The Chancellor announced yesterday further financial measures to support the UK economy through the Coronavirus pandemic, following last week’s Budget which was hijacked by the virus.
Highlights of the introduced measures:
- Mortgage “holidays” for those in financial difficulty, for a three month period.
- £330bn in loans to protect businesses facing losses as a result of the virus, which will be available from next week to help them pay for salaries, rent and supplies.
- Further extensions to business rates relief, extending the business rates holiday to all businesses in the hospitality sector and funding grants between £10,000 and £25,000 to small businesses.
It is not clear at this stage how businesses can access the grants but these will be administered by local authorities. We understand that the government is writing to those authorities this week with instructions on what they need to do to put things in place, so businesses should keep an eye on their Council websites for news on eligibility and how to apply.
There was also a strong indication that further measures are on the way to help other groups of individuals who may not be able to harness the support already announced to date. Concerns have been raised that no measures have yet been announced to help freelancers and people working in the so-called gig economy, who are already finding their positions under threat from the new off-payroll working rules coming into play from 6 April or those living in rented property.
We will of course continue to monitor the various announcements and developments as they happen.
Please contact us if you would like some advice based on your individual circumstances on 01242 776000 or tax@randall-payne.co.uk
