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PHTM COVID-19 FINANCE UPDATE OPERATORS ADDITIONAL RESTRICTIONS GRANT (ARG)


This grant provides local councils with funding to support closed businesses that do not directly pay business rates as well as businesses that do not have to close but which are impacted.


Local councils can determine which businesses to target and determine the amount of funding from the ARG.


Eligibility Local councils have the freedom to determine the eligibility criteria for these grants. However, we expect the funding to help those businesses which – while not legally forced to close – are nonetheless severely impacted by the restrictions.


This could include: • businesses which supply the retail, hospitality, and leisure sectors


• businesses in the events sector • business required to close but which do not pay business rates


We strongly advise you to check your council’s website for eligibility as there is only limited funding available.


GOVERNMENT BACKED LOANS:


BOUNCE BACK LOANS 1. Applications EXTENDED UNTIL 31 JANUARY 2021 2. New pay as you grow flexible repayment system 3. Length of the loan extended from six years to ten years which will cut monthly repayments by nearly half


4. Interest-only periods of up to six months and payment holidays will also be available


CBIL LOANS 1. Applications EXTENDED UNTIL 31 JANUARY 2021 2. Term: two to six years - at the discretion of the borrower and lender


VAT PAYMENT EXTENSION:


Businesses who deferred VAT due from 20 March to 30 June 2020 now have the option to pay in smaller payments over a longer period.


Instead of paying the full amount by the end of March 2021, you can make smaller payments up to the end of March 2022, interest free.


You will need to OPT-IN TO THE SCHEME, which we believe will be available to do via your online HMRC VAT account in January 2021. For those businesses that opt into the sheme, this will mean that your VAT liabilities due between 20 March and 30 June 2020 do not need to be paid in full until the end of March 2022.


However, those that can pay their deferred VAT can to do so by 31 March 2021


OPERATORS & DRIVERS SELF-ASSESSMENT TIME TO PAY SCHEME:


If you deferred paying your July 2020 Payment on Account, you will need to pay the deferred amount, in addition to any balancing payment and first 2020/21 Payment on Account, by 31 January 2021. This may be a larger payment than you usually pay inJanuary.


If you’re unable to pay your Self-Assessment (SA) bill in full by 31 January 2021, and have SA tax debts of:


• Up to £30,000: you can spread payments over a further 12 months until January 2022 by setting up a Time to Pay payment plan online without speaking to HMRC. You can access this Time to Pay facility through GOV.UK and you will get automatic and immediate approval, without speaking to anyone at HMRC.


• Over £30,000: or you need longer than 12 months to repay your debt in full, you will still be able to use the Time to Pay arrangement by calling HMRC.


PROTECT YOURSELF FROM SCAMS


HMRC issues thousands of SMS messages and emails as part of its annual Self Assessment tax return push. Customers completing their returns are being warned to take care to avoid being caught out by scammers who may mimic government messages as a way of appearing authentic. Search ‘scams’ on GOV.UK for information on how to recognise genuine HMRC contact. You can also forward suspicious emails claiming to be from HMRC to phishing@hmrc.gov.uk and texts to 60599.


DECEMBER 2020 15


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