Coronavirus Schemes

The government has responded to Coronavirus with a raft of schemes in recent weeks to support businesses, employees and the self employed. The guidance is changing all the time so check the gov.uk website for the latest advice or give us a call to talk through. Here are some key Furlough Facts

Self Employed

You should be contacted directly by HMRC and paid in June, check the link to see what you’re eligible for. As it’s going to through automatically, current guidance suggests you shouldn’t need your accountant to do anything.

https://www.gov.uk/government/news/chancellor-gives-support-to-millions-of-self-employed-individuals

Employers

Need to continue to process payroll for furloughed staff, the online portal through which the claims will be processed is due to go live at the end of April. Furloughed staff can’t continue to work for the business, check the link for details.

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

VAT & Self Assesment

VAT returns are due as normal but payments due between 20 March 2020 and 30 June 2020 are automatically deferred until 31 March 2021. Self assessment payments due on 31 July 2020 are also deferred until 31 March 2021. You don’t need to contact HMRC, remember to cancel your direct debit.

https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19

ICAEW Hub

Please see below more general advice (regularly updated by ICAEW), including grants and loans available:

https://www.icaew.com/insights/coronavirus

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