Coronavirs Our Latest Update (Evening Briefing 20th March)

Please find below the latest information from the Government, and ways we can assist during this challenging time.

As we have mentioned in previous articles, your Relationship Partner is on hand to co-ordinate any assistance that might be required from our specialist departments, or to just discuss any concerns you may have, we are here to help.

Below is the latest information released this evening. We will provide a more detailed update on Monday following the announcement by the Chancellor this evening, of a range of extraordinary measures.

Coronavirus Job Retention Scheme

The scheme will mean any employer in the country, irrespective of size, including charitable and not for profit organisations, will be eligible to apply. Employers can contact HMRC for a grant to cover 80% of wages of people who are not working but are retained on payroll, rather than being laid off. This will extend up to £2,500 pcm per employee.

The Coronavirus Job Retention Scheme will be backdated until 1st March 2020, and available for at least three months, with the Chancellor confirming that this period will be extended if required, and that unlimited funding will be made available for the scheme.

He advised that the first grants will be paid within a matter of weeks, and at the very latest before the end of April.

Coronavirus Business Interruption Scheme (CBILS)

The “Coronavirus Business Interruption Loan Scheme” whereby the Government will guarantee up to 80% of the value (up to £5m) of loans introduced, will now be interest free for 12 months and will be available from Monday.

The Chancellor advised that more measures would be announced during week commencing 23rd March to ensure that medium and larger businesses can also access CBILS.

Deferral of VAT Payments

The Chancellor confirmed today that he will allow a deferral of VAT payments. Our interpretation is that any payment of VAT due between today and 30 June 2020 does not need to be paid. Any sums deferred in this way would need to be settled by 31 March 2021.

Self Employed

The self-employed will now be able to access universal credit, in effect, providing them access to statutory sick pay (SSP).

Tax payments for the self-employed will also be deferred until the next self-assessment date (January 2021).

We are able to provide further support so please do speak to your Relationship Partner as necessary.


This article is for general guidance only. It provides an outline, and may not include points which are important to your situation. You should not depend on this blog without taking advice based on the full facts of your case. The information given was correct at the time of publication.

DID YOU FIND THIS USEFUL?

Share it with your network:  

Want more great content?
Sign up to our newsletter

    Follow us

    Tweets by @CHW-accounting

    CHW-Accounting
    @chw-accounting


    Twitter: chw_accounting

    WHAT'S THE NEWS?

    Grab a biscuit and a brew and read our latest news.

    8 March 2022

    Temporary reduced VAT rate for leisure and hospitality to...

    by

    On 8 July 2020, as an urgent response to the pandemic, the government announced a number of VAT measures including a temporary reduction of the VAT…


    Read more >

    1 March 2022

    National Minimum and National Living Wage changes April 2022

    by

    From 1 April 2022, the government is increasing but the National Minimum and National Living Wage rates. The National Minimum Wage is the minimum amount an…


    Read more >

    22 February 2022

    Dividend taxes to rise from 6 April 2022 –...

    by

    The government has confirmed that it will not be backing down on the planned hike in National Insurance (NI) and dividend tax from April 2022. There…


    Read more >

    10 January 2022

    Late filing and late payment penalties are to be...

    by

    HMRC has given self-assessment taxpayers more time to ease COVID-19 pressures. With the self-assessment deadline less than three weeks away, many individuals and agents will be…


    Read more >

    7 January 2022

    Making tax digital for VAT – April 2022 –...

    by

    Since 1 April 2019, VAT-registered businesses with a turnover above the VAT registration threshold of £85,000 have been required to keep their records digitally and provide…


    Read more >

    YOUR CHALLENGES

    No matter what your challenge is, we’ve probably dealt with it before.



    Need an Accountant?

    Get in touch >


    Need an Accountant?

    Get in touch >


    Tax issues?

    Find out more >


    Tax issues?

    Find out more >


    Trying to grow your business?

    We can help >


    Trying to grow your business?

    We can help >


    Managing cashflow?

    We can help >


    Managing cashflow?

    We can help >


    Starting a business?

    We can help >


    Starting a business?

    We can help >


    Looking for funding?

    Need help with funding? >


    Looking for funding?

    Need help with funding? >


    Buying or selling a business?

    We can help >


    Buying or selling a business?

    We can help >


    Adopt the cloud?

    We can help >


    Adopt the cloud?

    We can help >


    What else can we do for you?

    We can help >


    What else can we do for you?

    We can help >
    CONTACT US

    Get in touch, no hard sell, just a brew, a biscuit and a chat.