How does a trust account impact your cash?

Trust accounts are increasingly seen as the preferred form of security for our industry. They have been used throughout the travel supply chain to cover a multitude of potential risks since the failure of Thomas Cook and a devastating global pandemic sent insurers and their capacity running for the hills.

There are many things to consider when deciding whether a trust account is right for you. Above all, you must understand the impact on your cash flow. Client funds will be held in a segregated account and your ability to move the money will be restricted. A detailed cash flow model is essential, and frankly, getting it wrong could be disastrous.

So, here’s what you need to consider.

Timing your cash inflow

Depending on the purpose of your trust account, it may hold all customer funds or just a subset (e.g. only ATOL bookings).  Some operators collect all customer funds into one central account and then split out protected funds into the trust. Or you can arrange for your card processor to send funds directly into the trust. You may also need to separate different foreign currencies into different trust accounts.

Whichever approach you choose, the timing difference between your customer handing over money and you receiving it could be critical.

Any delay in receiving cash may mean you would have to front up the money in advance from your own cash flow. For example, if you’re on ‘deferred settlement’ terms with your card processor (i.e. you wait more than 3 days to collect), or if you sell via a travel agent, and they hold onto funds for longer than two weeks before passing it over to you.

The gross amount paid by your customer should be protected and go into the trust – no offsetting card processor charges and no leaving out the commission paid to the travel agent. For some, this might mean changing previous payment and commission arrangements and your IT systems or card processing set-up will need to be able to identify and separate out which monies require protection.

When funds are released

The default position under Package Travel Regulations is that funds can only be released once the booking has been performed. In other words: no money until the customer comes home.

Now, there are some caveats. Money can sometimes be released earlier, but only in very specific circumstances. For example, an ATOL trust might allow funds to be released for certain authorised booking components, as long as they’re covered by Supplier Failure Insurance or Chargeback via a corporate credit card. Similarly, a non-flight package trust may permit early release where the money is protected by a gap insurance policy.

It’s also worth highlighting that robbing Peter to pay Paul is strictly forbidden. Any customer refund can only be paid out from the amount held in trust.  So if supplier payments have already been released, you’ll need to get them refunded before the customer can be repaid.

Funds are usually claimed out of the trust using a Payment Request mechanism. You must provide evidence that the holiday has been delivered, cancelled or refunded, or in some cases that a supplier has been paid from your own cash flow first before funds can be released from the trust.

Before trust, comes knowledge

To understand whether a trust account could work for your business, you need a robust financial model that illustrates the impact on your cash flow.

If you need any help, feel free to get in touch.

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Road to recovery – key milestones on the journey back to travelling

Throughout the pandemic, there have been endless amendments, extensions and general tinkering to support schemes, regulatory rules and compliance obligations. To help keep track of these changes, we’ve updated our previous infographic of the critical dates that travel businesses need to be aware of over the coming months.

Map of travel dates

*Discount scheme:
• 100% off your business rates bills for the first 3 months of the 2021 to 2022 tax year (1 April 2021 to 30 June 2021)
• 66% off your business rates bills for the rest of the 2021 to 2022 tax year – up to a total value of £2 million
Find out if you’re eligible here.

If you would like a copy of the roadmap or need help determining what any of the dates mean for your business, please get in touch.

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The COVID-19 crisis is rapidly evolving and the Government's response and the details of support on offer are continuously changing. We'll be updating our posts regularly to ensure our analysis and advice remains as accurate and useful as possible. To receive the very latest information as we release it follow us on LinkedIn. If you have any questions in the meantime, please get in touch. 

TTC join finance panel at Future of Travel event

We were delighted to be part of Travel Weekly’s Future of Travel Spring Forum this week. TTC Director Adam Pennyfather spoke on a panel alongside WHA and Travlaw. The session covered several timely subjects, including:

• A look back over the past 12 months and the challenges to restarting
• The financial pressures facing businesses
• How stakeholders, including merchant acquirers, have reacted during the pandemic
• The importance of a good summer season for the industry

Below is a recording of all the day’s sessions; you can watch the panel 35 minutes into the video. We hope you enjoy it!

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Travel insights from ABTA’s finance conference

We were delighted to speak at ABTA’s Travel Finance Conference earlier this week. TTC Director Martin took to the virtual stage, to set the scene for the day and explore the key indicators for businesses as travel begins to recover. He discussed the recent government road map announcement and highlighted that although there may be some hurdles, it’s a positive step in the right direction.

