Update on Coronavirus (Covid-19)
With the spread and threat of Coronavirus (Covid-19) continuing, Boris Johnson has requested that all bars, restaurants, gyms, cafes, leisure centres, theatres and other social venues to now shut in order to increase social distancing even further.
In an unprecedented move the Chancellor Rishi Sunak has announced a whole host of extra support to businesses to ensure they continue to survive in the current economic climate.
The new measures include VAT that would have been paid in the quarter un until 30th June can be deferred and that the business loan scheme will now be interest free for 12 months.
For the first time in history the Government will be providing support to pay wages through a Coronavirus job retention scheme. Chancellor Rishi Sunak confirmed they will pay 80% of wages for employees not working, up to £2,500 per month. We understand that the application of this allowance will be via a portal, and we will find out more about this next week.
The Universal Credit allowance will increase by £1,000 per year and the next tax self-assessments will be deferred until the start of next year.
If you are self-employed you will be able to claim full Universal Credit at a rate equivalent to statutory sick pay. A further £1bn will be available to provide help with rental costs.
At Clear Vision, we are here to provide support to both you and your business. If you need any advice on the above measures, please do get in touch.