News

Business Support Update January 2021

11 Jan 2021


With the latest national lockdown imposed on 5th January 2021, are you up to date with the latest support available to you and your business in 2021?

We have summarised the key points below,

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The Coronavirus Job Retention Scheme (CJRS)

CJRS has been extended until the end of April 2021. The government will cover the cost of 80% of the wages of furloughed employees for hours not worked with employers only asked to cover NICs and pension contributions.

The Self-Employed Income Support Scheme (SEISS)

SEISS has also been prolonged until April 2021. The government will now provide a third SEISS grant, covering 80% of average trading profits for the period of November 2020 to January 2021, capped at £7,500 in total. The third grant must be claimed by 29th January 2021 and there will be a fourth grant to cover the period from February 2021 to April 2021. 

A deadline extension has been put in place which allows businesses until the end of March 2021 to access government backed loan schemes including –

  • The Bounce Back Loan Scheme (BBLS)

  • The Coronavirus Business Interruption Loan Scheme (CBILS)

  • The Coronavirus Large Business Interruption Loan Scheme (CLBILS)

 

Businesses can still benefit from tax deferrals although you should act quickly if you want to pay your 31st January 2021 income tax payment in instalments. Any VAT you owe from the period of March 2021 – June 2021 of last year will be payable on 31st March 2021 unless you apply to spread it over 11 months – the system to allow you to do this will open soon.  Business rates holidays for eligible businesses across the retail, hospitality and leisure sectors will end in April 2021 unless the Government decides to extend them.

The Future Fund is open until the end of January 2021. This fund can issue convertible loans worth between £125,000 to £5 million to innovative companies which are facing financing difficulties due to the coronavirus outbreak.

On the 5th January 2021, the government announced that all businesses in England who are forced to close as a result of the national lockdown are able to claim a one-off grant of up to £9,000.  The one-off additional grant each business premises will receive depends on their rateable value.

The Trade Credit Reinsurance Scheme

Has been extended to June 2021. This ensures trade credit insurance coverage and credit limits are maintained during the coronavirus pandemic to help businesses to trade with confidence.

For businesses in England looking to hire apprentices

The Government are offering a hiring incentive with £2,000 available for every apprentice hired aged 16 to 24 and £1,500 for those aged 25 and over.  The payment is available for all apprentices who start working by 31st March 2021.

 

Here to help

If you have any questions relating to the support available for your business, please contact our team and they will be happy to help.

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