As you may be aware, the RPA are to make advance payments this year.
When will I receive my advance payment?
It has now been said that most of these advanced payment will be administered by the end of July, with any business that needs further checks carried out should receive their payment before the end of August.
How much is my advance payment going to be?
The advance payment will be 50% of the total value of your claim at the point of checking, although this might not be exactly 50% of your total claim. Any differences will be reflected in the balancing payment.
When will I receive the balancing payment?
This payment will be made as usual from 1st December.
What if I have applied for the Lump Sum Exit Scheme?
You will still receive your advance payment if you have applied for the Basic Payment Scheme in 2022. The lump sum will be reduced to reflect this when you submit the necessary information to claim the final payment here.
Do I need to do anything to get the advance payment?
No, as long as you claimed for Basic Payment in 2022 you will get the advance payment. But it you have changed your bank details or need to update your details with the RPA this should be done ASAP.
What is the reduction for Basic Payment in 2022?
The basic payment scheme is in the process of being phased out. The final year of full payment was 2020. The payment for 2022 will be 20% less than 2020 as long as the land you are claiming on is the same and your payment is less that £30,000.
Will the advance payment be available in future years?
Yes, we understand from the RPA that the advance payment in July will continue for the remaining years of the scheme.
If you have any further queries or would like any help with the Basic Payment Scheme please do contact Gemma on gemma@blackdownconsulting.co.uk or 07533340847.