Coronavirus has been a complete shock to the world, affecting all industries, all sized businesses, their employees and their families.
During these very difficult and unprecedented times, we want to reassure you that we are here for you every step of the way, giving you the most up to date advice to help your business through this time.
Areas we can advise you on include:
Coronavirus Job Retention Scheme – all UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off or made redundant during this crisis. All UK businesses are eligible.
Employee Furlough Leave – which is when employers require their staff to take unpaid leaves of absence. In other words, they won’t work, they won’t get paid, but they’ll still technically be employed. HMRC will then reimburse 80% of furloughed employees or workers normal wage costs, up to a cap of £2,500 per month. HMRC are working urgently to set up a system for reimbursement. Existing systems are not set up to facilitate payments to employers.
VAT – The Government will support businesses by deferring Valued Added Tax (VAT) payments for 3 months.
If you’re a UK VAT registered business and have a VAT payment due between 20th March 2020 and 30th June 2020, you have the option to:
- Defer the payment until a later date
- Pay the VAT due as normal
Income Tax – For Income Tax Self-Assessment, payments due on the 31st July 2020 will be deferred until the 31st January 2021. If you are self-employed you are eligible.
Time to Pay Service – All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service.
Other areas we can advise on include:
- Company sick pay, including SSP Reclaim
- Business rates holiday for retail, hospitality and leisure businesses
- Cash grants for retail, hospitality and leisure businesses
- Support for business that pay little or no business rates
- Support for businesses through the Coronavirus business interruption loan scheme
- Support for larger firms through the Covid-19 Corporate Financing Facility
For more information, please contact us on: firstname.lastname@example.org
Keep safe and keep healthy!