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Coronavirus Update – Improved cashflow support – 18/02/2021

The Government provides support schemes to assist businesses with their cashflow. The terms of two of the schemes have now been enhanced.
 
VAT deferred between 20th March and 30th June 2020

-Businesses who had VAT payments due between 20th March and 30th June 2020 were able to defer payment until 31st March 2021.

-A VAT deferral new payment scheme has been set up allowing for that deferred VAT to be paid in equal monthly instalments ( between 2 and 11), rather in full by 31st March 2021. A number of conditions apply.

-Applications for the scheme have to be made by the business itself, and not by an agent.

-The online service to apply will be open from 23rd February until 21st June 2021.

-Interest or penalties may arise if the deferred VAT is not paid by 31st March 2021, unless application has been made for the new deferral scheme by 21st June 2021, or an agreed payment plan is in place by 30th June 2021.  

Bounce Back Loans
-The terms of Bounce Back Loans have been given greater flexibility

-The term of the loan can be extended from 6 to 10 years.

-Payments for up to 6 months can be made on an interest -only basis, and this can be done up to 3 times during the term of the loan.

-Repayments can be paused completely for up to 6 months.  

For details of the VAT deferral new payment scheme, Click here
For the changes to Bounce Back LoansClick here  

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