twitter

linkedin

01223 810100

CLIENT LOGIN

NEWSLETTER

MENU menu

Close close menu

CKLG BLOG

 

PAST POSTS menu

Close close menu

Category
Search by year

Supporting you and your business from the impact of Coronavirus

31.03.2020

Business

The emotional and economic situation we all find ourselves in due to Coronavirus is totally unprecedented.  We are all feeling the impact and our thoughts go out to all our clients, contacts, colleagues and their families at this uncertain time.  Life, as we knew it, is changing all the time.  We want to reach out to you all to reassure you that we’re here to help.

 

At present, the government are offering the following support to businesses and individuals:

 

  1. To retain furloughed employees who were on your payroll on or before 19 March 2020 all employers, whatever their size, are able to apply for a grant equal to 80% of each employee’s monthly salary (up to £2,500 per month, plus the associated employer’s NIC and minimum employer auto-enrolment pension contribution). 

If you are a small or medium sized business with less than 250 employees on 28 February 2020 and have paid Statutory Sick Pay (SSP) to employees suffering with Coronavirus, the government have promised to refund up to two weeks SSP, per employee.  This also includes individuals who have been self-isolating under government guidance.

The government are currently working out how they will implement these payments; their systems just are not set up to facilitate this at present. However, we do know that a claim online will need to be made and this facility should be up and running in April 2020.   In the meantime, employers will need to finance this grant through their cash flow.  Let us know if you need help with managing your cash flow projections.
 

VAT re-claims should be submitted and refunded as normal.
 

The self-employed (including those who are members of partnerships) whose profits are less than £50,000 and more than half their annual income is from their self-employment are to be awarded a taxable grant, worth 80% of trading profits (up to a maximum of £2,500 per month).  As ever, there are many conditions to satisfy, please call us on 01223 810100 to discuss your situation.  

If you are eligible, HMRC will be in touch in June.  An online application will be required and it is expected that the grant will be paid in one lump sum.  In the meantime, to all those self-employed individuals that have not already submitted their 2018/2019 Tax Return, it is imperative you do this before 23 April 2020 in order to claim this grant.  Please call us on 01223 810100 if we can help.

 

Whilst these measures apply for the next three months, the government have indicated that this time period will be extended, if necessary.  Other support for businesses include:

 

We are living in extremely uncertain and unsettling times, if we can do anything to support and steer you through these difficult times, please do not hesitate to call a member of the business services team or private client team on 01223 810100.

 

Our world is changing on a daily basis.  For the latest help and guidance, check our blog for regular updates on Coronavirus or call 01223 810100 to chat to one of our friendly advisers.

 

PAST POSTS