We have posted this before but would like to remind everyone of the scam emails and calls going around.
Below is a recent email received "claiming" to be from HMRC stating you have a tax refund due and to click the link to claim it.
HMRC will NEVER call or email you regarding a tax refund or ask you to provide information in such a way.
Stay Safe
The HMRC has confirmed that the portal for making claims under the Government's Job Retention Scheme will open on 20 April.
If we currently act on your behalf for payroll services we will be in touch shortly.
If you run your own payroll you will need to make sure you have signed up for a 'PAYE Online for Employers account' to make your claim.
The HMRC have now issued further updated guidance on the Job Retention Scheme. We have already covered a majority of these points but for anyone wishing to view them in more detail please follow the below link:
https://www.gov.uk/…/claim-for-wage-costs-through-the-coron…
We hope you are all coping as well as possible during this difficult time, taking our recent posts on board and looking at what may apply to your particular scenario.
We would just like to take this time to thank all of our clients and non-clients for their continued support.
HMRC's promised grants to small businesses are NOW AVAILABLE from your local council, your council should write to you but are also encouraging you to fill in an online form if you think you are applicable.
These grants are available to small businesses and those businesses in the retail, hospitality and leisure sectors:
•A grant of £10,000 for most businesses with a Rateable Value (RV) of up to £15,000
•Grants of £25,000 for businesses in retail, leisure and hospitality with a rateable value between £15,000 and £51,000.
We have shared details from Dudley Council but please check with your local council if you fall under a different area.
A Job Retention scheme has been launched enabling employees to receive 80% of their usual pay which is subject to Tax, NI, and Pensions and is treated exactly how normal pay would be treated.
This is up to the value of £2,500 per month and employers can top up the remaining 20% if they wish to do so.
For an employee to be classed as 'Furloughed' they must remain on leave for a minimum of 3 weeks. At which point they can then return to work.
There can be multiple periods for furloughed workers and therefore employees can be furloughed a multiple times up to the maximum 3 months currently offered to 31st May.
You cannot undertake work for your employer while on furlough.
Limited company directors are entitled to the same as all other employee's and can furlough themselves and take 80% of their usual salary (Dividends are not included).
This article covers the latest in Coronavirus scams, we are expecting a surge in these scams such as emails stating how to claim back grants available to your business and "click here to claim your grant" links. Please stay vigilant and always check if you're not sure.
Most of our queries today have been from individuals who trade through small limited companies and what they are entitled to.
The good news is that we have now had confirmation that the salary paid from from the business they can claim back at 80% per the announced employee route (Job Retention Scheme) if the business has had to stop trading and themselves had to stop work due to the coronavirus.
The bad news 'at the moment' is that only their directors' salary is being taken into account and no additional dividends drawn. There is currently no update on any extra help for individuals trading through limited companies with no premises but there is already a growing petition 'similar to the self employment' one gathering speed.
We will keep you posted any any further updates.
The government has today announced grant's available for the self employed (Sole Traders/Partnerships).
- Grants are based on 80% of the average of your 3 years net profits to 05/04/2019.
- Grants are only available to those with profits under £50,000.
- Self employed income must be your main source of income and therefore more than 50%.
- Grants are capped to a maximum of £2,500 per month.
- HMRC will directly contact people applicable.
- The grants will be available in June
Note - At this point in time no information has been given on individuals trading through Ltd Companies in regards to dividends or individuals who have recently become self employed.
All staff are now remotely working from home. We have not taken this decision lightly but as all staff members have the ability to work from home we have decided in light of the current situation it is the socially responsible thing to do in order to protect staff and clients welfare. If you have any questions or worries please do not hesitate to get in contact with us.
If you need assistance with your cashflow and would like to seek advice on applying for a loan please firstly visit the below link to see if your current bank is one of the 40 accedited lenders.
https://www.british-business-bank.co.uk/…/accredited-lende…/
