Other Financial Support
Bounce Back Loans
Small businesses struggling due to coronavirus can apply for a 100% state-backed loan worth up to £50,000, with no interest charged or repayments needed in the first 12 months. More than 1.26 million ‘bounce back loans’ have been issued and recent changes mean that they are now available to new applicants until 31 January 2021. You can ‘top up’ if you have not borrowed the full amount.
Income Tax and VAT Deferred for the Self-Employed
Previously, tax payments due on the 31st July 2020, were deferred until 31st January 2021. However, in September 2020, the government announced that anyone who needs to pay up to £30,000 in tax by 31 January 2021 can now delay making that payment in full until 31 January 2022. Interest will be applied to the outstanding balance from 1 February 2021.
The government also announced changes to its VAT deferral scheme. Businesses who chose to defer VAT payments between March and June 2020 will now be able to make interest-free payments over the 2021-22 tax year, rather than paying in full by March 2021.