Other Support Available
Various other support is still available for businesses or individuals facing financial difficulties because of Covid-19. By way of a reminder this includes the following:
Bounce Back Loans: https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan
Business Interruption Loans: https://www.gov.uk/guidance/apply-for-the-coronavirus-business-interruption-loan-scheme
Deferral of July Self-Assessment payments until 31 January 2021: https://www.gov.uk/guidance/defer-your-self-assessment-payment-on-account-due-to-coronavirus-covid-19
Deferral of VAT payments due between 20 March 2020 & 30 June 2020 until 31 March 2021: https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19
An HMRC helpline dedicated to arranging time to pay agreements for businesses struggling to make tax payments: https://www.gov.uk/difficulties-paying-hmrc
Mitchells’ team of Financial Advisers have also been advising our clients on the ways that they might be able to use their pension schemes to release money for personal or business use. For example by;
- Selling a commercial property either owned personally or by the business to the pension scheme to release cash
- Making a loan from your pension scheme to a limited company – subject to conditions
- Accessing your pension scheme if you are over 55. This could be the tax-free element or more of the pension scheme (subject to tax) if necessary.
If you have any questions about any of the changes or about the other help & support available from the Government at this time please do not hesitate to contact our Financial Planning team: