24 September 2020 New Support for Business

Following this week’s tightening of Coronavirus restrictions, the Chancellor Rishi Sunak’s announcements today were very timely.

As usual, we await the finer detail, but this is what we know.

New Jobs Support Scheme

Help for Self Employed

  • There will also be more support for the Self Employed, but we await more detail
  • It will be on a similar basis to the new Jobs Support Scheme above

VAT Deferred to 31 March 2021

  • Where you’ve deferred your VAT to 31 March 2021:
  • You can now repay this over 11 instalments

VAT Cut for Hospitality extended

Pay as You Grow

For business who have taken Government backed loans, and are “in real trouble”

  • CBILS and BB loan repayments can now be extended from 6 to 10 years
  • Repayments can move to interest only
  • Or payments can be suspended for up to 6 months
  • You credit rating won’t be affected
  • There will be a new loan scheme to be announced January 2021

Dividend payments will be restricted

For larger companies who have benefited from furlough grants, dividend distributions will be restricted

Please keep an eye on our COVID Support page, as we will update you as soon as we hear more.