Charterwells are determined to help small businesses stay afloat and navigate through these troubling times. These are a range of measures available to help you. If you need any further help please email us at email@example.com.
Work from Home
Businesses and workplaces should encourage their employees to work from home, wherever possible.
Statutory Sick Pay
New legislation will enable employees to get SSP from the first day they are off work. This will begin from 13th March and can get £94.25. Statutory annual leave will still accrue while the employee is off work sick. Click for further details
Furloughed Workers - Job Retention Scheme
If you can not cover staff costs due to Covid-19, you may qualify for the Coronavirus Job Retention Scheme. Employees should not undertake work whilst furloughed. Employers can claim up to 80% of the wage bill (up to a cap of £2,500 per month per employee). This scheme will run for at least 3 months from 1st March 2020 and may extend.
On 26th March 2020 the Chancellor announced a grant of 80% of average monthly profits over the last 3 years up to £2,500 per month for an initial 3 months. It is called the Self Employment Income Support Scheme (SEISS)
The maximum grant available is £7,500.
HMRC will use the average profits from tax returns in 2016-17, 2017-18 and 2018-19 to calculate the size of the grant.
This is only available to people who have the majority of their income from self-employment and who have profits below £50,000.
The scheme will be open for and initial three months with the first grant being paid in June 2020. HMRC will contact qualifying individuals directly and will arrange payments into the recipient's bank with one installment.
In the mean time, if you are a key worker and allowed to work, you can still continue to work as long as you are obeying the Covid-19 rules (e.g. social distancing) .
Also, you can claim the Universal Credit if you meet the eligibility criteria. Click for further details
Limited Company Contractors & PSC's
The measures announced for self employed individuals do not apply to contractors, personal service companies or business owners who take their remuneration through dividends. For this group this can be a significant gap.
A 12-month business rates holiday for all retail, hospitality and leisure businesses in England. Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief.
The Coronavirus Business Interruption Loan Scheme (CBILS) offering loans of up to £5m for SME's through the British Business Bank. Click for further details
HMRC will allow businesses to defer VAT payments for 3 months. This will apply from 20th March 2020 up to 30th June 2020. VAT liabilities will still be payable but at a later date. The deferral is automatic and no applications are required. VAT refunds and reclaims will be paid by HMRC as normal
The 31st July 2020 payment on accounts will be deferred until 31st January 2021. Again this is automatic and no applications are required. No penalties or interest for late payment will be charged in the deferral period.
Time to Pay Offer
HMRC will be more flexible and will allow you more time to pay tax if you are experiencing financial distress as a result of Covid-19. A dedicated helpline has been setup by HMRC to help you. Call 0800 0159 559.