COVID 19 - Support for associates

26 Mar 2020
Hayley
A 5 minute read
by Hayley Hudson

I hope you are well at this time of uncertainty.

Please rest assured as a firm our priority remains the health and wellbeing of all our staff and clients.

We have implemented strict measures to ensure the safety of all our team whilst ensuring our service remains at the highest possible level. We have always prided ourselves on being trusted advisors to our clients and the current climate only emphasises the need for this.

Our emails will be covered as normal with our team working remotely, we have a few key pieces of advice below in case this covers your query quicker;

  • As a self employed individual your July 2020 payment on account is no longer due by 31 July 2020 but can instead be paid by 31 January 2021. This support requires no application and all tax payers are automatically included.
  • There are various grants, interest free loans and support available from the government. These can be applied for on the following site https://www.businesssupport.gov.uk/coronavirus-business-support/
  • The government has announced that self-employed people may be eligible for a taxable grant equal to 80% of their taxable pay. This comes with criteria including the following;

You must have taxable income of £50,000 or less

The 'majority' of your income must be self-employed
You must have submitted a 2019 tax return (they have allowed 4 weeks to submit any outstanding returns)

This taxable grant should be available in June and HMRC will contact you if you are eligible.

  • The government has announced that self-employed individuals will be entitled to claim universal credit but this is only if they meet certain criteria including they have a non-working partner. This support does require an application, up to date criteria and application forms can be found on the below website..
  • For businesses who pay staff, from 1st March 2020 support is available to cover up to 80% of staff wages (capped at £2,500 per worker per month). This again is a support which requires an application. More details of how to apply for this will emerge over the next few days but will require information to be submitted through an online portal. These details may restrict which staff can be included and as such we would advise waiting on the official guidance as far as possible.

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses#support-for-businesses-through-the-coronavirus-job-retention-scheme

If you would like a call with any member of the team please email and let us know. i appreciate the above is not a black and white answer but sadly information is limited at present.

We will be keeping our social media up to date with any useful information as this situation progresses and government assistance becomes clearer.

Please stay safe and anything we can help with please let me know.