The Chancellor has stepped up the financial support another notch tonight with further announcements for businesses and individuals, in a bid to support “staff retention” over the coming months.
The lead announcement from the Prime Minister was the closure of Cafes / Pubs / Bars / Restaurants as of midnight tonight, but can continue to operate a takeaway service. Other establishments such as leisure centres and gyms have also been told to close their doors too.
The key points to come out of the announcement are below, and we will work to get the information out as soon as possible once further details of the announcements are released.
· Coronavirus Job Retention Scheme – The government is to pay 80% of wages of employees retained, but not working, up to £2,500 a month
· VAT – Amounts due in the next 3 months will be deferred until the end of the financial year;
· Payments on account - July payments on account will be deferred until 31 January ’21;
· Coronavirus Business Interruption Loan Scheme – The interest free period for these loans will now be extended for 12 months (from originally 6 months);
· Universal Credit – The allowance for the year has been increased by £1,000
· Self Employed – Self Employed individuals will get access to full Universal Tax Credit at a rate equivalent to Statutory Sick Pay.
More information to follow as we get it, so please continue reviewing our various avenues.