This is is difficult time for businesses. We want to help our clients in any way we can and are putting together this resource page to help answer some of your questions. We will publish new information as it becomes available here.
The main update today was the annoucement of financial help for the self-employed. Please read our document below.
We have also put together a summary of the Job Retention Scheme here.
We have already informed our clients that VAT can be deferred. However, if you pay your VAT by direct debit, make sure you have cancelled this! Read more about VAT deferment below.
The government has announced the launch of the Coronavirus Job Retention Scheme – where a business has employees who are not working but retained, the government will meet 80% of their salaries up to a maximum of £2,500 per month.
The next quarter of VAT payments has been deferred so businesses will not have to pay their VAT bills between now and June and will have to the end of the financial year to pay those bills.
Self-Assessment Payment on Account deadline extended – Payments will be deferred from 31st July 2020 until January 2021.
Changes to Coronavirus Business Loan Interruption Scheme – Loans under the scheme will be interest free for 12 months instead of six months announced previously.
Universal Credit available to Self-Employed people equivalent to statutory sick pay.
No Business Rates payable for 2020-21 tax year for any business in retail, hospitality or leisure.
Cash Grants for businesses in those sectors
More details on loans, large firm liquidity, IR35, business rates and grants, insurance, takeaway licenses for restaurants/pubs
The government has released official guidance to the public and businesses regarding its response here. We also have links to information on employees and employment law, deferring tax payments and a general checklist here.
For an update on government help available to businesses read our document here.
For information on the Coronavirus Business Interruption Loan Scheme, please click on the image below.
The below document offers advice on managing your cashflow during the outbreak.
For a list of websites that are full of informatiion on Coronavirus for businesses in particular, please see below.