Over the coming weeks and months, businesses will have to carefully map out their obligations and cashflow needs as government support winds down, businesses must contribute to the Coronavirus Job Retention Scheme and repayments for deferred tax liabilities and loans are required.
To help navigate this complex business landscape, ICAEW has produced a timeline of when the various government schemes are due to close, and when loan repayments fall due.
- CLBILS, CBILS and BBLS close to new applicants.
- CBILS borrowers start to repay interest on their loans (the first 12 months of interest payments were made by the government).
- BBLS borrowers start to make repayments on their loans (the first 12 months of payments were made by the government). Businesses should consider their options under the Pay As You Grow scheme if they are unable to, or anticipate being unable to afford repayments.
- VAT Deferral New Payment Scheme closed 21 June 2021.
- VAT deferral ended 20 June 2021.
- Ban on commercial evictions is extended, but businesses who can open should start to pay rent.
- Trade Credit Reinsurance Scheme ended 30 June 2021.
- Employers CJRS contributions start at 10% of the cost of unworked hours plus total costs of all employers NIC and auto-enrolled pension contributions. Employers who cannot make these contributions may already be considering redundancies.
- Business rate relief for retail, hospitality and leisure is reduced to two-thirds discount.
- Future Fund: Breakthrough opens (anticipated).
- Businesses should consider the need for a Time to Pay arrangement.
- Individuals should consider the need for a Time to Pay self-assessment arrangement.
- Recovery loan scheme closes.
- Commercial eviction protection ends.
- Partial business rates relief for retail, hospitality and leisure ends.
- Final maturities under the Covid Corporate Financing Facility.
- Hospitality VAT rate returns to standard rate from 31 March 2022.
When Chartered Accountants Save the World
Our major content series explores how chartered accountants are helping to tackle some of the most urgent social challenges. Are you ready?Find out more
The economics of biodiversity
What does the Dasgupta Review means for business and the profession? In 2019, the UK was the first major government to commission a review into the economics of declining biodiversity. ICAEW Insights speak to the team behind the review.View
Restoring trust in audit and corporate governance
‘Restoring trust in audit and corporate governance’ is the BEIS white paper that sets out proposals on strengthening the UK’s corporate governance framework and the way companies are audited. Read ICAEW’s views on the consultation, explore what restoring trust means, and share information on the reform agenda.