BUDGET: WHAT YOU NEED TO KNOW VAT DEFERRAL:
If you deferred VAT payments due between 31 March and 30 June 2020 and still have payments to make, you should pay by 31 March 2021 if you can.
If you cannot afford to pay by 31 March this year, you can now use the online VAT deferral new payment scheme to spread your payment.
The new scheme lets you pay your deferred VAT in equal monthly instalments, interest free. You can spread your payments across a number of months depending on when you join – the earlier you join, the more months you have to spread your payments across.
• 11 instalments if you join by 19 March • 10 instalments if you join by 21 April • 9 instalments if you join by 19 May • 8 instalments if you join by 21 June
You can join the scheme quickly and simply by accessing your VAT online without the need to call HMRC.
The online service will close on 21 June 2021 – if you want to join the scheme online, you must do so before this date.
If you’re on the VAT Annual Accounting Scheme or the VAT Payment on Account Scheme, you will be able to join the new payment scheme later in March.
If you have a Time to Pay arrangement already in place for your deferred VAT, you cannot use the online scheme. If you need to amend your Time to Pay arrangement, contact HMRC to do this.
CONTACTLESS PAYMENTS:
Contactless payment limit will rise to £100 later this year GOVERNMENT BACKED BUSINESS LOANS:
BOUNCE BACK LOANS AND CBIL LOANS: Applications closing on 31 march 2021 RECOVERY LOAN SCHEME:
Recovery Loan Scheme to take the place of the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme.
UK businesses of any size can apply for a loan or overdraft between £25,000 and £10m until the end of 2021. Asset and invoice finance between £1,000 and £10m will also be available. All will have a Government guarantee of 80 per cent
MARCH 2020
Finance terms are up to six years for term loans and asset finance facilities. For overdrafts and invoice finance, terms will be up to three years.
No personal guarantees will be taken on facilities up to £250,000 and, as before, a borrower’s principal private res- idence cannot be taken as security.
The Recovery Loan Scheme opens April 6 and will run until December 31, subject to review. Like CBILS and the Bounce Back Loans, these will be available through a network of accredited lenders, whose names will be made public in the near future. Details on how to apply will be revealed in the coming weeks.
Once you receive it, the finance can be used for any legitimate business purpose, including growth and investment.
Can I apply for the Recovery Loan Scheme? If your business is based in the UK then you can apply, but it must:
• Be viable or would be viable were it not for the pandemic • Have been impacted by the coronavirus pandemic • Not be in collective insolvency proceedings – further details will be provided in due course
Can I apply for the Recovery Loan Scheme if I’ve had CBILS or Bounce Back Loan support? Yes you can, as long as you meet all of the other eligibility criteria
HELP TO GROW SCHEME:
Around 130,000 small and medium sized businesses will be supported through the new Help to Grow scheme, which will provide the digital and management tools and training. Any small business can apply for a £5,000 grant to pay for Government-approved productivity software.
CORONAVIRUS GRANT FRAUD:
£100 million for a new Taxpayer Protection Taskforce to crackdown on Covid fraudsters who have exploited UK Government support schemes.
REMINDER Operators, sole traders, self-employed licensed drivers
Please regularly check the council websites where you are licensed and/or where you live because new
ARG discretionary grants are becoming available daily which you or your business may be eligible to claim
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