LATEST

More details are coming through, this link has been updated

 

https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme

 

The good news is they seem to be adding Employers NI and pension contributions on top of the 80%/£2500

 

It also looks like we will have to calculate the claim but they have the right to (and probably will) cross reference back to RTI records (Real Time Information, the monthly payroll submissions we send them)

 

The accountancy bodies have asked that the portal be linked to our agent accounts as it is a lot easier for us to handle this for you, you just need to let me know who is on furlough and from when. Please note that the minimum period is 3 weeks, the maximum currently 3 months but may be extended.

 

For those already sick/self-isolation because of Covid 19 but will be on furlough without returning you will need to consider carefully as HMRC will repay up to 2 weeks sick pay, so potentially you have 3 and a half months financial assistance!  

 

CIPP fact sheet

VAT - You don't have to tell HMRC if you want to defer, just don't pay it

BUT IF YOU PAY BY DD YOU MUST CANCEL THIS WITH YOUR BANK OR HMRC WILL TAKE THE PAYMENT

Self-employment Income Support Scheme

I have just receive an email from HMRC to the help for the self-employed. You should not contact HMRC, they will contact all eligible tax payers and invite them to apply for the taxable grant, they are talking about this being in June.

 

Self-employment Income Support Scheme

Job Retention Scheme

This is a link to what you need to do to qualify for the job retention scheme

 

HMRC Job Retention Scheme latest

 

Job Retention Scheme

 

Furlough Questions, particulary holiday entitlement

Deferring tax

This is the latest I have on deferring tax payments, see link below

 

The VAT is automatically deferred so you need do nothing unless you pay by direct debit: If this is the case you will need to cancel the mandate.

 

VAT repayments will continue as normal for those where that is the case

 

Deferring tax payments

There are amendments proposed to include self-employed and freelance workers in the 80% top up

 

 

USEFUL LINKS

Government support for businesses

 

Business Interruption Loan Scheme

 

Government guidance for employers

 

General Covid 19 guidance

 

Ross Martin - This is the most comprehensive collection I have found

 

CIPP - Chartered Institue of Payroll Professionals, lots of links and advice

FAQ's

Can our personal tax liabilities due this July be deferred, if so until when?

 

Yes, to Jan 2021

 

The latest VAT quarter (Feb, March and April), can this also be deferred, if so until when? Yes to March 2021 (Applies to VAT liabilities 20/3/20 – 30/6/20 at present)

 

Can we claim 80% of our PAYE, if so how? Does this payment cover staff holiday pay and if any of our staff contracts the corona virus, will they only be entitled to only the SSP (£92 UC) per week?

 

More details now available, see top of page

 

There is a similar scheme for the self-employed, details now above

 

Can we defer our annual company PAYE payment?

 

Not specifically and not sure how this ties in with the 80% grant but you can ask for “Time to Pay” If you have missed a tax payment or you might miss your next payment due to COVID-19, please call HMRC’s dedicated helpline: 0800 0159 559.

 

Is there any break for the Corporation Tax liability?

 

Not specifically to my knowledge yet but you can ask for “Time to Pay” as above

 

Is there anything else we could claim for, defer or delay?

 

Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief and the Coronavirus Business Interruption Loan Scheme offering loans of up to £5 million for SMEs through the British Business Bank. The government will pay the first 12 months interest on the Business Interruption Loan

 

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/

 

Where to find us:

Robert Thorne FCCA 

The Annex

143 - 145 Stanwell Road

Ashford

Middlesex

TW15 3QN


Phone: 01784 243962

 

Or use our contact form.

Business hours

09.00 - 17.30

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