After a quiet few days for business announcements from the government, today the Business Secretary, Alok Sharma, addressed the nation, to give some much-needed optimism for businesses that are still struggling due to the limitations in the government’s support package.
Government officials have written to banks, applying pressure to ensure that businesses receive the full benefits of the recently announced Business Interruption Loan Scheme (BILS).
Sharma said: “The Chancellor, together with the Bank of England and Financial Conduct Authority, wrote to the chief executives of the UK banks to urge them to make sure that the benefits of the Loan Scheme are passed through to businesses and consumers.”
Sharma also announced that funds for rates relief grants (SBRR) have now been made available. You should be contacted by your council if you qualify and if you have not heard from them then please contact us and we can follow this up with them.
Sharma also said: “This afternoon I held a call with hundreds of local authorities across England and made clear that this money must reach businesses as quickly as possible. And I know that businesses across England have already started to receive these grants.”
Deferrals & Time To Pay
More than ever, it is particularly important to protect your cash flow while funding is being released. As a reminder, the self-assessment payments due this coming July will be deferred (but not waived) until January 2021; all Income Tax payable in July 2020 is deferred until January 2021. Businesses can also defer VAT payments between 20 March 2020 and 30 June 2020 until 31st March 2021. All UK businesses are eligible, and no applications are required.
Businesses and self-employed people with outstanding tax liabilities (excluding VAT) have the option of paying by instalments. TC Group has already helped many clients to obtain extended payment terms.
Contact us today to discuss the points raised in this post or any other concerns you have as a business owner, about your personal finances, or, as an employer now on 0330 088 7111.