26th March 2021
News for supply chain members. The Government yesterday announced a £1.5 billion fund for Local Authorities designed to allow them to provide rates relief to companies impacted by the coronavirus pandemic. You will know from previous Updates that there were negotiations between rate payers and the Valuation Office that looked as though they would lead to some significant rate reductions. The Government is going to legislate to put an end to that route for reasons set out in the link below. Reaction has suggested that the amounts will as a result be lower, but the fund is guaranteed. The test will be how well Local Authorities exercise their judgement in determining who is to receive money and who is not. The allocation will be based on the official impact on various sectors not benefiting from the Retail Leisure and Hospitality rates relief scheme. https://www.gov.uk/government/news/business-rates-relief-boosted-with-new-15-billion-pot
- FYI to members, we have secured another meeting with the SG on Monday where we will be raising in particular the suppliers fund.
- First Minister, Nicola Sturgeon, announced a £25 million tourism recovery fund this week at the STA conference. There is little of direct benefit to members but any support for tourism is welcome. https://www.gov.scot/news/gbp-25-million-for-tourism-recovery/
CBILS, CLBILS and BBLS Close, Recovery Loan Scheme Opens
- Just a reminder to members – applications for CBILS, CLBILS and BBLS loans end on 31 March 2021 and are being replaced by the new Recovery Loan Scheme, which will run until 31 December 2021 to ensure that businesses can access Government-backed finance during the reopening of the economy.
Filing Extensions End on 5th April
- Companies House is warning businesses that the automatic filing extensions that were introduced last year with regard to the following activities come to an end on 5th April 2021:
- Confirmation statements
- Event-driven filings
- Mortgage charges.
However, for accounts filing deadlines that fall after 5 April, companies can still apply for a 3-month extension.
New £50 Note
Members will be aware a new £50 polymer note is being launched in June. The design, featuring Alan Turing, was launched this week. If you have 20 minutes to spare there is an informative video about the new note on the Bank of England’s YouTube channel https://www.youtube.com/watch?v=EchoI6eHdCs