DonnellyBentley Covid-19 Support – Keep Safe and Informed…
22 April 2020 Updated
Due to the current COVID-19 pandemic, DonnellyBentley is still temporarily closed to the public. As you will appreciate, the safety and well-being of our staff and clients is our primary concern.
If you have any queries please phone the office on 01204 388675. The phone lines are being manned from 09:00-16:00, Monday to Friday.
Here are some of the best up to date support tools should you need them.
For the latest Coronavirus advice, for both employers and employees, please go to:
HMRC Helpline Number
HMRC has a set up a phone helpline to support businesses and self-employed. If you are concerned about paying your tax because of Coronavirus, you can call HMRC’s helpline for help and advice:
0800 0159 559.
For businesses considering this as an option, it is important to apply as soon as possible and make the necessary agreement with HMRC before a payment deadline.
For the latest government advice to businesses, please visit https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
Self Employment Income Support Scheme
Self-employed people are being invited to start claiming government grants, which they could receive by the end of the month.
As of this Monday (4 May), HMRC has started contacting individuals who may be eligible for the self-employed income support scheme.
Those who are eligible can claim a taxable grant worth 80% of their average trading profits, up to a maximum of £2,500 a month.
This will initially cover three months and will be paid in a single instalment of £7,500.
The notifications are being sent ahead of HMRC’s original schedule, in which self-employed people would have been contacted in mid-May.
The claims service is now set to open on 13 May, and those eligible should have the money paid into their bank account by 25 May or within six working days of completing a claim.
How To Claim:
- You can check your eligibility online using your UTR and National Insurance Number here >>> https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference
- HMRC have stated that agents cannot complete the claim for their clients, meaning clients must access the scheme themselves. To do this it is essential that you have a Government Gateway set up for Self-Assessment. If you do not have an account, to create an account follow the HMRC’s link below, and click on create sign in details >>> https://www.access.service.gov.uk/login/signin/creds
Read more from HMRC below…
80% Wage Recovery
On April 20, the portal for the government Job Retention Scheme went live. It is designed to reimburse 80% of salaries for staff who have been kept on by their employer, covering wages of up to £2,500 a month. It will also pay 80% of the associated employer’s national insurance and pension contributions. The scheme will only cover if an employee has been furloughed due to COVID-19 and, have been employed on or before 19th March.
It is recommended by HMRC that you submit claims in line with your pay periods and the minimum period for a claim is three weeks.
The portal can be accessed through your Government Gateway account. You will need to activate PAYE online to access the service. If DonnellyBentley run your payroll, we can submit a claim for your company. All clients who use this service have been emailed a claim form to fill in and return, if you were expecting a form and haven’t received one, please email firstname.lastname@example.org.
For help submitting your own claim, please visit the HMRC guidelines https://www.gov.uk/guidance/work-out-80-of-your-employees-wages-to-claim-through-the-coronavirus-job-retention-scheme#work-out-how-much-you-can-claim-for-employer-national-insurance-contributions.
Retail, leisure and hospitality businesses with a rateable value of £51,000 or less should have received 100% business rate relief for 2020/21. Your local council should have issued an amended statement from April. If this hasn’t happened, please contact your local authority.
For businesses that don’t fall in to the above category, you can arrange a deferment on payment. This will still have to be paid but may ease cashflow over the height of COVID 19.
Deferred Tax Payments
VAT payments for all businesses can be deferred until the end of June. To ensure monies aren’t taken, those on direct debit should cancel their mandate.
Self-assessment income tax payments for July 2020 are deferred for six months to January 2021.
If you are struggling meeting your taxation demands due to Coronavirus, please phone the number above.
The government, via your local authority, have been issuing grants to businesses who are already paying little or no business rates. This is one-off Coronavirus grant worth up to £10,000 to help businesses meet their ongoing costs. If you think you are eligible, and haven’t yet received your grant you should contact your local authority.
There is also be a further grant (of between £10,000 and £25,000) available to retail, hospitality and leisure businesses operating from smaller premises, with a rateable value over £15,000 but below £51,000.
For further guidance on the scheme visit https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme.
The Coronavirus Business Interruption Loans (CBILS) are 80% backed by the Government and are on more attractive terms than a traditional loan. There has been some frustration by businesses who have struggled to access the funds due to large amount of “red tape” involved to obtain them. The CBILS should be applied for through your current banking provider. There is pressure on the UK banks to apply a more common-sense approach to help get businesses access to much needed funds through the current pandemic.
HMRC intends to contact people eligible for the self-employed income support scheme by the middle of May. Workers who have lost profits due to COVID-19 will be invited to submit an online claim for payment, which will be made by early June.
The scheme provides taxable grants worth 80% of a self-employed worker’s trading profits up to a maximum of £2,500 a month. It can be claimed for an initial three months, starting from 1 March 2020.
Repayment of COVID 19 Sick Pay
The repayment of employee sick pay to employers will not be through the payroll software. The Government is yet to set up a repayment mechanism and employers may need to wait months before claims can be processed.
Mortgage/ Loan Breaks
Lenders have agreed on three-month payment breaks on both personal and business mortgages. To access this, borrowers should contact their providers as soon as possible.
Tax Reforms Delayed
The planned reforms for IR35 and Making Tax Digital from April 2020 have been delayed until April 2021.
Support From #TeamDB
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