He also talked about the impact of the vaccine rollout on the recovery of destinations and shared data on the January trading period.

Below is Martin’s presentation from the conference. If you would like to watch the full event, it will be available on ABTA’s website soon.

If you would like a copy of the slides, please get in touch.

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Four characteristics of a travel trust account

Up until 2019, trust accounts were relatively rare in the travel sector. Insurance and bonding were the dominant forms of security though that changed in late 2019 when Thomas Cook Group failed. The insurance industry suffered substantial losses leading many insurers to exit the market. 

Throughout 2020, as the pandemic accelerated the exodus of insurance capacity, trust accounts have stepped in to fill the void in the consumer protection infrastructure. We are seeing regulators, insurers, merchant acquirers and other stakeholders increasingly turn to trust accounts. Even customers are becoming more trust aware, thanks to several high profile travel businesses pushing their virtues heavily in their marketing material.  

In reality though, the term “trust account” is currently being used to describe a whole spectrum of substantially different arrangements. 

So if you’re considering setting up a trust account for your travel business, or you’re being asked to accept a trust account as a means of security, there are four basic key characteristics you should understand.

1. Who is the beneficiary?

Trust accounts can be used to protect a range of different stakeholders. They are one of the accepted methods for organisers to protect consumers’ money under the Package Travel Regulations (PTRs). However, nervous insurers, merchant acquirers, lenders and other stakeholders are increasingly asking operators to provide them with security by holding monies in a trust fund. 

Any trust arrangement must make clear who is the ultimate beneficiary, to avoid any confusion in the event of a failure.  

2. Where and how is the money held?

Understanding how and where the money is physically held is critical to understanding how robust the trust arrangements are. In practice, we see a wide range of structures. At one end of the spectrum, monies are held in an independently controlled bank account that cannot be accessed by the trust account holder. At the other end of the spectrum, the account being described as a trust is little more than a different current account with no separation or controls. 

There are many other nuances to consider. 

– Do 100% of customer funds go into a trust or only one class of bookings (eg ATOL bookings).
– Do funds go straight into the trust account or sit somewhere else first (sometimes referred to as an interim account).
– Who has access to the bank account and therefore control over the inflow and outflow of monies?

3. Who are the trustees? 

The trustee plays a pivotal role in the operation of a trust account. They are responsible for managing and controlling funds to ensure the trust account operates in the best interests of the beneficiaries  

There are no formal qualifications for acting as a travel trustee. The PTRs are vague on the qualifications or attributes a trustee must demonstrate, though they do state they must be independent of the organiser. 

When it comes to ATOL trusts, the CAA is more strict. They only permit a narrow range of approved trustees that can demonstrate travel sector knowledge and competence, together with an appropriate level Professional Indemnity (PI) insurance.

Outside of these regulatory frameworks, there is no oversight of the trustee role. We see a wide range of individuals or organisations acting as trustees. Usually, it falls to an accountant or lawyer, but we have seen cases where a company’s own directors or relatives take on the role. 

4 – How are the trust rules documented?

Finally, the rules of the trust account should be codified in a formal Trust Deed. The Trust Deed is a vital document for creating a legal water-tight trust structure and requires careful legal drafting to ensure that the beneficiary and their funds are 100% protected.

The terms of the Trust Deed can be complex (the CAA’s standard ATOL trust deed runs to more than 60 pages). As a minimum they should set out:

– What monies should be paid into trust, and when
– When funds can be released, including cancellations, refunds and other common amendments
– Who are the beneficiaries
– What are the triggers for releasing trust funds to the beneficiaries

Setting up a trust account for your travel business can be complicated and you may need to consider a range of commercial, regulatory, legal, accounting, financial and tax issues. We’d be delighted to help you understand, model and implement a trust account for your travel business. Please get in touch for more information.

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Managing your merchant acquirer

If you accept card payments you will need to use a merchant acquirer. But what role do they play and why is your relationship with them not quite so straightforward as it once was?

No business transactions are ever as simple as you think they should be. That’s certainly the case when it comes to accepting card payments. The process of charging a card is often over in a matter of seconds, but within that time it goes through several stages to reach completion. And one of them involves a merchant acquirer.

They are a vital link in processing debit or credit card payments, whether it’s online, through an in-store card machine or over the phone. Not only do they process the payment, but they also (most importantly) pass the funds to you within the terms you have agreed.

