Lockdown 3 has now been implemented for England and much of the UK.
The Clear Vision team remains on hand to support our clients, whether it be to discuss financial strategies for your business, help you secure funding or simply to discuss how you are feeling and provide some moral support.
After a difficult 2020, just as we were looking forward to better times this year, this new lockdown comes as a further blow. It’s a tough time for all but we urge you to stay positive and focus on the productive actions you can take to get through this period.
Safety for all at this time is very important. In line with Government guidance we have now closed the Clear Vision office. However, the Clear Vision team continues to work remotely and our telephone lines are open as usual for you to call us on 01249 712074 to speak to any member of our team. Meetings and discussions will continue to go ahead, including via our video software.
Rest assured, we will also continue to bring you any updates on Government support for businesses.
Rishi Sunak has already announced £4.6 billion in new business support grants today, including:
- one-off top up grants for retail, hospitality and leisure businesses up to £9,000 per property
- £594 million discretionary funding to be allocated by Local Authorities to businesses not eligible for other grants
The Chancellor has said that the further extension of support packages will be considered in the early March Budget.
Here is a summary of the other key areas of business support which remain available at this time.
Employee Furlough Scheme
The employee furlough scheme has been extended and is currently in place until the end of April 2021.
The Government continues to contribute 80% of a furloughed employee’s usual salary for hours not worked, up to a maximum of £2,500 per month.
Government-guaranteed business loan schemes
The following business loan schemes are available until the end of March 2021:
- Bounce Back Loan Scheme – Government-guaranteed loans of up to £50,000, no fees or interest payable in the first 12 months
- Coronavirus Business Interruption Loan Scheme & Coronavirus Large Business Interruption Loan Scheme – The Government guarantees 80% of the finance to the lender and pays interest and any fees for the first 12 months
Third grant for the self-employed
The third Self-Employed Income Support Scheme (SEISS) grant is payable for the three-month period beginning on 1 November 2020. It is equal to 80% of average trading profits, capped at £7,500. Claims can be made through the existing SEISS website until 29 January 2021.
Additional Restrictions Grant
Grant funding from local councils to support closed and/or impacted businesses.
Local Restrictions Support Grant Scheme
Local council funding for businesses which remain open and are impacted by lockdown.
Business rates relief
Discounts from local councils on business rates.
VAT deferral scheme
HMRC has given businesses that deferred VAT payments due between 20 March and 30 June 2020 more time to pay.
Previously, payment was due in full by 31 March 2021. Under its new scheme, HMRC is enabling businesses to settle what is owed by 31 March 2022.
Lockdown 3 is another blow but do remember that the Clear Vision team is here to provide some positive support. Just call us on 01249 712074 for the support you need.
Let’s stick together and keep going.
Stay safe and well
The Clear Vision Team