PHTM COVID-19 FINANCE UPDATE NEW COVID – NEW NATIONAL LOCKDOWN!!
Whilst all members of our trade - both hackney and private hire can continue to work If they want to, it is apparent that work will unfortunately be in short supply. Therefore please see below an update on current financial help that may be available.
SCHOOL CONTRACTS PAYMENTS: as of January 2021
David Lawrie, Director of the NPHTA contacted the Depart- ment for Education (DfE) to seek clarity regarding school contract payments. The DfE initial response was: “As things stand currently, Procurement Policy Notes 02/20 and 04/20 have expired. Firms should contact the schools/colleges in question to discuss their contracts.” NPHTA responded: “This is in the main not a school or col- lege matter, but rather one of local authority education departments which offer and manage the tender processes, contract provision and subsequent payments for transport for SEN and vulnerable passengers which may include school contracts and transporting the elderly to and from nursing homes. “Can we formally request that since the expiry of the notices is tied directly to the end of the previous lockdown, they be reviewed or reinstated on the basis that we are now in lockdown again. “As such the trade is still haemorrhaging expenses at an average of £8,000,000 (million) per week and is in urgent need of support. The previous 02/20 and 04/20 instruc- tions were helpful in the sense that at least it gave some kind of relief to those drivers who offer these services, some of whom rely on this income to cover their overheads. In fact many drivers only provide such services, without which they have lost 100% of their income through the lock- down, but still have overheads to pay. “Many of these drivers are not entitled to SEISS grants, or UC, and have not been able to obtain the bounce back loans either, so are completely at your mercy here. “As we have repeatedly made clear, the instruction and messaging needs to be clear and come from upper levels (you) rather than be left to the opinions and variations of over 300 local authorities and of course the number of respective local officers who make decisions or implement instructions issued.”
We await a response, and will keep you updated.
LOCAL RESTRICTIONS SUPPORT GRANT (LSR) AND ADDITIONAL RESTRICTIONS GRANT (ARG)
We strongly advise ALL operators and drivers to keep regu- larly checking YOUR OWN COUNCILwebsite for information on available grants.
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Each council is given an amount of money from central Government and they then set their own criteria for grant eli- gibility. Many are not promoting that these grants are open for application and many of our trade are missing out on claiming. If you can claim, do not delay in completing the application form as there is only limited funding so when the money runs out, the grants will be closed
BOUNCE BACK LOANS:
1. Applications EXTENDED UNTIL 31 MARCH 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 MARCH 2021 2. Term: 2-6 yrs - at 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 need to OPT-IN TO THE SCHEME via your online HMRC VAT account. Businesses that opt into the scheme - your VAT due between 20 March and 30 June 2020 doesn’t need to be paid in full until end of March 2022. Those that can pay their deferred VAT can to do so by 31 March 2021
SELF-ASSESSMENT TIME TO PAY SCHEME:
SELF ASSESSMENT DEADLINE is 31 January 2021: You can complete your tax return online ahead of the dead- line at a time that suits you. However do not miss the deadline or you will be fined.
SELF ASSESSMENT PAYMENT PLAN: Once you have completed your Self Assessment 2019 to 2020 tax return, and know how much tax is owed, you can set up your own payment plan to help spread the cost of your tax liabilities, up to the value of £30,000. You can use the self-serve Time to Pay facility to set up monthly direct debits online. However, interest will be applied to any outstanding balance from 1 February 2021. To find out if you are eligible, visit
GOV.UK to find out more about the service.
JANUARY 2021
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