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COVID-19 Update

Advice and Guidance for Businesses and Individuals

Below you will find our advice and guidance for businesses, featuring articles and links to the various Government incentives available to help minimise the economic impact of Coronavirus. 

This includes:

We advise that you regularly visit the Business News section of our website for further information or follow us on Twitter or Facebook to keep right up-to-date. 

If you have any questions or issues that you would like to discuss, our team are available to help and advise, so please contact us as soon as possible.

Please keep safe and well.

 

Claim A Grant Through the Coronavirus (COVID-19) Self-Employment Income Support Scheme

Self-employed workers who are affected by COVID-19 can apply for a grant to cover 80% of their average monthly profits over the last three years.

Chancellor Rishi Sunak confirmed the taxable grants are worth up to a maximum of £2,500 a month and will be paid in a single lump sum.

The self-employed income support scheme will be open for an initial three months, although Sunak may extend it beyond that if necessary. 

Further information can be found on the gov.uk website and our team are on hand to deal with any questions you may have regarding the Scheme.

 

Coronavirus Job Retention Scheme

A coronavirus job retention scheme will pay the wages of employees unable to work due to the COVID-19 pandemic.

For the next three months, all employers can obtain grants from HMRC to cover up to 80% of wages for retained workers, up to £2,500 a month. The scheme can be backdated to 1 March 2020 and Chancellor Rishi Sunak could extend this beyond the initial three months. For details on how to access the scheme, please visit gov.uk for further information, or contact a member of our team.

Click here for a guide to the Furlough scheme.

 

Business Grants

The government have announced that grants are available for small businesses and those businesses in the retail, hospitality and leisure sector.  Click here for guidance.

Although it is suggested that these grants will be distributed automatically by local authorities once they have written to you, we are aware that in some cases an application form then needs to be completed before the grant is made.  We suggest you contact your local council for clarification.

 

Coronavirus Business Interruption Loan Scheme (CBILS) - Open for Applications

Further details of the Coronavirus Business Interruption Loan Scheme can be found in the documents below:

New Coronavirus Business Interruption Loan Scheme (CBILS) Opens to Smaller Businesses Across the UK 

Coronavirus Business Interruption Loan Scheme (CBILS) - FAQs for SMEs

CBILS Quick Eligibilty Checklist for SMEs

How Does A Small Business Apply for a CIBLS-Supported Facility?  

 

Self-Assessment Payments Deferred

Self-assessment payments due on the 31st July 2020 may be deferred until the 31st January 2021.  

This measure has been extended and previously only applied to the self-employed.  Please note that this relaxation only applies to individuals and not companies.  

Please also note that the relaxation is designed to help people in genuine hardship caused by the COVID-19 outbreak.  The tax remains due and will need to be paid in due course (currently 31 January 2021).  If hardship is unlikely to arise then you should pay your tax as normal.

 

VAT Payments Deferred

The government are supporting businesses by deferring Valued Added Tax (VAT) payments for three months The deferral will apply from 20 March 2020 until 30 June 2020. This is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period.

Customers who normally pay by Direct Debit should cancel their Direct Debit with their bank if they are unable to pay.  Please do so in sufficient time so that HMRC do not attempt to automatically collect on receipt of your VAT return.

However, VAT returns will still need to be filed by normal deadlines. 

VAT refunds and reclaims will be paid by the government as normal.

 

HMRC Helpline

HMRC have set up a phone helpline to support businesses and self-employed people concerned about not being able to pay their tax due to Coronavirus (COVID-19).  Read more here.

 

Statutory Sick Pay (SSP) and Coronavirus

If absence/isolation is directly linked to Covid-19 then SSP will apply to eligible employees from the first day of absence at the usual rate of £94.25 per week (18.85 per day).

The government are bringing forward legislation to allow small and medium sized companies and employers to reclaim Statutory Sick Pay for absence due to Covid-19. Employers with fewer than 250 employees will be eligible.

If you have any cases that are pertinent to the above please ensure that you mark this distinctly so that we can ensure the correct claim for SSP Recovery is made. Please click here for further details

 

Filing Accounts with Companies House

If Coronavirus (COVID-19) has affected your company and you need more time to file your accounts, you should act before your filing deadline.  Read the advice from Companies House here.

 

Government Provides £330bn Lifeline to Businesses

The Government has pledged £330 billion-worth of state-backed loans to support businesses feeling the effects of the coronavirus epidemic.  Read more here.

 

IR35 Reforms Pushed Back 12 Months

The Government have announced that the IR35 tax reforms are to be pushed back one year.

The changes, which will clamp down on tax avoidance by targeting contractors who are, in practice, providing the same service as employees, were due to come into effect in April.  However, Steve Barclay, Chief Treasury Secretary, has announced that they will now be introduced on 6 April 2021.

The move is part of a range of measures announced by the Treasury to protect the economy from the effects of the coronavirus outbreak.

Treasury announcements targeted at assisting business during the current economic and financial downturn