I hope you’re keeping well and looking after yourself.

Please see below for this week’s updates relating to the coronavirus.

Coronavirus Job Retention Scheme (CJRS) – Update

  • The HMRC portal opened 20 April 2020.  The government said it would pay out claims within 6 days, and they are true to their word.

Bounce Back Loans Scheme – new

  • The government has announced a new scheme aimed at small businesses
  • Businesses will be able to borrow between £2,000 and £50,000 and access the cash within days
  • Loans will be interest free for the first 12 months, and businesses can apply online through a short and simple form
  • Small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders, the Chancellor announced yesterday (Monday 27 April).
  • The scheme has been designed to ensure that small firms who need vital cash injections to keep operating can get finance in a matter of days, and comes alongside the £6 billion awarded in business grants, supporting 4 million jobs through the job retention scheme and generous tax deferrals supporting hundreds of thousands of firms.
  • The government, which has been consulting extensively with business representatives about the design of the new scheme, will provide lenders with a 100% guarantee for the loan and pay any fees and interest for the first 12 months. No repayments will be due during the first 12 months.
  • The loans will be easy to apply for through a short, standardised online application. The loan should reach businesses within days- providing immediate support to those that need it as easily as possible.

Deferral of VAT Payments

  • Don’t forget, any VAT payments due to HMRC between 20th March and 30th June 2020 qualify for their VAT Deferral Scheme.  You don’t need to do anything other than ensure your VAT return is submitted on time (penalties will still apply for non-submission).
  • Full payment will not be due until 31st March 2021, although can be paid earlier should you choose to in the normal way

Self-employed Income Support Scheme

  • If you have submitted your 2018-19 tax return and HMRC have assessed that you qualify for this grant, they will contact you by mid-May to let you know you’re eligible
  • You’ll be invited to complete an online claim form
  • Once HMRC has received your claim and your grant is approved, they will contact you to tell you how much you’ll get and the payment details.

Finally, yet more scams!!!
You will only be able to claim the Self-employed Income Support Scheme using the GOV.UK online service. If you receive texts, calls or emails claiming to be from HMRC, offering financial help or a tax refund and asking you to click on a link or to give personal information, it is a scam.

Please be extra, extra careful!

If you’re ever unsure, please feel free to check with us.

Stay safe!

#VAT #Selfemployed #covid19 #bouncebackloans

A close up photo of a blue calculator displaying the word 'VAT', whilst sat on some files