Self-employment Income Support Scheme (SEISS) :
2016-17, 2017-18 and 2018-19.
The scheme will be open to those where the majority of their income comes from self-employment and who have profits of less than £50,000.
The scheme will be open for an initial three months with people able to make their first claim by the beginning of June.
With the recent government announcements regarding COVID-19, we understand that you require the latest information in order to see what help you may be entitled to. The government pages are being updated regularly as such we recommend keeping up to date with the news.
· Under the new Coronavirus Job Retention scheme, government grants will cover 80% of the salary of PAYE employees who would otherwise have been laid off during this crisis. The scheme, open to any employer in the country, will cover the cost of wages backdated to 1 March 2020 and will be open before the end of April. It will continue for at least three months, and can include workers who were in employment on 28 February.
· Businesses are able to apply for a Coronavirus business interruption loan.
· The next quarter of VAT payments will be deferred, meaning businesses will not need to make VAT payments until the end of June 2020. Businesses will then have until the end of the 2020-21 tax year to settle any liabilities that have accumulated during the deferral period.
· Income Tax payments due 31 July 2020 under the Self-Assessment system will be deferred to 31 January 2021, automatically without any applications needed. There will be no penalties or interest for late payment in this period.
· For those in financial difficulty due to the virus, mortgage lenders will offer a three-month mortgage holiday
· Cash grants of up to £10,000 have been allowed for small businesses depending on rateable values (The grant for companies with a rateable value of less than £15,000 has been increased to £10k). You will need to claim this through the local authority.
· HMRC’s Time to Pay service has been expanded. This includes a new helpline 0800 0159 559 so that businesses and those who are self-employed can arrange to defer tax payments.
· IR35 tax changes delayed by one year due to coronavirus
We understand that this is an ever-changing situation, and we will endeavour to keep you up to date on the latest announcements.
The latest government guidance can be found by accessing the GOV.UK https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
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