Job Retention Scheme update

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…

Find out if you’re eligible and how much you can claim to cover wages for employees on temporary leave ('furlough') due to coronavirus (COVID-19).
 
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Find out if you’re eligible and how much you can claim to cover wages for employees on temporary leave ('furlough') due to coronavirus (COVID-19).

 

Happy Weekend everyone!

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.

Together we will get through this!

Small Business Grants

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.

https://www.dudley.gov.uk/

All you need to know about 'Furloughed workers'

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).

Read more: Furloughed Workers

Coronavirus Scams

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.

 
Criminals are using the Coronavirus pandemic as an opportunity by some to con people out of money. Here are some of the scams you need to watch out for.
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Criminals are using the Coronavirus pandemic as an opportunity by some to con people out of money. Here are some of the scams you need to watch out for.

 


 

Queries we've dealt with so far..

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.


 

Coronavirus: Financial Aid for the Self-Employed 

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.


Our offices are now closed

But don't panic!

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. 

Stay Safe, We will get through this!


 

The business interruption loan is here!

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…/

Helpful HMRC Numbers

Universal Credit helpline: 0800 328 5644

Dedicated Coronavirus time to pay helpline: 0800 0159 559

IMPORTANT CORONAVIRUS UPDATE (20/03/2020)

After today’s and the recent announcements we would like to update all clients, non-clients and anyone who is in a time of need and unsure on the best way moving forward. There are bound to still be businesses and people who are unsure on what the near future holds for them and hopefully any advice we can pass on or give will at least help calm uncertainty and give a silver lining no matter how small that may be at this moment in time.
Employees – 
To any employee’s who have recently been made redundant, laid off or are on the verge of being laid off please speak to your employer as soon as possible especially if things are not finalised because the government has announced today that they will provide funding for employers in order to retain staff. Layoffs/redundancy should now be an absolute last resort. Further to this your employer can backdate this funding claim to 1st March.
If in the unfortunate situation that remaining in employment is not an option, they have announced the standard allowance for universal credit will be increased by £1,000 per annum. Working tax credit will also be increased by £1,000 per annum.

Read more: CORONAVIRUS UPDATE (20/03/2020)