Coronavirus update – post 2021 Budget
James Forsyth - March 9th, 2021
As part of the budget announcements on 3 March 2021, we have updated links to the current Coronavirus measures available to help businesses and individuals.
As before, we are adhering to government guidance and working from home where possible whilst maintaining a presence at our office. Please email or contact the office (01206 578421) as usual.
Where possible appointments will be virtual (zoom/teams) or by telephone; any visitors to the office will be required to wear masks and we will observe social distancing at all times in well ventilated offices.
We seek to provide as much support and advice as we can in connection with the Government economic support measures, accounting and tax issues, whilst doing our best to protect the health and safety of our staff and clients.
We will update our website as more information becomes available for:-
- The extension until 30 September 2021 for furloughing. From the 1st July 2021 the amount available to claim from HMRC will drop to 70% with Employers picking up the other 10%, this further reduces to 60% with Employers paying 20% in both August and September.
- More help for the self employed the fourth SEISS claim can be made between late April 2021 and 31st May 2021. A fifth SEISS grant was also announced and this will cover the months June to August 2021. With the submissions now complete for 2019/20 Tax Returns these can now be taken into consideration when assessing if someone qualifies for either one of these grants. Further guidance will be released in the coming weeks.
- Business that may be eligible for a Local Restriction Support Grant (LRSG) . If your business has been shut since 5th November 2020 or 5th January 2021 when the second and third national lockdowns were announced then you may be eligible to claim. The end dates for applications for the grant close on 31st March 2021 for the first cycle payments and 31st May for the second cycle payments
- The Chancellor announced Restart grants of £6,000 – £18,000, further guidance is expected in the coming weeks on how to apply for these grants
- The amount a business can receive from the Government for hiring apprentices or trainees by September 2021 was doubled to £3,000 per person from April 2021
- The existing loan schemes in place will come to an end shortly and be replaced by Recovery Loans, these provide loans or overdrafts of between £25,001 – £10,000,000. These loans will have three year terms attached to them.
- VAT payments deferred between April – June 2020 can now be paid via instalments. Businesses may be charged interest if they do not pay the outstanding VAT by 31st March 2021 or opt into the new scheme by 21 June 2021. There are also help to pay options available by calling HMRC and entering into an affordable payment plan.
For more information about what was contained in the Budget 2021 please click here to view our article.