GR Thomson & Co Coronavirus Support - Update 25/03/20
Coronavirus: Why is it taking so long to help the self-employed?
- Further assistance is apparently on the way and we will keep you updated asap.
Assistance currently available if you’re self-employed or not eligible for SSP -
- If you are not eligible for SSP – for example if you are self-employed or earning below the Lower Earnings Limit of £118 per week – and you have COVID-19 or are advised to stay at home, you can now more easily make a claim for Universal Credit or new style Employment and Support Allowance.If you are eligible for new style Employment and Support Allowance, it will now be payable from day 1 of sickness, rather than day 8, if you have COVID-19 or are advised to stay at home.
How do I claim 80% wages for staff? UK Government’s Coronavirus Job Retention Scheme explained - and how do I claim from HMRC -
- The idea has been formulated but the mechanics of accessing this are not available just yet, and we will keep you updated asap.
What is "furloughing" & how will it work? -
(see FAQs PDF link below) -
- We appreciate frustratingly that there is currently no clear instruction about Directors. We are hopeful that this guidance will arrive shortly along with the Self Employed guidance.
What help can small business get during coronavirus outbreak? The Coronavirus Business Interruption Loan Scheme explained -
Help with non-domestic rates in Scotland during coronavirus (COVID-19) - Grant Funding
- Retail, hospitality and leisure businesses with a rateable value between £18,001 and up to and including £50,999 will be able to apply for a one-off grant of £25,000.
- A one-off grant of £10,000 will also be available to small businesses who get Small Business Bonus Scheme Relief or Rural Relief.You can also get this grant if you applied for Nursery Relief, Business Growth Accelerator Relief or Disabled Relief but are eligible for the Small Business Bonus Scheme.
- Things have progressed and the ability to make an online application is almost available. At the time of writing, both Edinburgh and Midlothian councils do not have their form online yet, but other councils do. We will provide an update when we learn that it is possible to apply.
Cashflow is now a major issue, what can I do before Government assistance arrives? -
- Review your current business and personal cashflow positions.
- Contact you bank about overdraft and temporary loan funding options - many banks are urging customers to contact them if they need support.
- Contact your bank / finance lender and ask for a payment holiday on any loan arrangements - this would also apply to personal mortgage payments.
- Contact all employees if you are unable to pay them, and if you intend to apply the "furloughing" mechanism.
- Contact your key suppliers and keep them updated if you are unable to make payment at this time.
- Consider withholding taxes due to HMRC for SA, PAYE, CIS, Corporation Tax and VAT to assist cashflow - advice to contact HMRC to arrnage a time to pay arrangement has alreadybeen published.
Update From UK Government -
Best Wishes & Stay Safe
Gavin & The Team
Previous GRT & Co Updates -