Clifton-Crick Sharp & Co.

Clifton-Crick Sharp & Co. is a firm of Chartered Accountants based in Pershore

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The Ending of Government (Covid) Support

Many of the support packages offered by the government through the coronavirus crisis and lockdown have ended. Businesses now need to decide whether to keep staff on or make them redundant.

In this month’s blog at Clifton-Crick Sharp & Co we look at the ending of Government covid support and how things are changing. Call our specialists in Pershore on for more information.

What is Furlough?

The furlough scheme was introduced in Spring 2020 to support businesses and prevent workers from being laid off. Initially, the government paid 80% of wages which fell to 70% in July 2021 and 60% in August and September, meaning employers have to pay 20%.

Additionally, businesses must also pay National Insurance and staff pension contributions. According to the Office for Budget Responsibility, the cost of furlough from March 2020 to the end of September 2021 will come to approximately £66 billion.

How Government Support is Changing

As of 31st March 2021, most of the government schemes to support businesses have already ended. These include:

Coronavirus Business Interruption Loan Scheme (CBILS)
Coronavirus Large Business Interruption Loan Scheme (CLBILS)
Future Fund
Bounce Back Loan

Beginning on 6th April 2021, the Recovery Loan Scheme replaced the CBILS, CLBILS and Back Bounce Loan and will end on 31st December 2021. Financial aid from £25,000 to £10 million is available to eligible businesses and is provided by private lenders.

The government will guarantee 80% of the packages, but companies are 100% liable for the debt as the lenders are private. To be eligible for this scheme, businesses need to prove that they would be financially viable if not for the coronavirus pandemic and are not in collective insolvency proceedings.

Get Expert Advice

To ensure you receive the assistance that meets your unique requirements, choosing the best finance option is vital. Consulting specialist advisers will make sure you make decisions that benefit your business and keep it running as best as possible during this difficult time.

For more information and expert advice about the ending of government Covid support, contact our team at Clifton-Crick Sharp & Co today. Call us in Pershore on for a free consultation. Alternatively, send us a message via the contact form for a prompt response.

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Business

Most people who start up in business do so because they have a good business proposition and the enterprise and commitment to see it through.

They may not be experts in the legal, financial, and fiscal aspects of running a business.

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Indeed, these matters can often seem daunting to the budding entrepreneur.

The good news is that you do not need to be an expert in these fields to succeed in business. All you need is the support of a team of experts. That's where we fit in. Bring us your business ideas and we'll help you to evaluate them in a constructive and realistic manner.

Payroll

Administering your payroll can be time consuming and burdensome, diverting energy and resources from the core activities of your business.

The task is made all the more difficult by the growing complexity of taxation and employment legislation and the accompanying regime of penalties for non-compliance. We have dedicated staff who can relieve you of this burden by providing a comprehensive and confidential payroll service.