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

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

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

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
SSP – Employees off sick due to Covid-19
• SSP payable from day 1 – Minimum of 4 days to maximum 2 weeks

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.

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

Ali Wiltshire Fiscal Business Services Ltd 07403 216682