As part of the new National Restrictions announcement the Coronavirus Job Support Scheme has been extended until December.

The furlough grant will mirror the levels in August with the Government paying 80% of wages (up to a cap of £2,500) and the Employer paying the Employers’ National Insurance and Pension Contributions.

Flexible furlough is also still possible so employees can work part of their usual hours and be furloughed for the rest.

Employees who have been included on a payroll submission to HMRC on or before 30th October are eligible – they do not have to have been furloughed previously.

The Job Support Scheme which was due to start 1st November has been postponed.

If you have any queries, or wish to discuss the above, please do not hesitate to contact us.

Kind regards

The Team at Blackthorns

The BBLS has provided support to many UK-based small businesses. Loans are between £2,000 and £50,000, capped at 25% of turnover, with a 100% government guarantee to the lender.

The borrower does not have to make any repayments for the first 12 months, with the government covering the first 12 months’ interest payments.

Under a Pay as you Grow scheme businesses will have options to:

• repay their loan over a period of up to ten years
• move temporarily to interest-only payments for periods of up to six months (an option which they can use up to three times)
• pause their repayments entirely for up to six months (an option they can use once and only after having made six payments).

Coronavirus Business Interruption Loan Scheme (CBILS)

The CBILS provides loan facilities to UK-based businesses with turnover under £45 million. The scheme provides loans of up to £5 million with an 80% government guarantee to the lender.

The government does not charge businesses for this guarantee and also covers the first 12 months of interest payments and fees.

The government intends to allow CBILS lenders to extend the term of a loan up to ten years.

Extension of access to finance schemes

The government is extending the BBLS and the CBILS to 30 November 2020 for new applications.

Applications for the Coronavirus Large Business Interruption Loan Scheme and the Future Fund will also be extended.

How we can help

Further technical details of the schemes will be published by the government but no date has been announced as to when.

Please be assured we will be here to provide you with support and please contact us if you have any queries on the measures announced.

Taxpayers were able to defer the income tax self-assessment payment on account for 2019/20, due by 31 July 2020, to 31 January 2021.

There are also other amounts due on 31 January 2021 – a balancing payment for the 2019/20 tax year and the first payment on account for the 2020/21 tax year.

Taxpayers with up to £30,000 of self-assessment liabilities due will be able to use HMRC’s self-service Time to Pay facility to secure a plan to pay over an additional 12 months.

This means that self-assessment liabilities due in July 2020, and those due in January 2021, will not need to be paid in full until January 2022. Any self-assessment taxpayer not able to pay their tax bill on time, including those who cannot use the online service, can continue to use HMRC’s Time to Pay self-assessment helpline to agree a payment plan.

How we can help

Further technical details of the schemes will be published by the government but no date has been announced as to when.

Please be assured we will be here to provide you with support and please contact us if you have any queries on the measures announced.