WHAT CAN I CLAIM?
This is a basic guide to the financial support available to businesses and self-employed people as a result of the Coronavirus (COVID-19) pandemic. Hopefully this will answer many of your questions but please get in touch if you would like any additional assistance.
This page will be updated as the Government announces new support mechanisms and publishes further detail about existing schemes.
JOB RETENTION SCHEME
In order to encourage businesses not to lay off employees, you can apply to HMRC for a grant to cover 80% of the salary of any employee for whom work is not available, up to £2500 per month. This has now been extended until the end of March 2021.
You need to designated any affected employees as ‘furloughed workers' as soon as possible and inform them of the change.
You can now apply for the scheme. For more information click here.
Businesses who deferred VAT due from 20 March to 30 June 2020 will now have the option to pay in smaller payments over a longer period.
Instead of paying the full amount by the end of March 2021, you can make smaller payments up to the end of March 2022, interest free.
You will need to opt-in to the scheme, and for those who do, this means that your VAT liabilities due between 20 March and 30 June 2020 do not need to be paid in full until the end of March 2022.
For more information click here.
SELF-EMPLOYED INCOME SUPPORT SCHEME
The extension will last for six months, from November 2020 to April 2021. Grants will be paid in two lump sum instalments each covering a three-month period.
The first grant will cover a three-month period from 1 November 2020 until 31 January 2021. The Government will provide a taxable grant covering 80% of average monthly trading profits for November and then 40% from the start of December, paid out in a single instalment covering 3 months’ worth of profits, and capped at £5,160 in total.
To see further details about the eligibility criteria click here.
Self-employed people may be eligible for benefit payments, including sick pay, through Universal Credit. This can assist with cashflow concerns while you wait for other grants or payments.
To apply for Universal Credit click here.