Following the Treasury’s announcement yesterday around Covid-19, we have highlighted the key points of the minister’s latest update:
- The Wage Support Scheme for full time staff members is to be backdated to cover March’s payroll and amended to cover businesses who currently fall outside the scheme. This scheme will be available from 6th April 2020.
- The deferral of VAT payments between now and June 2020 will be interest free to all companies. Please note you still must file the return on time.
- The introduction of new schemes to help preserve strategic capacity in both the tourism and fishing industries.
- Homeowners who have fallen into financial difficulty can now seek mortgage repayment holidays from some of the Island’s leading mainstream banks
- Rates have not been deferred, however the Government have said that anyone in difficulty can contact their local authority on a case by case basis and they will be assessed.
In addition, the Manx Solidarity fund has also been set up by local businesses to help those requiring assistance to survive this pandemic and get back on their feet despite the ever-changing landscape and challenging conditions. You can find out more here: https://www.manxsolidarityfund.com/
Full details of the funding and support available from the Government can be viewed at https://covid19.gov.im/businesses/funding-support/
Invicta are offering consultancy to all businesses free of charge throughout this pandemic. So if in doubt please contact us through any of our social media platforms or email us at email@example.com and we will arrange to contact you.
As always please listen to the advice presented by Government and stay safe!