How do they make their money?

A merchant acquirer will charge you a fee, normally between 0.5% and 3%. The more transactions you carry out, the lower the charge. The fee often includes a variable interchange rate charged by the card issuer, someone like Visa or Mastercard.  

There’s also another important element to your merchant acquirer’s fee structure. This takes into account their level of risk to chargebacks, which is regularly reviewed by risk committees who will require collateral from you as security.

The Chargeback scheme allows consumers to claim back money if a merchant hasn’t delivered on its contractual obligations to provide the goods or services purchased. If you go out of business, your merchant acquirer could be liable.

Why the travel industry is a special case

For merchant acquirers, the travel industry is a high-risk environment. There are several factors that contribute to this.

The long timeframe between payment and delivery of the service increases exposure to chargebacks if anything goes wrong.
Despite consumer protection through ATOL and other financial schemes in the event of a failure, credit card customers would be referred to the card provider by ATOL and ABTA to be repaid through the chargeback scheme.
The current climate has increased the risk of travel businesses failing.

This hasn’t slipped the attention of the merchant acquirers who work with the travel industry. The biggest change you’ll notice is that they’re demanding a greater level of security. Some are even terminating their contracts with high-risk clients where additional collateral isn’t possible.

Some of our clients are being asked to provide collateral in one or more of the following ways:

• A deferred settlement, which might mean you have to wait longer to get paid. Instead of T+3 (3 days after the transaction), they might ask for T+7
• Rolling Reserves, where they hold back a percentage of the money, to limit their exposure (e.g. 10% for 3-6 months)
• Fixed Cash reserves in the form of an upfront cash bond (potentially substantial), which can be used for unexpected costs such as chargebacks
• A Trust Account, where the customer’s money is securely held until the holiday has taken place.

What this means for you

Finding this extra collateral can have significant cash flow implications for any travel business. It may also result in extra costs, such as those involved in setting up Trust Accounts. And all this at a time when every penny counts.

Travel Trade Consultancy supports businesses in their discussions with merchant acquirers to ensure the best possible outcome by:

Introducing and assisting with negotiations
Assessing the impact of the collateral and security demands from a cash flow perspective
Providing support to your wider finance function

If you would like further information on any of the above, please get in touch.

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TUI’s Q1 financial results: TTC’s Martin speaks to BBC News

“Covid has been like a wrecking ball to the travel industry.” TTC’s Martin Alcock joined BBC News this morning to discuss TUI’s Q1 financial results and to highlight the plight of the UK travel sector.

In the year since January 2020, TUI has gone from the most successful trading month in its history to needing more than €4bn of German government and shareholder bailouts to survive. 

TUIs actual Q1 trading results released a few hours after this interview, showed Winter bookings almost 90% down on last year, in line with what we’re seeing across the market.

A large group like TUI has access to multiple capital and funding options to help them get through these tough times. Many smaller travel businesses don’t have that luxury.

TUI are still hopeful of delivering 80% of their normal Summer ’21 programme. Even if that still feels over-optimistic at this point, the good news is just around the corner. Until then we need a tailored package of UK government support and a clear roadmap to get us travelling again.

Following this interview, TUI announced a €699m loss in Q1 as lockdowns and travel restrictions severely limited demand for fights in the last three months of 2020. You can view the results here. 

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The COVID-19 crisis is rapidly evolving and the Government's response and the details of support on offer are continuously changing. We'll be updating our posts regularly to ensure our analysis and advice remains as accurate and useful as possible. To receive the very latest information as we release it follow us on LinkedIn.  If you have any questions in the meantime, please get in touch. 

Financing a travel business & 2021 trends: TTC sponsor ABTA event

We are delighted to sponsor ABTA’s Travel Finance Conference for the fifth year running. Our directors, Martin Alcock and Adam Pennyfather will be taking to the virtual stage to explore the key indicators for companies as the sector begins to recover and financing a travel business in 2021. 

Ahead of the event, Martin reflects on the last Travel Finance Conference and looks at the challenges facing the industry this year. 

I have fond memories of last year’s ABTA Travel Finance Conference. This is mainly because it was my last time in a room with more than six people. 

