Tonight further measures have been outlined to tackle the current coronavirus crisis, we have outlined the key ones below:
Coronavirus Job Retention Scheme
Any employer (including charities and not for profit organisations) can contact HMRC to claim a grant for wages for any staff they are unable to pay.
This will cover up to 80% of the wage for each employee, up to a maximum of £2,500 per month per employee.
Staff must remain on the payroll and be retained.
Coronavirus Business Interruption Loans
As previously disclosed, these loans can cover Term Loans, Asset Finance, Invoice Finance and Overdrafts.
Loans will now be interest free for 12 months
Loans will be available from Monday, the following are listed as accredited lenders for the scheme, who you should contact directly if you are in need (we recommend contacting your current banking facility first if they are on the list):
ABN-AMRO Commercial Finance
Arkle Finance Limited
Art Business Loans
Askif Inclusive Finance
Bank of Ireland
Bank of Scotland
BCRS Business Loans
Business Enterprise Fund
Chamber Acord Fund (Humber)
Clydesdale Bank / Yorkshire Bank
Compass Business Finance
County Finance Group
DSL Business Finance
Finance for Enterprise
G Business Finance
Genesis Asset Finance
Hitachi Capital (UK) PLC
Robert Owen Community Banking
Skipton Business Finance
Royal Bank of Scotland
Further information including detailed eligibility restrictions are included on https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/
VAT Payment Deferral
VAT returns for the next quarter are now deferred – no returns are due until June, and the repayment can be made at the end of the financial year.
Measures for Self Employed – Universal Credit / SSP
The minimum income floor is now suspended, allowing universal credit to be accessed at a level equal to Statutory Sick Pay for self-employed persons.
Measures for Self Employed – Self Assessment Payments
The self-assessment payment on account for July is now deferred until January 2021
We will continue to add further updates and detail on the proposals as they come available.
Any questions you have, please do contact us and we will help guide you and your business through this difficult time.
For information of users: This material is published for the information of clients, contacts and prospects of Hamlyns. It provides only an overview of the regulations in force at the date of publication, and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material can be accepted by the authors or the firm.