Financial assistance COVID-19

Government financial help to Businesses

Financial assistance for Businesses during COVID-19

Since the announcement of financial assistance to businesses which employ staff under PAYE, we await the set-up of the HMRC portal through which it is intended that businesses will claim the 80% rebate.

It appears that companies can make a claim having designated which staff are ‘furloughed’ i.e. those who have been sent home and are unable to work, but whom the company wishes to retain for when we come out from the end of these conditions.

The claim can be backdated to 1/3/2020 but only if those furloughed were sent home then. Otherwise the start of the 80% claim begins with the day after sending them home with no work to do.

If employees are working from home, then there is no claim for rebate of wages.

Another question has arisen about the eligibility of company directors being able to claim as other PAYE employees since they are technically also employees even of their own companies.

My current understanding is that it is extremely unlikely that owner manager limited company directors will be eligible for this scheme but currently I cannot be sure.

I shall update you when I know more.

I trust that the previous emails explained the extra time allowed for payment of VAT and Self Assessment with the 2nd payment on account previously due 31/7/2020 now pushed back to 31/1/2021.

It is also possible to arrange a delay in payment of other taxes. If such is the case with you, contact me.

Other financial assistance is also available in the form of grants and loans guaranteed by government although you need to contact your bank first if you reckon funding is needed.

I also am waiting for the news that the Self-Employed are going to be looked after and shall send another email when I know what is on offer.

Read our previous blogs on COVID-19 here or on GOV.UK

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