Coronavirus: Business Support Measures [23rd March Update]

Further to the Governments announcements last Friday, we have further updated our www.Folkestone.works website with information and links. The key points are summarised below.

• For UK workers of any employer placed on the Coronavirus Job Retention Scheme, the government will pay up to 80% of a worker's wages, up to a total of £2,500 per worker each month. These will be backdated to 1st March, will be initially open for 3 months and may be extended if necessary.
• VAT payments due between now and the end of June will be deferred. No VAT registered business will have to make a VAT payment normally due with their VAT return to HMRC in that period. Income tax payments due in July 2020 under the Self Assessment system will be deferred to January 2021
• The Coronavirus Business Interruption Loan Scheme, launched at Budget, will now be interest free for twelve months.
• A £10,000 grant payment for businesses in properties in receipt of rural rate relief or small business rates relief on 11th March, including those in receipt of tapered relief, will be eligible for.
• Retail, Hospitality and Leisure properties qualifying for retail discount on 11th March will be entitled to either, £10,000 where the RV is £15,000 or less or £25,000 where the RV is greater than £15,000 and less than £51,000.
• All grant payments will be made directly to businesses by the local authorities and no business needs to apply for these grants. The Government is aiming to make this funding available to local authorities for payment in early April.

For any further information and updates, please see https://folkestone.works/coronavirus-business-updates/