BUSINESS UPDATES


We are getting new updates every day.
Here is a breakdown of what we know so far:

The Self Employed can now call the
HMRC Coronavirus Helpline:  03004 563565

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.

You will need to:

* Designate affected employees as 'furloughed workers' and notify your employees of this change.
* Submit information to HMRC about the employees that have been furloughed and their earnings through the new online portal.

HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month.

This system however, will potentially not be up and running to process these payments until the end of April.

Short term cashflow support

If your business needs short term cashflow support, you may be eligible for a Coronavirus Business Interruption Loan.

Support for businesses through deferring VAT and Income Tax payments.

VAT payments will be deferred for three months. If you are self-employed income tax payments due in July 2020 under the Self Assessment System will be deferred to January 2021.

For VAT the deferral will apply from 20 March to 30 June 2020.

Taxpayers will be given until the end of 2020-2021 tax year to pay any liabilities that have accumulated during the deferral period. VAT refunds and reclaims will be paid by the Government as normal.

Income Tax

For Income Tax Self Assessment, payments due on 31 July 2020 will be deferred until the 31 January 2021.

Eligibility

If you are self-employed you are eligible.

How to access the scheme

This is an automatic offer with no applications required

HMRC has also scaled up their Time Too Pay offer to all firms and individuals who are in temporary financial distress as a result of Covid-19 and have outstanding tax liabilities.

Support for businesses who are paying sick pay to employees

Small and medium-sized businesses and employers can reclaim Statutory Sick Pay (SSP) paid for sickness absence due to Covid-18.

The eligibility criteria for the scheme

This refund will cover up to two weeks SSP per eligible employee who has been off sick because of Covid-19.

Employers with less than 250 employees will be eligible - the size of the employer will be determined by the number of people they employed as of 28 February 2020

Employers will be able to reclaim expenditure for any employee who has claimed SSP as a result of Covid-19.

Employers should maintain record of staff absences and payments of SSP but, employees will not need to provide a GP note. If evidence is required by the employer, those with symptoms can get an isolation note from NHS111 online and those that live with someone who has symptoms can get a note from the NHS website.

Eligible period for the scheme will start the day after the regulations on the extensions of SSP to those staying at home comes into force.


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