INTRODUCTION TO THIS GUIDANCE
Because of the National emergency situation and the unprecedented level of client communications we are receiving on a daily basis as of today 25 March 2020 rather than emailing, we are now posting information on this blog.
We remind you our valued clients that despite all the difficulties we all face we continue to provide accountancy and taxation services to each and every one of you.
We also know that many of you will be very worried about how you will manage during this period of lockdown. That many of the Government announcements which promise cash grants and financial support are not yet backed up by actual systems that will deliver those payments. We continue to monitor and research each Government announcement and as we discover that those systems have come in to being we will let you know through this blog.
Most business owners are aware of the key grants and financial offerings which are:
- If you have business premises and they qualify for rate relief then a £10,000 grant is available. This is managed through your rating office usual your local council. The advice is that they will contact you after 6th April.
- If you operate in the qualifying business sectors of hospitality and retail, with business premises and those premises qualify for rate relief then a £25,000 grant is available. This is managed through your rating office usual your local council. The advice is that they will contact you after 6th April.
- Collection of the following taxes is paused/suspended, VAT and SA100 self-assessment tax payments.
- Businesses who employ workers through the PAYE system qualify for the ‘Furlough’ scheme. Which can provide up to 80% of an employee’s wages. Once they are included in the scheme they can no longer perform any work. A special portal is expected some-time in late April.
Sharing information: If you have helpful information please share it with us and once we have been able to verify it we shall then consider including it this blog. Because of the unprecedented volume of client enquiries for information we are now unable to reply personally to every email, nor are we unable to answer telephone calls. Therefore, we thank you in advice for your kind assistance in sharing helpful tips and information with other business owners.