The conference was held on March 11th. COVID had landed in the UK and panic was rising. Italy had just gone into a full-scale lockdown and speculation was mounting that we’d be next. The whole event nearly didn’t happen, after several sponsors, speakers and delegates pulled out at the last minute. Even the host cancelled a few days beforehand and the alternative venue turned out to be the former offices of Thomas Cook. A fact which only added to the sense of foreboding.  

Despite the ominous signs, I often recall that day’s conversations with a smile. They seem so innocent and naive when viewed with the battle-hardened hindsight of the past twelve months. “This Easter disruption isn’t ideal but it’ll all be over by Summer” we’d confidently assert, over one of those awkward stand-up lunches where you have to balance your egg and cress sandwich on top of your glass of orange juice. 

It’s coming up to a year since that landmark event, but the outlook is more uncertain than ever. 

We’re housebound and homeschooling. The air corridors are sealed and UK arrivals must quarantine, possibly for 10 days in an airport hotel. Given that bleak backdrop, it’s hardly surprising there are few signs of life in the pivotal January booking period. Most operators we speak to are below 20% of their usual January levels. 

Trading out of this mess will be a challenge. Battered balance sheets are struggling to cope with a year of cash outflows and asset write-downs. Unsustainable liabilities have built up as a result of Refund Credit Notes, deferred tax payments, holiday pay accruals and other assorted nasties. 

Hibernating was a relatively simple equation, at least on paper. Costs were cut, power turned off, and doors locked. Starting up again is far more complicated. Timing is critical. Bringing back teams, opening up sites, turning on marketing all burn cash without any guarantees of a return.  

Regulators, merchant acquirers, insurers and other stakeholders are increasingly jittery that their exposures will get worse before they get better. Their security demands are piling further pressure. For some companies, it will be limits imposed by such stakeholders that inhibit their recovery.

Yet, the long term fundamentals are firmly in our favour. Demand for travel is without question. A spike in UK savings ratios suggests there is money burning holes in pockets. And my god do we all need to get out of the house.  

This year’s ABTA Travel Finance Conference is a chance to come together and figure out how we move forward as an industry. We’ll be sharing our view of the latest trends, and examining the impact that recent developments are having on the sector.  We might not have all the answers by then, and the egg and cress will be strictly B.Y.O this year. Nevertheless, I hope you can join us.

Written by Martin Alcock, TTC Director.

You can view the full Travel Finance Conference agenda and register here.

As sponsors of the event, we are delighted to be able to offer you a 20% discount to attend. Please get in touch and we’ll share the code with you!

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Preparing for March ATOL renewals

If you are due to renew your ATOL licence this March, there are a few areas that we wanted to make you aware of as you prepare to go through the process. TTC Director, Simon looks at changes to the financial criteria, additional information you may need to provide, Refund Credit Notes,  the impact of Brexit on EU sales, and security.

If you need any help processing your renewal, please get in touch. 

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The COVID-19 crisis is rapidly evolving and the Government's response and the details of support on offer are continuously changing. We'll be updating our posts regularly to ensure our analysis and advice remains as accurate and useful as possible. To receive the very latest information as we release it follow us on LinkedIn.  If you have any questions in the meantime, please get in touch. 

What happens to TOMS VAT post-Brexit?

As we edge closer to the end of the Brexit transition period, HMRC has confirmed the changes to TOMS VAT which will come into effect on 1 January 2021. As far as we’re aware, these will apply in a deal or no-deal scenario.

In this video, our director Adam Pennyfather explores some of the changes and highlights some things to think about ahead of 2021. He also gives an example calculation to help illustrate the changes. 

Free resource: if you would like a copy of the calculation, to input your own figures, you can download it in an Excel format here.  We hope it’s helpful.

If you have any questions on the TOMS changes, please get in touch. 

We recently posted about the other areas of your business that Brexit may impact. If you would like to know more you can view the infographic and download a free risk matrix here. 

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Guidance on Brexit is continually being updated as we progress through the transition period. We'll be updating our posts regularly to ensure our analysis and advice remains as accurate and useful as possible. To receive the very latest information as we release it follow us on LinkedIn. If you have any questions in the meantime, please get in touch. 

Introducing TTC Finance

Over the last year, we have expanded our TTC Finance team to provide more hands-on support to our clients and help them manage their way through the Covid-19 pandemic. We thought now might be a good time to introduce them and tell you more about how they can help! 

Having an effective finance function is integral to running a successful travel business.

