Government Update 20/03/2020
Following todays briefing a number of new financial and non-financial measures have been announced. Details will be announced over the next few days and we will keep you updated when they appear.
- Cafes, pubs, bars, restaurants, clubs, theatres, gyms, cinemas and leisure centres will all shut from tonight. This position will be reviewed in 1 months time.
- Coronavirus job retentions scheme – Employers can contact HMRC for a grant which will cover the cost of 80% of staff who are retained and not working up to a maximum of £2,500 per month per employee. This will be backdated to 1 March and will last for at least 3 months, the Chancellor has said that there is no limit on the amount that the government will spend on this.
- Coronavirus Business Interruption Loan – They were going to be tax free for 6 months, this has now been upped to 12 months and will be accessible form Monday.
- Cash flow support – Defer next quarters of VAT payments until the end of June.
- Universal credit increases by £1,000
- Working tax credit increases by £1,000
- Self employed workers can access Universal credit at a rate equivalent to SSP
- July self assessment payment on accounts to be deferred until January 2020.
- Housing for renters can access funds of up to 30% from local councils.
The Chancellor promises further measures next week to ensure larger and medium sized businesses will be able to access the credit they need.