Coronavirus- Business Overview

The Chancellor has announced three changes to the job retention scheme:

1. From 1 July 2020, the scheme will be made more flexible to enable employers to bring previously furloughed employees back part time and still receive a grant for the time when they are not working.
2. From 1 August 2020, employers will have to start contributing to the wage costs of paying their furloughed staff and this employer contribution will gradually increase in September and October.
3. The scheme will close to anyone who hasn’t been furloughed for 3 weeks by 30 June, so employers will only be able to claim for employees after that if they have been furloughed for a full three-week period at any time before the end of June. Therefore, to benefit from this extension employees must be furloughed by 10 June.

We expect more information to made available on gov.uk on 12th June.

Find out more by following the link above.

Source: Gov.uk 

The Chancellor recently announced plans to extend the Self-Employment Income Support Scheme (SEISS) for those whose trade continues to be, or is newly, affected by COVID-19 (coronavirus). Eligible self-employed people will be able to claim a second and final SEISS grant in August. This will be a taxable grant worth 70% of their average monthly trading profits for three months, paid out in a single instalment and capped at £6,570 in total.

The eligibility criteria for the second grant will be the same as for the first grant. You do not need to have claimed the first grant to claim the second grant. For example, your business may have been adversely affected by COVID-19 (coronavirus) more recently.

We expect more information to made available on gov.uk on 12th June.

If you are eligible to receive an initial grant as part of the SEISS, but haven't yet made a claim, you must do so before 13th July.

This scheme, delivered by the British Business Bank, will issue convertible loans between £125,000 to £5 million to certain companies which are facing financing difficulties due to the coronavirus outbreak.

In order to apply, your business must be eligible. For example, these convertible loans may be an option for businesses that rely on equity investment and are unable to access other government business support programmes because they are either pre-revenue or pre-profit. The scheme is initially open for applications until the end of September 2020.

The Coronavirus Statutory Sick Pay Rebate Scheme will repay employers the sick pay paid to current or former employees as a result of Coronavirus. For those who qualify to claim a rebate, an online service on gov.uk is due to become available from 26 May.

This new online tool from Gov.uk allows you to check whether you are eligible to make a claim as part of the Coronavirus Self-Employed Income Support Scheme. To use this tool you will need:

• Self Assessment Unique Taxpayer Reference (UTR) number 
• National Insurance number

Source: Gov.uk 

The Employer Bulletin (April 2020, Issue 83) from HMRC includes the latest update on the Coronavirus Job Retention Scheme, along with updates on the Statutory Sick Pay Rebate Scheme and the deferral of VAT payments.

Claim for 80% of your employee’s wages plus any employer National Insurance and pension contributions, if you have put them on furlough because of coronavirus (COVID-19).

The HMRC Portal is now open for businesses to make a claim.

Source: Gov.uk 

A new booking feature has now been included on our website, allowing you to book consultations with us at time convenient for you.

Businesses will be given an additional 3 months to file accounts with Companies House to help companies avoid penalties as they deal with the impact of COVID-19.

Source: Companies House

Rosevale Accountants is currently not arranging any face-to-face meetings until further notice. Our team and Subcontractors are working from home and maintaining contact via email, phone and video-conferencing.

New HMRC helpline launched to help businesses concerned about paying their tax due to coronavirus (COVID-19).

Source: HMRC

All HMRC tax related documents and other announcements for Budget 2020.

Source: HMRC