If you’re like me, your head is probably spinning right now. I feel like we are finally emerging from the fog and things are becoming more black and white.  So, here is a quick summary, with a few additional updates thrown in.  Hopefully this will help to any questions that you have.

SELF EMPLOYED ?

If you are self employed, and meet the eligibility criteria, you will be entitled to 80% of your average months profits (over the last 3 years) for a period of 3 months.

All of the criteria for claiming are in my previous post https://zebraaccountants.com/covid-19-news-for-the-self-employed-updates/

You can also check out HMRCs website for the latest news https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

 

DIRECTOR OF YOUR OWN LIMITED COMPANY ?

If you are a director of your own limited company, you can furlough yourself and claim 80% of your salary only (not your dividends), through the Job Retention Scheme.

Please note that in order to claim this you must do NOTHING for your company, except for payroll and statutory filings. If you are unable to meet the criteria, then you cannot claim this.  This includes emails, phoning clients, paying suppliers, marketing, etc.

All of the eligibility criteria to claim are in point 1 of my previous post https://zebraaccountants.com/covid-19-what-help-can-you-get/  

HMRC details of the scheme can be found here https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme

 

FURLOUGH STAFF

If you need to furlough your staff due to lack of income, you can find all the details here https://zebraaccountants.com/covid-19-what-help-can-you-get/

HMRC details of the scheme can be found here https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme

 

DEALING WITH STAFF SICKNESS

Employers can now claim 2 weeks SSP back from HMRC if an employee is off sick due to COVID-19 – you can find all the details here https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/guidance-for-employers-and-businesses-on-coronavirus-covid-19

 

BUSINESS RATES, SMALL BUSINESS RATES & CASH GRANTS

You can find the details of all of these on my previous post https://zebraaccountants.com/covid-19-what-help-can-you-get/

Your local authority will be in touch if you are eligible for these.

 

CORONAVIRUS BUSINESS INTERRUPTION LOAN SCHEME

You can find the details of the scheme here https://www.british-business-bank.co.uk/wp-content/uploads/2020/03/British-Business-Bank-CBILS-FAQs-for-SMEs-v11-270320.pdf

 

STRUGGLING TO PAY TAXES AND VAT ?

Income Tax

If you are self employed, you can delay your 31 July 2020 payment on account until 31 January 2021, if you are not self employed please call HMRCs dedicated helpline

VAT

For payments due between 20 March 2020 and 30 June 2020 you will automatically get a referral to 31 March 2021. If you have a direct debit set up, you will need to cancel this.

Dedicated Helpline

If you can’t pay your tax (corporate or income), VAT, PAYE or CIS, you need to call HMRCs dedicated helpline and advise them that you are struggling due to COVID-19. They will help you to set up a ;time to pay’ arrangement to clear what you owe.

The number is : 0800 0159 559

 

SCAMS

Just a reminder that there are lots of scams out there. People are attacking vulnerable people via text, email, phone calls and letter. Please be AWARE. Only give out details on the office HMRC website https://www.gov.uk/

 

READY TO START YOUR 2020 TAX RETURN ?

I know some of you are keen to get started on your UK tax return to 5 April 2020.  We do not currently have the software, but I am hoping for an update this week.

You can find the questionnaires for the year here for you to download

Existing Clients https://zebraaccountants.com/wp-content/uploads/2020/03/Existing-client-questionnaire.pdf

New Clients https://zebraaccountants.com/wp-content/uploads/2020/03/New-client-questionnaire-form.pdf

Once you have completed the questionnaire, upload it with your documents to your secure folder, and then just drop me an email to let me know.

 

HAVE QUESTIONS ?

Feel free to email me wendy@zebraaccountants.com

 

 

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