We now have a trade agreement with the EU, which means we avoided a no-deal Brexit.
Our VAT Director, Wendy Andrews, provides an overview of what the new deal contains, with more details to follow in the coming weeks on the legal and operational aspects. There will still be much to do as the new changes take effect across the coming months and so planning will be critical as the detail unfolds. We are here to help resolve any difficulties you may have in this regard.
The new deal requires a degree of planning for those who trade with companies in the EU, and we are here to help resolve any difficulties you may have in this regard.
As the positive news about the vaccine rollout continues, and we look forward to a world largely free of Covid-19, the focus will turn to what help is needed for those who have suffered the most. And we can expect to see more unveiled over the coming months, particularly in the Budget on 3 March.
In the meantime, businesses in the hospitality sector will be paid one-off grants on top of other help that is available to them.
Existing support available to all sectors includes grants worth up to £3,000 for closed businesses, and up to £2,100 per month for impacted businesses once they reopen.
There is 100% business rates relief for retail, hospitality, and leisure businesses, with discretionary funding from local authorities. And we hope that this will be extended beyond March.
The government-backed loans continue to be available until 31 March and the furlough scheme continues until at least April.
Finally, just to remind you that we are here to support you with your business, so if you need help in maximising the opportunities, or if you are feeling cashflow or trading pressure, please get in touch, and also check out our Business after Covid-19 Transition Hub.
Webinar: Business resilience – How understanding and planning for risks is crucial to the success of your business
Join our Restructuring Team who will be offering guidance and advice on steps you can take to future-proof your business. The webinar will be hosted by Charles Davey and colleagues.
New National Lockdown Grants announced
Businesses in the retail, hospitality and leisure sectors will receive a one-off grant worth up to £9,000 to help with the impact of the new national lockdown.
UK and EU trade agreement overview
On 1 January 2021, the UK started to trade with the EU according to the Trade and Cooperation Agreement, which was finally agreed on 24 December 2020
| Case Study – Dart Valley Systems Watch our payroll case study video on working with Dart Valley Systems, a market leader in the field of water saving products. |
| Furlough and caring responsibilities Workers who must stay at home for the lockdown to look after someone who is at risk, or children, are eligible for the furlough scheme. |
| Furlough and loan schemes extended The Chancellor has extended the furlough scheme to 30 April 2021 and government-backed loans to 31 March 2021. |
| Have you claimed the third grant under the Self-Employment Income Support Scheme? The claim window is now open The third grant is now available, and claims can be made up to 29 January 2021. |
Check out our ever-evolving checklist of key dates and deadlines The latest deadlines updated for January 2021. |