Running a travel business has never been harder, and having an effective finance function is more critical than ever. However, building the right finance team can be difficult and time-consuming.  Throw in the unique complexities of the travel sector, and it’s little surprise that finding suitable candidates can be a challenge. 

During the pandemic, we’ve been supporting our clients with experienced, practical, senior financial support.

We’ve raised funding through government loan schemes, managed the furlough process, built flexible financial models to help understand cash positions and react to rapid changes in trading outlook, and dealt with demands for information from stakeholders.

Above all, we’ve been there, in the room*, supporting owners and directors, and helping them make better decisions.

How do we work?

Our experienced team of finance professionals can fill the skills gaps in your existing team. We provide tailored financial support on a fully flexible basis, that can be dialled up or down to suit your needs, from a day a month up to five days a week.

We can pick up specific projects, provide an experienced hand on the tiller, or even provide temporary support to cover illness or parental leave.

We provide board-level financial input, but we aren’t shy of getting our hands dirty either. We assist businesses at a Financial Director and a Financial Controller level. 

Between us, we have decades of experience working with important stakeholders like HMRC, the CAA, ABTA, IATA, merchant acquirers, banks, insurers, FX providers and private equity firms. We can support your discussions or manage these relationships on your behalf. 

*mainly on Zoom to be fair. 

Meet the senior finance team

Adam Pennyfather, Director

Adam heads up the financial consulting and outsourcing unit of TTC Finance. A team of dedicated individuals that help to provide pragmatic solutions to complex financial and regulatory problems faced by the travel industry. 

After spending 10 years in the travel industry, Adam understands what makes a great finance function. He also truly believes a great team will not only help you sleep at night but achieve your ambitions and above all, deliver value to the business and its shareholders.

Adam acts as a Financial Director for several clients. He and his team work with a wide range of travel businesses, including start-ups. They cover a broad range of services, in areas such as cash flow management, financial projections, assessing and mitigating financial risks, managing third party stakeholders, and providing management with financial insight. 

Ultimately, they get to talk about travel all day and who doesn’t love that!

Get in touch with Adam: [email protected]

Matt Ansell, Consultant

Matt is an experienced finance professional, with a boat-load of travel and tech industry experience. 

As Finance Director of the Hidden Travel Group, he completed several acquisitions whilst overseeing all financial, commercial and regulatory matters. At Stone Ventures, Matt was a member of the Pebble Travel Investors advisory board providing senior financial support to a number of successful travel investments, notably Ski Solutions.

Matt joined TTC in August 2020 and provides financial and strategic expertise to a number of our clients. 

Prior to his work in the travel sector, Matt spent six years in Ernst & Young’s corporate restructuring division where he qualified as a chartered accountant.  

Get in touch with Matt: [email protected]

Sarah Winship, Consultant

Sarah joined TTC from Virgin Holidays’ commercial strategy team in May 2020. She supports our clients and their finance teams with scenario forecasting, debt raising and strategic decision making. 

Her 13-year career with PricewaterhouseCoopers’ London, Sydney and New York offices, working on mergers and acquisitions, stock market listings and financial due diligence mean she is no stranger to high pressure and tight timescales. 

Sarah loves travelling and has visited the four corners of the globe to ski in Mongolia, watch rugby in Japan, and track rhinos in Botswana. Nevertheless, she still maintains close links with her native North-East as an Advisory Board member of Newcastle University Business School and a trustee of the Students Union.

Get in touch with Sarah: [email protected]

Jade Stutely, Operations Director

Jade has bags of hands-on finance experience having held senior finance positions in several businesses ranging from startups to public listed companies. She qualified as an ACA Chartered Accountant with PricewaterhouseCoopers and works with companies to optimise their business processes and tighten their controls.

Jade is also TTC’s resident travel trust account expert and she brings much-needed clarity to the many complexities of modelling, setting up and running a trust. 

Jade is an intrepid traveller and travel blogger. She travels whenever she can, but still has a fair bit of the globe to cover. These days she tends to spend time reminiscing but will be back to exploring as soon as the world opens up again. 

Get in touch with Jade: [email protected]

Furlough scheme extended

UPDATE: The government has now announced a further change to the furlough scheme deadline. It has been extended until the end of April 2021 with the government continuing to contribute 80% towards wages.

The government has announced the Coronavirus Job Retention Scheme – also known as the furlough scheme – will be extended until March 2021. Due to the extension, the previously announced Job Retention Bonus will no longer be paid in February 2021.

