There have been further changes to the financial support measures put in place by the government to help those small businesses and the self-employed who have been negatively affected by the pandemic.
In summary:
A new deadline for CBILS and BBLS
There has been an extension to the end dates of the government’s two business loan initiatives; the Coronavirus Business Interruption Loan Scheme and the Bounce Back Loan Scheme. Both end dates are now 30 November. Further information on this is can be found on the British Business Bank website.
Job Support Scheme
Additional information and worked examples have become available to help businesses better understand the Job Support Scheme. The scheme is designed to protect viable jobs in businesses facing lower demand over the winter months due to Covid-19. The scheme will open on 1 November 2020 and run for 6 months
Enhanced time-to-pay for self-assessment bills
Enhanced payment arrangements are being put in place for those whose self-assessment bills are due on 31 January 2021. The upper threshold for online applications for time-to-pay has been increased to £30,000.
Spreading deferred VAT payments
Businesses that have taken advantage of the option to defer their VAT payments (originally due in March 2021), can now spread the repayments as 11 smaller settlements with no interest to pay. Further information can be found at GOV.UK
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