Rishi Sunak delivered his second Budget as Chancellor on 3 March 2021. He began by outlining his £65 billion three-point plan “to protect jobs and livelihoods of the British people”.
Businesses that deferred VAT payments last year can join the new scheme to pay it in smaller monthly instalments.
If you deferred VAT payments due between 20 March 2020 and 30 June 2020 and still have payments to make, you can: Pay the deferred amount in full, on or before 31 March 2021; or join the VAT deferral new payment scheme – the online service opened on 23 February 2021 and is open until 21 June 2021
The government has extended a ban on evictions of commercial property tenants until the end of March 2021, in a move that will be welcomed by struggling restaurant owners and retailers.
There is updated information about business and venue closures in England, reflecting the introduction of local restriction tiers that came into effect on 2 December 2020.
The Local Restrictions Support Grant (LRSG (Open)) supports businesses that have been severely impacted due to temporary local restrictions. Businesses that have not had to close, but which have been severely impacted due to local tier 2 or tier 3 restrictions, may be eligible for LRSG (Open).
Guidance has been updated to reflect the extension of the VAT reduced rate for tourism and hospitality from 12 January to 31 March 2021. The government made an announcement on 8 July 2020 allowing VAT registered businesses to apply a temporary 5% reduced rate of VAT to certain supplies.
If you deferred VAT between 20 March and 30 June 2020 and still have payments to make, you can pay the deferred VAT in full on or before 31 March 2021; opt into the VAT deferral new payment scheme when it launches in 2021 or contact HMRC if you need more help to pay.
Payment Deferral Or Deregister From Money Laundering Supervision Due To Coronavirus (Covid-19). If you were due to renew money laundering supervision with HMRC between 1 May and 30 September 2020 you were able to either defer payment for up to 6 months or deregister if you stopped trading due to coronavirus
117 lenders have now signed up for the scheme. The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to smaller businesses affected by coronavirus (COVID-19).
29 lenders have now signed up for the scheme. BBL enables smaller businesses to access finance more quickly during the coronavirus outbreak. The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.
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