Here are the key points from the announcement. There will be additional guidance published in the coming weeks so please keep an eye on our news & insights page for updates.

Infographic showing updates to the furlough scheme

Key dates

30 November 2020 – final date to submit for any claims before 31 October 2021
1 December 2020 – change in the approach for redundancy (more details will be available in late November)
January 2021 – review of the scheme
31 March 2021 – end of the furlough scheme

Note – employers should remember to change the terms of employment contracts by agreement before furlough starts as this will be needed for new furlough arrangements. Due to the rush to have everything in place for CJRS V3 in early November, it was possible to use retrospective agreements. However, please note that only those put in place up to and including 13 November 2020 can be relied on for the purposes of a CJRS V3 claim.

Additional grants

The government also announced additional support for businesses that are required to close due to Covid-19 restrictions. They will be eligible for the following:

– properties with a rateable value of £15k or under – grants to be £1,334 per month or £667 per two weeks;
– properties with a rateable value of between £15k-£51k – grants to be £2,000 per month or £1,000 per two weeks;
– properties with a rateable value of £51k or over – grants to be £3,000 per month or £1,500 per two weeks.

If you need any help understanding what these changes could mean for your business, please get in touch.

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The COVID-19 crisis is rapidly evolving and the Government's response and the details of support on offer are continuously changing. We'll be updating our posts regularly to ensure our analysis and advice remains as accurate and useful as possible. To receive the very latest information as we release it follow us on LinkedIn.  If you have any questions in the meantime, please get in touch. 

Update to the Government’s Job Support Scheme

UPDATE: The government has now extended the furlough scheme until the end of April 2021 meaning that the Job Support Scheme (JSS) outlined below has been postponed. We understand this will launch when the furlough scheme comes to an end next year.

The Chancellor Rishi Sunak yesterday announced some changes to the Job Support Scheme (JSS) for businesses that have been negatively impacted by Coronavirus. This is due to replace the current furlough scheme when it comes to an end on 31 October. Here are some key points from the announcement and two examples of how the JSS could work.

More details on the Job Support Scheme, including how to make a claim, will be announced next week. Please keep an eye on our news & insights or LinkedIn pages for updates.

The announcement also included new business grants and an extension to the Self-Employment Income Support Scheme.

Business grants

These are available for hospitality, leisure and accommodation businesses operating in tier two locations and therefore subject to stricter Covid-19 restrictions. Companies can apply for grants of up to £2,100 a month and they will be available retrospectively where higher-level restrictions have been in place for a while.

Self-Employment Income Support Scheme

The grants available in this scheme are being doubled from 20% to 40% meaning the maximum grant will increase from £1,875 to £3,750.

If you would like any further guidance or help working out how the Job Support Scheme could work for your business, please get in touch. 

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The COVID-19 crisis is evolving and the Government's response and the details of support on offer are continuously changing. We'll be updating our posts regularly to ensure our analysis and advice remains as accurate and useful as possible. To receive the very latest information as we release it follow us on LinkedIn.The examples used are to illustrate specific points so haven't been through a full road test and don't substitute advice. Every business is different so please use them with caution and get in touch if you need any further guidance. 

Further Covid-19 support announced by the government

UPDATE: Please note further changes to the Job Support Scheme have now been announced. Please see here for more information on these developments. The government has also now announced an extension to the CBILS deadline. Businesses wishing to apply have until 31 January 2021.

Chancellor Rishi Sunak has announced further financial support from the government to help businesses and individuals that have been negatively affected by Covid-19.

He introduced the government’s Winter Economy Plan including a new Job Support Scheme to replace the existing furlough scheme, as well as tax cuts and deferrals. The Chancellor also announced an extension to the application deadline for the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS), the Bounce Back Loan Scheme (BBLS) and the Future Fund.

Here are the key points from the announcement:

If you need any help understanding what these changes could mean for your business, please get in touch.

We will update our advice and guidance as more detail is provided on the support announced, please keep an eye on our news & insights page or follow us on LinkedIn for the latest updates.

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The COVID-19 crisis is rapidly evolving and the Government's response and the details of support on offer are continuously changing. We'll be updating our posts regularly to ensure our analysis and advice remains as accurate and useful as possible. To receive the very latest information as we release it follow us on LinkedIn.  If you have any questions in the meantime, please get in touch.