In these unusual times we are keeping this page updated for information as and when it is released.
For the most up to date advice and explanations please click here.
Please rest assured that we will contact out clients with information. If you would like to be on that list please contact us.
The self employed
For details of the self employed income support scheme please click here.
You can now check your eligibility for the Self Employed Income Support Scheme.
You may also wish to defer your payment on account due in July 2020 until January 2021. We’d be happy to advise further on this.
Owner director limited companies
There is currently little financial support for directors of owner managed limited companies. If you have no work you can choose to furlough yourself and are allowed to work on the business only as far as carrying out your statutory duties, you must do no other work. Obviously if you have been tax planning then your furlough claim will be low if it is possible at all and you may need some other form of income stream.
Unless you have business premises with a rateable value (even if £nil) then you will not be eligible for the the grants. Therefore your only option may be the Business Interruption Loans or the Bounce Back Loans.
If you are on self assessment you may also wish to defer your payment on account due in July 2020 to January 2021.
Before you do anything you may wish to talk this through with us.
The Job Retention Scheme
This is now up and running and we have made a number of claims which have been paid.
This has now been extended until October 2020. Some changes are expected in August with employers being asked to foot some of the bill at that point.
You can find out more here.
VAT payments due on the quarter ending 30 June 2020 can be differed until 31 March 2021. To do this simply cancel your direct debit or do not make the payment. You do not need to make a claim to defer the payment.
Don’t forget to set up your direct debit again once all of this is over.