Full furlough relief, business rates exemptions and VAT deferrals all ended on 1 July, creating what many business groups are calling a new flashpoint for SMEs

With the announcement of an extension of the lockdown until at least 19 July, it means there is now an 18-day gap in government support.

However, calls for the Treasury to update timeframes with new business support measures seems to have fallen on deaf ears.

From 1 July the 5% wage cost minimum paid by employers for furloughed staff (covering NIC and pension costs) rose to 14%, as the Coronavirus Job Retention Scheme begins to be wound down.

Companies will also have to start paying the deferred VAT from last year, and the emergency business rate exemptions for retail, leisure and hospitality businesses ends too.

And, you can add repayments of the bounce-back loan moreover.

Some are harking back to the government promise that it would do “whatever it takes” to help the 6 million sole traders and SMEs who will be key in pushing forward UK plc.

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