Coronavirus updates

The last couple of weeks have seen an enormous amount of information sent out by HMRC and we’ve been answering your questions as quickly and thoroughly as we’re able, but it is changing all the time, so please bear with us. We will try to keep the website as upto date as we can.

The retail and hospitality sectors have a rates holiday for 2020/21, and businesses within these sectors with rateable values below £51,000 will receive cash grants. These schemes will all be automatically administered by your local authority you do not need to make a claim.

VAT payments for the three months to June 2020 are deferred to 31 March 2021, and the 31 July Self Assessment payment on account is also deferred until 31 January 2021.

If you need time to settle any tax liabilities there is a special Covid 19 Time to Pay facility ring 0300 0159 559 to get help.

There are also schemes to help fund the self-employed and employees and you can read more on the links below.

Remember we’re always available to assist you and your business.

Help For Sole Traders and Freelancers

The Government has announced a package it calls Self Employed Income Support. In order the qualify

  • You must be still trading and intend to trade in 2020/2021
  • You will be paid a taxable grant of 80% capped at £2,500 of your average profits over the last three years.
  • There is a £50,000 profits cap, this is by reference to either your 2018/19 profits or the average over the last three years (or such period as you have been trading if less).
  • You must have filed your 2019 tax return, if you haven’t you have 4 weeks from 26 March to do so.
  • More than half your income must come from self employment
  • Your business, must be suffering losses due to Coronavirus
  • You need to make your claim via your Government Gateway login.

Help For Employees

If you’re employed and your employer has to lay you off due to the Coronavirus outbreak then you can be paid up to £2,500 or 80% of your normal basic salary each month. You must have been in employment at 28 February 2020 to qualify. The qualifying date has now been extended to those on the payroll at 19 March provided a payroll has been run.

Help for Employers

The Government announced the Coronavirus Job Retention Scheme and this will go live on 20 April 2020.

You will be able to recover 80% of your furloughed employees’ salary up to £2,500 per person, as well as the employers national insurance and the minimum employer pension contributions you must make. If you need any assistance with this speak to Mark Heaton.

Other Help for Business

1st Floor, Block C, The Wharf, Manchester Road, Burnley BB11 1JG
Tel: +44(0) 1282 426 331 Email: [email protected]