BFBA

British Farriers & Blacksmiths Association

COVID-19: restrictions and further help

In response to the Prime Minister’s announcements earlier in the week, the Farrier’s Registration Council updated its advice for farriers and horse owners. Members are encouraged to read the latest update on the FRC website

The Chancellor announced yesterday (24th September) further support for businesses. The finer details are to be confirmed but currently we know that (adapted from Kinder Pocock accountants) –

New Jobs Support Scheme

  • 6 month scheme
  • Starting 1 November 2020
  • Employees need to work at least 33% of their hours
  • Hours not worked will be covered 1/3 by Government, and 1/3 by Employer, so:
  • Hours not worked:
    • 1/3 Government
    • 1/3 Employer
    • 1/3 not paid
  • So employees should get 77% of their usual pay

Help for Self Employed

  • There will also be more support for the Self Employed – further detail to be confirmed
  • It will be on a similar basis to the new Jobs Support Scheme above

VAT Deferred to 31 March 2021

  • Where you’ve deferred your VAT to 31 March 2021:
  • You can now repay this over 11 instalments

Pay as You Grow

For business who have taken Government backed loans, and are “in real trouble”

  • CBILS and BB loan repayments can now be extended from 6 to 10 years
  • Repayments can move to interest only
  • Or payments can be suspended for up to 6 months
  • You credit rating won’t be affected
  • There will be a new loan scheme to be announced January 2021

 

The ongoing pandemic is a source of concern for everyone and we encourage you to reach out and support each other and should you need further guidance or advice please do not hesitate to contact head office.