News, Policy & Media

23Mar

COVID-19 Update from BEIS

The Department for Business, Energy and Industrial Strategy has provided the following updates to support business and employees during the Coronavirus episode:

Within the newly announced economic support package, there is a Coronavirus Job Retention Scheme which helps employers pay wages of employees who would otherwise be laid off. Affected employees will need to be designated ‘furloughed workers’ and their information sent to HMRC’s new online portal. 80% of furloughed workers wage costs are to be reimbursed, up to a cap of £2,500 per month.

Value Added Tax (VAT) payments are deferred from now until the end of June. No application is necessary and businesses have until the end of 2020-2021 tax year to address these VAT liabilities. VAT refunds and reclaims will continue as normal.

In response to COVID-19, the Time-to-Pay scheme will be ramped up for those in financial distress. Individuals should contact HMRC for advice.

A new temporary ‘Coronavirus Business Interruption Loan Scheme’ launches early next week to support primarily small and medium-sized businesses in accessing bank lending and overdrafts. Lenders will receive an 80% government guarantee without charge and loans up to 5 million will be supported. The first 12 months of this financing will be interest-free.

The Department for Business, Energy and Industrial Strategy has provided the following updates to support business and employees during the Coronavirus episode:

Within the newly announced economic support package, there is a Coronavirus Job Retention Scheme which helps employers pay wages of employees who would otherwise be laid off. Affected employees will need to be designated ‘furloughed workers’ and their information sent to HMRC’s new online portal. 80% of furloughed workers wage costs are to be reimbursed, up to a cap of £2,500 per month.

Value Added Tax (VAT) payments are deferred from now until the end of June. No application is necessary and businesses have until the end of 2020-2021 tax year to address these VAT liabilities. VAT refunds and reclaims will continue as normal.

In response to COVID-19, the Time-to-Pay scheme will be ramped up for those in financial distress. Individuals should contact HMRC for advice.

A new temporary ‘Coronavirus Business Interruption Loan Scheme’ launches early next week to support primarily small and medium-sized businesses in accessing bank lending and overdrafts. Lenders will receive an 80% government guarantee without charge and loans up to 5 million will be supported. The first 12 months of this financing will be interest-free.

 

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