UPDATED ASSISTANCE RE: COVID 19 (WAGES/GRANTS/VAT)
Updated: Mar 27, 2020
Thank you all for the feedback from the update on Friday evening, I am glad it's proving helpful.
I'm expecting a busy few of days ahead on the phones. We are down to a skeleton staff on site now, and so if you can't get through on the phone, please email your enquiry and we'll get back to you asap.
Alternatively check below as I try and summarise the majority of queries so far and what you can/can't do about them at the moment. I'd be grateful if you can take five minutes to look through as it may answer your question and should hopefully reduce call volume over next day or so.
Also, for those with accounts and returns needing preparation, we are still open and working on these so continue to submit as normal - the more info you can send us digitally rather than physically the better!
So of the latest announced measures we know
1. The emergency loan scheme is up and running from tomorrow, Monday 23rd March - Again these are repayable loans, interest free for a year and with relaxed application and eligibility criteria. If you need to apply go here
If your application requires any cashflows/accounts that you need help with then let us know
2. Grants - These will be handled by the Local authority with whom you are registered for business rates - even if your rates bill is zero under sbrr.
3. Wages - Lots of questions on this. We can't give any more info out yet until the details are published by HMRC but what we do know is the government will back 80 % of the wages of any employee "Furloughed" during the next three months up to £2.5K a month. "Furloughed" is effectively when someone's job ceases to exist for a short period of time, only to resume again shortly after. You must retain the employee therefore rather than lay them off. We simply have to change their status on PAYE to "Furloughed"
NOTE - THERE IS NO SYSTEM ANNOUNCED YET AS TO HOW HMRC ARE GOING TO COLLECT THE INFO ON FURLOUGHED WORKERS AND GET THE FUNDS BACK TO EMPLOYERS - THEY ARE WORKING ON IT AND AS YOU CAN IMAGINE ITS A HUGE OPERATION - AS SOON AS WE KNOW YOU WILL
NOTE 2 - WE ARE STILL AWAITING CONFIRMATION AS TO WHETHER OR NOT DIRECTORS ON SMALL - 1 OR 2 DIRECTOR LIMITED COMPANIES WILL QUALIFY - AS SOON AS WE KNOW YOU WILL KNOW
See the government guidance on the link at the bottom of list
4. Collection of VAT due before 30 June has been suspended until the end of the financial year - Note we still need to prepare and submit the VAT returns as normal and you will still have to pay the VAT, just not by the due date
5. SELF EMPLOYED - There unfortunately is still sparse support available. The chancellor announced self employed can access Universal Credit at the same rate as Statutory Sick Pay for employees, which is £94.25 a week for up to 28 weeks. However this is still means tested. Also mortgage payment holidays are now being offered by all lenders which are available for three months. The FCA have stated that to get a payment holiday, you will not be asked to prove your income, just that that in your opinion your income will be hit by the coronavirus crisis and you need a break,
6. SELF ASSESMENT - The 2nd payments on account due in July have been suspended until January 2021
7. HMRC TIME TO PAY - Any other taxes you may not be able to meet as they fall due, HMRC can on a case by case basis set up a time to pay arrangement - This applies to Coproration TAX, PAYE and Self Assessment. The number to speak to them on is 0800 0159 559. Due to call volume at the moment they are asking if its a future payment you're concerned about to call closer to the due date.
DETAILS ON THESE KEY MEASURES AND MORE CAN BE FOUND HERE
Finally, even if we eventually have to close the office as we move towards a complete Lockdown, we will continue to work remotely, answering calls and emails, preparing accounts, PAYE and returns and most importantly supporting you.