24/03/20
Following the restrictions imposed by the Government, The Chancellor has made various announcements to assist businesses and individuals.
This is a changing situation and the information is emerging each day.
HMRC LINKS
All the latest information is contained in the following two links:
Some of the reliefs are automatic and some will have to be applied for.
BUSINESS INTERRUPTION LOAN SCHEME & JOB RETENTION SCHEME
How to apply for Business Interruption Loan Scheme or the Job Retention Scheme. (80% Grant for staff salaries).
Visit the British Business Bank website for more details
VAT,SELF-ASSESSMENT & TIME TO PAY
Some of the reliefs are automatic and do not have to be applied for:
VAT – If you are VAT registered your next VAT payment is automatically deferred for one quarter. These arrears will still be payable by the end of the 2020/21 tax year.
Self-Assessment Tax – If you have payments on account falling due in July 2020 these are automatically deferred to 31 January 2021.
HMRC have also indicated that they will be lenient with any company that asks for time to pay in connection with corporation tax due.
This is not automatic and you will need to contact HMRC to make this arrangement. – TEL 0800 0159 559
SMALL BUSINESS RATES – GRANTS
Grants are also to be made available for those businesses in hospitality and for those businesses who already benefit from the Small Business Rates relief.
These grants will come direct form local councils and do not have to be applied for.
SELF EMPLOYED
If you are not eligible for SSP – for example if you are self-employed or earning below the Lower Earnings Limit of £118 per week – and you have COVID-19 or are advised to stay at home, you can now more easily make a claim for Universal Credit or new style Employment and Support Allowance.
If you are eligible for new style Employment and Support Allowance, it will now be payable from day 1 of sickness, rather than day 8, if you have COVID-19 or are advised to stay at home.
LOW INCOME – ASSISTANCE
Whether you are currently in or out of work, if you are on a low income and affected by the economic impacts of COVID-19, you will be able to access the full range of the welfare system, including Universal Credit.
From 6 April we are increasing the standard allowance in Universal Credit and the basic element in Working Tax Credit for 1 year. Both will increase by £20 per week on top of planned annual uprating. This will apply to all new and existing Universal Credit claimants and to existing Working Tax Credit claimants.
If you are self-employed you are able to claim Universal Credit, providing you meet the usual eligibility criteria.
To support you with the economic impact of the outbreak, and allow you to follow government guidance on self-isolation and social distancing, from 6 April the requirements of the Minimum Income Floor will be temporarily relaxed.
This change will apply to all Universal Credit claimants and will last for the duration of the outbreak.
New claimants will not need to attend the jobcentre to demonstrate gainful self-employment.
We will continue to share the most up to date information directly with you as it becomes available.
All our staff are currently working from home and contactable via their normal email addresses.
Steven and Ian are manning the office and are available by phone or email.
Please follow the Government health advice, stay safe and stay healthy.