Small and medium sized businesses will have access to grants of between £1,000 and £5,000 to help them access new technology and other equipment, as well as pay for accounting, legal, HR or other advice to help them get back on track. All grants must be awarded by 28th February 2021 and all relevant activity by 31st March 2021. The grants will be awarded by your Local Enterprise Partnership. Here is the link to apply; https://www.lepnetwork.net/local-growth-hub-contacts/ Or m
The deadline for applying for a bounce back loan has been extended to 30th November 2020. The government have also introduced a Pay As You Grow scheme, where payments can be extended so payments are made over 10 years. There will also be an option to move to interest only repayments, for up to three six month periods or take one six month payment holiday. A business must have made six payments already to take the payment holiday.
VAT that was payable between 30th March 2020 and 30th June 2020 could be deferred and paid before 31st March 2021. This can now be paid over 11 months during the 2021/22 tax year, in order to help businesses with their cash flow. The July self assessment payment, which had been deferred until January 2021, can also be extended and paid in 12 instalments if under £30,000. Both of the above measures do need to be agreed as part of a time to pay arrangement.
The government have announced a Job Support Scheme, to follow on from the furlough scheme, on 1st November. The scheme will last for six months and will only be accessible for employees working a minimum of a third of their contracted hours. For any hours unworked, the remainder will be topped up by 1/3rd, by way of a grant. Another 1/3rd needs to be paid by the employer and the final 1/3rd must be lost by the employee – you can not top employees up to 100%. For example, if a
The government have announced an extension to the Self Employment Income Support Scheme. If you are still impacted by COVID, you may be able to claim 20% for the three months covering November to January 2021, with a further percentage being available for the period February to April 2021. We do not yet know the percentage to be paid in the second instalment or the payment dates for these instalments. This percentage is based on an average of the three years profits, up to an