place so please feel free to book on directly or if you have any queries regarding either of these events then please just let us know again using the funding@gtaccountants.com e-mail address.
