Covid-19 Support for businesses and individuals

There is now a minefield of information available about COVID-19 support for both businesses and individuals so to help point you in the right direction we’ve pulled together a summary to help signpost you.

If you have any questions or queries about whether you may be eligible for anything outlined below then please do ask – we appreciate there is a lot of information here and are very happy to help if you have any queries. Whilst it is up to date at the time of writing, do please bear in mind that there will be ongoing updates – where possible we have linked to the relevant government websites so you should still end up in the right place for more information.

If you have any specific HR queries, we’re pleased to advise that you can call our friends at Croner Taxwise on 0844 892 2807 and quote our policy number for free support

SUPPORT FOR BUSINESS

HMRC Time to Pay

HMRC already has a scheme in place to help those who have difficulty paying their taxes. If you are concerned about being able to pay due to difficulties caused by Covid-19 you can call HRMC’s new helpline on 0800 015 9559.

Defer VAT payments

No application is needed. If you would normally pay VAT on 7th April / May or June, then you can defer payment until the end of the 2020 to 2021 tax year. You will need to cancel your direct debit.

Statutory filing deadline extension

Companies should still try to file their accounts on time but if their business is affected by Covid-19 then you can apply for a one off three month extension online (as long as your year end hasn’t already been changed).

Coronavirus Business Support Loan Scheme

Funding of £10,000 to £5 million (interest free for 12 months). This is now live and you can apply via your own bank (check which lenders have signed up).

Coronavirus Job Retention Scheme

Claim a grant of 80% of a worker’s wages (capped at £2,500 per month) once they have been furloughed. Read an article here and here and access more information from the government here.

Business rates relief

There are schemes for those in retail, hospitality and leisure
businesses and also those who receive Small Business Rates Relief. In both instances you will be contacted by your local authority around April 2020 if you are eligible for funding.

Statutory Sick Pay

Employers with fewer than 250 employees at 28th Feb 2020 can claim SSP refund for up to 2 weeks’ SSP per eligible employee who has been off work because of COVID-19. Further details of the scheme have now been released and you can find out more here.

Free HR Helpline

For all HR queries you can call our friends at Croner Taxwise on 0844 892 2807 – you’ll need to quote our policy number which has been emailed to all Numbers clients. 

SUPPORT FOR INDIVIDUALS

Self-employed Income Support Scheme

Self-employed people facing financial difficulties can have 80% of their monthly wages covered by the government. It will be calculated using the average monthly profits over the last three financial years and is capped at £2,500 per month for an initial period of three months. It is only available to those who completed the self-employment pages of their 2018/19 tax return. You can check your eligibility here and find out more here. You can also watch a short clip on how to apply here.

Unfortunately, if you provide services through a limited company and draw dividends from that company you will not qualify for these payments as you are technically an employee of your own limited company.

Employment Support Allowance

If you are unable to work because you have Covid-19 or are self-isolating, you will be eligible for Contributory Employment and Support Allowance. This is now payable from the first day of sickness, rather than the eighth. Eligible claimants under 25 will be entitled to £57.90 per week, and over 25s £73.10 per week

Universal credit

The lower limit has been temporarily suspended which means that self-employed people can now access universal credit at the equivalent Statutory Sick Pay rate for employees.

Defer VAT payments

No application is needed. If you would normally pay VAT on 7th April / May or June, then you can defer payment until the end of the 2020 to 2021 tax year. You will need to cancel your direct debit.

Self-assessment July payments on account

You won’t need to pay any tax due in July as these payments have been deferred until January 2021.

Coronavirus Job Retention Scheme

Coronavirus Job Retention Scheme – If your employer cannot cover staff costs due to COVID-19, they may be able to access support to continue paying part of your wage, to avoid redundancies. Find out more here.

Three month mortgage holiday

You can now apply for a three month mortgage payment holiday – this is available to both homeowners and landlords. Contact your lender directly  for more information.

General advice for employees

Check out the government’s website for more general advice for employees.

GENERAL INFORMATION

Beware of scams

There has been an increase in the volume of scam / phishing emails and news articles. Find out more from the ACCA.

Financial wellbeing is as important as health

Financial wellbeing is as important as health – take a look at Money Saving Expert’s summary of your rights during this time as well as useful resources from Which?.

#TheGreatIndoors

If you’re stuck at home and are running out of ideas for things to do, there is a wealth of ideas to keep your little ones (and not so little ones) entertained.

If you have any queries about anything we are here to support you as much as we can.
E: info@numbers-ltd.co.uk   T: 01296 620220