With the UK now in the second week of lockdown, and predictions that the initial three week period could be further extended, staying informed of all the financial help available through government schemes is essential. The following schemes are all available for businesses seeing a downturn or putting themselves into furlough as a result of restrictions due to the coronavirus. Further details can be found via the links below or on the HMRC website.

Deferral of tax and VAT payments

VAT due between 20th March and 30th June 2020 has now been deferred to the end of the tax year. Self-assessment income tax payments previously due on 31st July have now been deferred until 31 January 2021. Both deferral schemes apply automatically. There is no need to apply.

Coronavirus Business Interruption Loan scheme (CBIL)

Extensions have been announced to the CBIL including an increase in the maximum turnover for eligible businesses to £45m, the interest free period to twelve months and the maximum value of a facility provided under the scheme to £5m. Loans were announced as being available as of 23rd March and can be accessed through one of 40 accredited lending providers, a list of which can be
found here.

Coronavirus job retention scheme

Any business with employees who can no longer work have the option of putting their employees into furlough, where they remain on the payroll but do not work. The government will cover 80% of their salary up to a maximum of £2,500 per employee. All UK employers are eligible and further
details can be found here.

Support for the Self-Employed

Help was finally announced last week for those who are self-employed. The bulk will come in the form of a grant and you can find further details and eligibility criteria here.

We hope that you have found the above information helpful. If there is anything that we can help with please get in touch either on 020 3234 0090 or email bookings@tiptopmedia.co.uk