Please see the below table which breaks down the help you may be entitled to:
A rore detailed guidance has been released about the Job Retention Scheme. As it is a lengthy document, the link is below:-
The contents include the following:-
If you intend to use the Job Retention Scheme, please read.
If Hills & Peeks process your payroll, we will be in touch with you when the portal is open and we can process the claim.
The Self-Employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) during the Covid-19 crisis.
The scheme will provide a taxable grant to self-employed individuals or partners, worth 80% of their profits up to a cap of £2,500 per month.
HMRC will use the average profits from tax returns in 2016-17, 2017-18 and 2018-19 to calculate the size of the grant. The scheme will be open to those where the majority of their income comes from self-employment and who have profits of less than £50,000. The scheme will be open for an initial three months.
Access to the scheme
Individuals should not contact HMRC now. HMRC will use existing information to check potential eligibility and invite applications once the scheme is operational. HMRC will then pay the grant directly to eligible claimants’ bank account.
Timing of payments
Grants are expected to start to be paid by the beginning of June 2020. In the interim the self-employed will still be eligible for other government support, including more generous universal credit and business continuity loans.
We are offering full service and support to all our clients at this critical time. We will offer advice via the telephone (01903 231239), email and via our website. All face to face meetings will be by appointment ONLY and be restricted to two people (including attending member of staff).
To keep up to date with specific government advice, please access the following link:-
In the last few days, the Government has made major announcements about help for small businesses and individuals affected by coronavirus. Below is a summary of the significant points, although details are awaited as to how some of these schemes may be accessed.
The following measures were announced in the Budget and have not (to date) been updated.
At a press conference on Tuesday 17 March, the following additional measures were announced.
At a press conference on Friday 20 March, the following additional measures were announced.
The Chancellor has set out a package of temporary, timely and targeted measures to support public services, people and businesses through this period of disruption caused by COVID-19.
This includes a package of measures to support businesses including:
• a Coronavirus Job Retention Scheme
• deferring VAT and Income Tax payments
• a Statutory Sick Pay relief package for SMEs
• a 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England
• small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
• grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000
• the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank
• a new lending facility from the Bank of England to help support liquidity among larger firms, helping them bridge coronavirus disruption to their cash flows through loans
• the HMRC Time To Pay Scheme
The link below gives more detail about the eligibility and how to access each scheme.
There is also a link detailing support for employees.
The Government are currently creating support plans on a daily basis. A lot of the support that may be accessible to you will not have all the processes or applications in place at the time they announce it.
A lot of this is news to us at the same time as it is news to you. Therefore please be patient with us as we join the many other businesses also looking to ask the same questions.
We are keeping our website up to date with the latest information.
In the last few days, the Government has made major announcements about help for small businesses and individuals affected by coronavirus. Below is a link outlining the significant points, although details are awaited as to how some of these schemes may be accessed. Please use this link to keep up to date with any changes.
People who complete a Self-assessment tax return and owe more than £1,000 of tax, generally have to make two payments on account of tax due for the 2018/19 year, by 31 January 2019 and 31 July 2019.
Those on account bills are based on the total amount of tax calculated as payable for 2017/18 in the tax return submitted by 31 January 2019. The HMRC computer should send taxpayers demands for those on account payments in good time to allow you to find the money before January and July 2019, but this year it has failed to do this in every case.
If you didn’t see a request on your tax statement to pay an on account amount in January 2019, you may have paid just the balancing payment due for 2017/18 in January. In this case you will either have to pay all of your 2018/19 tax due by 31 January 2020, or make a voluntary payment on account.
There is a risk that a voluntary payment will be automatically repaid by the HMRC computer, as it won’t be expecting it. So it may be easier to deposit all the tax due into a savings account and pay over the entire sum in January 2020.
If your tax statement didn’t include demands for payments on account for 2018/19, you won’t be charged interest for late payment, as long as the full amount of tax due for 2018/19 is paid by 31 January 2020.
If you did pay the correct amount of tax as we advised by 31 January 2019, including payment on account for 2018/19, and your tax statement doesn’t show a demand for 2018/19 tax due by 31 July, we can fix that. We can ask HMRC to added the payment made on account to your record, which will ensure the tax is not repaid.
Please let us know if you receive an unexpected repayment of tax, as it may not be correct
There is a new scam claiming to be from Companies House doing the rounds. Please click the below link to make yourself aware of this scam.