COVID-19: VAT payment deferral
In the Chancellor’s Winter Economy Plan that, rather than paying in full at the end of March 2021, businesses will be now able to choose to make 11 equal instalments over 2021-22.
Small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders as announced on 27 April 2020.
The new Bounce Back Loans scheme, which will provide loans of up to £50,000, would help bolster the existing package of support available to the smallest businesses affected by the coronavirus pandemic.
The scheme has been designed to ensure that small firms who need vital cash injections to keep operating can get finance in a matter of days.
The Bounce-Back loans will be easy to apply for through a short, standardised online application. The loan should reach businesses within days – providing immediate support to those that need it as easily as possible.
The scheme will launch for applications on Monday 4 May. The scheme will be delivered through a network of accredited lenders, such as your bank.
The government will work with lenders to ensure loans delivered through this scheme are advanced as quickly as possible and agree a low standardised level of interest for the remaining period of the loan.
To find out more how we can help you with our ad-hoc or flexible business support packages, contact us on enquiries@accountability-plus.co.uk