Our July newsletter explained some fantastic new support available for UK businesses, as announced in the Summer Economic Update. A few weeks on, the government has established the regulation to back these schemes up.

July marked the end of the VAT Deferral Period, however it’s not all doom and gloom as August sets to introduce Eat Out to Help Out and the second wave of grants for Self-Employed Businesses.

Read on below to find out more!
Eat out to help out

The time has come to ‘Eat Out to Help Out’, the scheme that the Chancellor announced earlier in the month will come into effect Monday 3rd August for the whole month!

What does this mean?!

All businesses that serve *food for immediate consumption on the premises are able to offer the following discount:
  • 50% discount on food or non-alcoholic drinks to eat or drink in (up to a maximum of £10 discount per diner)
  • All day - every Monday, Tuesday and Wednesday from 3 to 31 August 2020

To register your business please follow the link through to the Government Portal. Registration will close on 31st August.

We have provided a link below to GOV.UK which has the full details of the scheme, including some useful marketing and promotional materials to help drive customer footfall.
*Alcohol and service charges are excluded from the offer.
End of VAT Deferral Period
As the old English proverb says, all good things must come to an end, as was the case for the VAT Deferral Period on 30th June 2020 (as originally stated).

All UK VAT-registered businesses who deferred VAT payments between 20 March 2020 and 30 June 2020, now need to:
  • Set-up previously cancelled Direct Debit payments
  • Continue to submit VAT returns as normal, and on time
  • Must be paid in full on or before 31 March 2021.

If you need more help to pay your VAT, you may be eligible to get support with your tax affairs through HMRC’s Time To Pay (TTP) service. This allows you to pay off your debt by instalments over a period of time, alternatively, you can read below about the coronavirus loans available.
Bounceback Funding!
Much has already been said about the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounceback Loan (BBLS). Both of these facilities have a payment holiday & 0% interest for the first 12 months of the loan, but which is right for your business?
Many view these loans as a method to sustain business in the absence of regular trade however, it’s also a great opportunity to invest in the growth of your business. Have you thought about:
  • Consolidating other finance facilities
  • Paying off lease and asset finance agreements*
  • Investing in new:
    • Equipment
    • Software/Systems
    • Training
    • Marketing
*please check t&c’s before paying off as you may be required to pay interest on early settlement.

The possibilities are endless; why not have a chat with one of our team to discuss how we can accelerate your business growth through the use of injected capital.
Self-Employment Income Support Scheme
If you are self-employed and can show that your business has been adversely affected on or after 14th July, then you will be eligible for the second grant through the SEISS (Self-Employment Income Support Scheme).

The qualifying conditions remain the same as the first grant, so if you were able to claim then odds are you can now. The key differences being:
  • The grant is being reduced from 80% to 70% of average income
  • Up to a maximum claim of £6,570, which is down from the previously
Application Opens Monday 17th August!

Click Here for Full Details
Superhero Tips!
Captain Development - aka James Thomas
"Most franchisors will have several suppliers who support their franchisees across business planning, funding, accountancy & business development
Why not consolidate under one supplier and pass those savings onto your franchisee?"
 - James Thomas, Commercial Manager
Super Saver - aka Claire Law
"We have the experience and expertise to support you and your business from day one, whatever issue comes your way."
 - Claire Law, Practice Director
Read all about it!
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