Friday 20th Update

Friday20th

As you will likely be aware all of the UK’s nightclubs, theatres, gyms, cafes, restaurants and non-essential retailers have been told to shut down “as soon as they reasonably can”.

This obviously puts further stress on many businesses and individuals and as a result the package of measures to support have been updated to include the following:

  • A Coronavirus Job Retention Scheme – where 80% of an employees wages will be paid (for 3 months starting 1 March) by the government where an employer furloughs an employee rather than laying them off – expected to be available before the end of April.

  • Deferring VAT and Income Tax payments – VAT bills between 20 March and 30 June will be deferred to the end of the 20/21 tax year. July-2020 Self Assessment payments deferred to 31 January 2021.

  • Increase to Benefits – The standard allowance in Universal Credit and the basic element in Working Tax Credit is being increased for 1 year. Both will increase by £20 per week on top of planned annual uprating.

    The Chancellor’s statement can be found here

Full available details are on the following link:
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

We will be in touch once the legislation for the above has passed and the relevant systems are in place. As always if you have any questions or concerns please do not hesitate to shout.

Finally a big thank you to those who have been in touch to send their thanks, best wishes, and for being understanding of the extra workload due to the daily announcements. It’s been greatly appreciated.

All the best

The Middlers Team