Covid-19 Financial help available

  • Posted on: 24 June 2020
  • By: ali

Now that many of you would have experience different degrees of business disruption and many have taken a huge financial hit. I have detailed below a reminder of what Government’s support is available.

Small Business Grant – Local Council
• Pay little or no Business rates (100% Small business relief)
• Rateable value before small business relief
o Up to £15,000 You will probably be eligible for £10.000 grant
o £15,001 up to £50,000 you will probable be eligible for £15,000 grant
• Must have an office, a UK Bank Account and provide company details and your Photo ID
https://assets.publishing.service.gov.uk/government/uploads/system/uploa...

VAT payments due April to June 2020 – Can defer up to 31 March 2021
• Cancel your direct debit in time prior to your VAT Submission
• VAT Returns must be filed on time
• VAT payments due April to June 2020 – Can defer up to 31 March 2021
https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-...

Self-Assessment 31 July 2020 normal payment – Can defer up to 31 March 2021
• Must be up to date with your filing up to 2018/2019 Return
https://www.gov.uk/pay-self-assessment-tax-bill

Self-employed business people – Can defer up to 31 March 2021
• If you are self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19) find out if you can use this scheme to claim a grant
https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-...
SSP – Employees off sick due to Covid-19
• SSP payable from day 1 – Minimum of 4 days to maximum 2 weeks
https://www.gov.uk/guidance/claim-back-statutory-sick-pay-paid-to-employ...

Furlough – Business affected by Covid-19 to keep employees and protect the UK economy
• Employer must have PAYE scheme in place as at 28.2.2020
• Employee must have been paid through PAYE as at 28.2.2020
• Any furloughed employee cannot work for this employer
• Each furlough minimum of 3 weeks – only exception is training
• Can be furloughed multiple times and by different employers
• Can back date to 1.3.2020
• Decide which worker, have a discussion with them and agree; must be confirmed in writing
• Keep records for 5 years
• Full time, part time, apprentices, flexible/xero hours
• Employee shielding – You cannot work due to high risk conditions
• Company Directors only when not working on revenue producing
• Directors Dividends not included
• Online portal open from 20.4.2020 and you must register
• 80% of growth salary including over time, commission Employers NIC and Pensions
• If different amounts worked on average 2019/2020
• Cap at £2,500 per month
• Must pay your employees the full grant received
• Not on discretionary bonus, salary sacrifice
• After the government ends the scheme you will decide on if your furloughed workers are able to return to work and if so carry on as normal prior to covid-19. If not redundancy rules
• All employment contracts must be followed
• May 2020 furlough claims submitted by 20th May 2020 if eligible will be paid out by the month end.
https://www.gov.uk/guidance/claim-for-wages-through-the-coronavirus-job-...

I know that so many business owners underestimate just how powerful proper, intelligent bookkeeping and reporting can be.

The people I work with are trained:

to understand their numbers, so that they can predict where their business is going, to get over any hurdles because they know they are coming, just like we have now; and to understand where to put their focus so their business makes the profit and income, they deserve

Here is another link you may find useful https://www.gov.uk/business-coronavirus-support-finder

Ali Wiltshire Fiscal Business Services Ltd 07403 216682 alison@fiscalservices.co.uk www.fiscalservices.co.uk