Today (20/03/2020) the Chancellor Rishi Sunak has announced a number of further financial aid measures to help businesses and individuals during the Coronavirus crisis

During today’s press conference the Chancellor announced a number of new financial measures to help businesses and individuals during the current Coronavirus crisis. His announcement included the following:

  • The Government will pay 80% of the wages for all workers unable to work and businesses can choose to top up the remainder if they wish. This includes wages of all businesses, charities and not for profit organisations. Wages are capped at £2,500.00 per month per employee and the proposal is the be backdated to 01/03/20. This is initially for a 3 month period and the Government payment will be claimed by organisations by way of a grant by the end of April with payments within weeks of this date.
  • The interest free period of business loans previously announced has now been extended from 6 months to 12 months.
  • VAT payments for April, May and June have been deferred until the end of the financial year.
  • 31/07/20 self assessment payments on account have been deferred to 31/01/21.
  • Universal credit and working tax credits have been increased by £1,000 per annum.
  • The Universal Credit minimum income floor has been suspended so that self employed people can access Universal Credits at the same rate as Statutory Sick Pay for employees.

In addition the Prime Minister has also announced the closure of all cafes, pubs, bars, clubs, restaurants, gyms, leisure centres, nightclubs, theatres and cinemas from tonight.

A lot of businesses will currently be struggling and uncertain of the future. If any business owners in and around Langport would like any accountancy or payroll advice surrounding the current financial aid available please feel free to call Rob in our office on 01458 259355. Rob is happy to discuss your concerns free of charge with no obligation.