TJ Accounting News

COVID-19 Financial Help

njeary@live.co.uk — Fri, 10 Jul 2020 15:32:10 GMT

Most recent updates on the financial help available for businesses and the self employed

Here are some of the key points from the recent update announced by the chancellor

JOB RENTENTION SCHEME - The scheme is still set to run till 31 October, with the new flexible furlough now active allowing employers to bring staff back part time while business picks up and they can be furloughed for the remainder of the time. It has also now been announced that all businesses that bring back employees by 31 October and keep them in continuous employment until 31 January will receive the JOB RETENTION BONUS of £1000 per employee.

SELF EMPLOYED INCOME SUPPORT SCHEME - The scheme has been extended to award a second grant to all the self employed still adversely affected on or after 14 July, this can be claimed the same way as the first grant via HMRC online service / government gateway account. Adversely affected is not restricted to those who are unable to work altogether, it can be interpreted in various ways for instance you may be experiencing reduced income due to restrictions of services with new safety measures implemented.

TRAINING AND APPRENTICESHIPS - The new Kick start scheme is there to provide employers assistance for funding new apprentices that they take on. It will cover 100% of the national minimum wage for each young employee (aged 16-24) for up to 25 hours a week, with firms able to top up any remaining hours for the worker. Businesses will also be offered a grant of £1000 per trainee, capped at 10 grants per business. There is also a grant available for apprentices over the age of 25, of £1500 per apprentice.

DEFER YOUR TAX PAYMENTS

njeary@live.co.uk — Mon, 01 Jun 2020 20:37:25 GMT

If you are struggling to meet deadlines for tax payments....

HMRC have released the option to defer your second payment on account which would usually be due in July to assist the self employed people. This option allows you to defer the second payment on account until 31 January 2021, or there is also the option to pay via instalments if you wanted to avoid a large payment in January baring in mind you will also have to pay any balancing amounts and the first payment on account for 20/21 tax return.

They have also issued a similar option for VAT payments due between 20 March 2020 and 30 June 2020, you can defer the payments due until a later date and no interest or penalties will be charged. You must apply online to use these options.

HAS YOUR BUSINESS BEEN AFFECTED BY COVID 19

njeary@live.co.uk — Mon, 01 Jun 2020 16:00:40 GMT

There is financial support available to individuals and businesses

We know that the impact of COVID 19 has affected many self employed and SME's in a big way, it's been a difficult time for everybody. The government have set up various schemes to financially support those who have been impacted and unable to work during this time. It is not always easy facing new challenges and we have been busy supporting our clients through new processes to ensure they receive the help they are eligible for.

If you are not already aware there are grants available for companies to pay employees through the retention scheme and the self employment income support grant is available to the self employed - both accessible via the government gateway online accounts.

There are also grants available to businesses who receive the small business rate relief, more information on how to apply is available on gov.uk

And lastly the government have put loan schemes in places to help businesses survive through the lockdown period and also to assist them to bounce back once we can all get back to work, they are available through most banks and you apply directly with the bank.

TJ Accounting are more than happy to help point our clients in the right direction and assist in any way that we can.