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Coronavirus - Financial Statement

The Prime Minister and Chancellor's statements on 20 March announces the closure of food and leisure venues, and introduces the Coronavirus Job Retention Scheme.

 

In the latest daily statement the following measures were announced: 

Closure of social facilities

  • All cafes, bars, pubs and restaurants are to close tonight or as soon as possible until further notice. They can offer takeaway services. 
  • Nightclubs, gyms, cinemas, leisure centres and theatres are also to close. 
  • The UK Government intend to review this position each month. 

Coronavirus Job Retention Scheme

  • All businesses of any size and sector will be able to access a grant to cover 80% of retained workers salary. 
  • This can be backdated to 1 March for at least three months. 
  • There will be no limit to funding available for each business. 
  • The grant will be accessed from HMRC and is expected to be paid in the coming weeks. 

Coronavirus Business Intervention Loans

  • The Loans which were announced in the Budget and increased value earlier this week, will now be interest free for 12 months, rather than six months. 
  • There will be support available for medium and large businesses in the coming days. 

Find out more about the Loan and other financial support.

VAT deferment

  • The next quarter of VAT payments will be deferred until the end of June and businesses will have until the end of the next financial year to repay. 

Individual benefits

  • Universal Credit and National Tax Credit will both be increased by £1,000 per year. 

Self-Employed

  • The minimum income floor for the Self-Employed will be suspended allowing them to access Universal Credit at a rate equivalent to SSP. 
  • The next Self-Assessment Tax payments will be deferred until January 2021. 

 

More information is available on the UK Government’s Coronavirus Business Support website. For more personalised advice call us on: 0161 237 4128 or email us at: BGH@growthco.uk

 

The information provided is meant as a general guide only rather than advice or assurance. GC Business Growth Hub does not guarantee the accuracy or completeness of this information and professional guidance should be sought on all aspects of business planning and responses to the coronavirus. Use of this guide and toolkit are entirely at the risk of the user. Any hyperlinks from this document are to external resources not connected to the GC Business Growth Hub and The Growth Company is not responsible for the content within any hyperlinked site.

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