Covid19 – That Friday Feeling

Wow – what an end to the week, at around 5.10m today The Government announced what they called unprecedented measures to support businesses and also their employees.

 

The Coronavirus Job Retention Scheme:

 

We would view this as a real step forward for businesses, the government have announced they will cover the cost of 80% of employees wages, to a maximum of £2,5k each month.

Worth noting that you can make extra payments on top of this if you wish to do so.

Monies will be backdated to 1 March 2020, with an initial minimum of 3 months period for now.

 

The Government have not set a limit on the the funding, they have also said it will be hopefully up and running by April and pay out as soon as possible.

 

The Government are urging businesses not to make redundancies or lay-off’s.

 

The Coronavirus Business Interruption Loan Scheme

 

In addition to the previous help that has been offered, this has now been extended, the interest free period on these loans to 12 months starting from 23 March and then additional measures promised into next week.

 

Assistance with – Cash Flow Support Through Tax

 

The government also announced that the next quarter VAT payments will be deferred – no VAT will now be due until the end of June.

What does this mean – you will have until the end of the financial year to repay this quarters VAT.

 

Finally, Relief for the Self Employed

 

Finally, and relief to many the Self-employed can now access Universal Credit and also the equivalent to SSP in full.

It was also announced that Self-assessment payments have been deferred until January 2021.

Fran Crossland

HR and You Ltd

 

 

 

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