Covid-19 update 3. Friday 20th March 2020
The Chancellor of the Exchequer has just held a press conference today, 20th March 2020 at 5:00pm. Here are the details he had just announced.
Employees Wage support
- 80% of an employee’s wage up to £2,500 will be paid if the employee was retained (was going to be made redundant)
- this will be backdated to 1st March 2020 for three months. This can be extended
- “Corona virus Business Interuption Scheme” will be extended to 12 months from 6 months
- Starts Monday 23rd March 2020
Cash Flow Support
- Deferment of the next VAT quarter payment. That is, there is no VAT return due till the end of June 2020, but this will not need to be paid until the 31st March 2021
- Universal Credit will increase by £1,000 per annum
- Working Tax Credit basic element will also increase £1,000 per annum
- Self employed will access universal Credit, as well as Statutory Sick pay for employees
Self Assessment is deferred to January 2021 from March 2020.
There will be an extensive ad campaign, and the Chancellor of the Exchequer has encouraged all to take in the details relevant to your situation.
There will be more details on Monday.