Having created and implemented various measures to buoy businesses up during the Coronavirus pandemic, many of these facilities are beginning to wind down now and in the weeks ahead.
Of particular significance is the long-running furlough scheme, which comes to an end on 30 September after two previous extensions and marks a return to employers covering the cost of employee’s wages in their entirety.
Claims for September furlough days must be submitted by 14 October 2021 and any alterations must be made by 28 October 2021.
In addition, the 30 September sees the temporary hospitality VAT rate of 5 per cent increase to 12.5 per cent and also represents the end of the period to be covered by the fifth and final SEISS grant.
Furthermore, many businesses have now begun to, or are making plans to, repay Business Bounce Back Loans.
In December, the Recovery Loan Scheme will close and in March 2022 hospitality VAT will return to standard rate, whilst partial business rates relief for retail, hospitality and leisure will also end.
There are of course businesses who will be on an even footing and ready to have these provisions withdrawn, but there will also be those industries and businesses that are still experiencing financial challenges and so feel underprepared for the end of government support.
If you have utilised or are currently still relying on any of the Government’s range of measures, the coming months may require some forethought and planning.
- How will your cash flow be impacted?
- Do you need to look at staffing levels, and employment costs?
- Have you agreed appropriate terms for repaying any loans?
- How is your business performing vs. pre-covid?
- Are you communicating openly and honestly with your adviser?
Just as we have been there for businesses and individuals throughout the pandemic, we are still here as thoughts turn to ‘what now?’.
If the pandemic has helped you to unlock potential within your business that you didn’t previously realise was there, we can support you in your pursuit of growth and be a reliable aide as you take your business to the next level.
If you are concerned about the Government support being withdrawn, we can sit down with you and discuss your objectives in the short-term and help you to better manage your financial recovery.
To discuss your circumstances with our team of chartered accountants and business advisers, contact us today.
