Am I Eligible For The Self Employed Income Support Grant?

HMRC have released an eligibility checker today which you can use to check if you are eligible to claim the grant in June. Some people are able to put applications in from as early as 13th May 2020. In order to check eligibility please ensure you have to hand your UTR and National Insurance Number and click on the following link: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme#eligible

Emergency Grant Scheme for Staffordshire’s Micro Businesses

Staffordshire County Council have launched a limited £500,000 businesses fund, to support micro-businesses through the Covid-19 pandemic.

This grant fund is targeted at small, micro and one person businesses that are not eligible for the grants and rate relief packages offered by the government.

A total of £500,000 is available, with the maximum grant being £1,000. The grants will be awarded to eligible applicants on a first-come-first-served basis.

Visit https://bit.ly/2VA6z0o for more information on who is eligible and how to apply.

Self Employed – How Do I Claim Money In June For Coronavirus?

The self employed income support scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 a month. It will be available for 3 months, but may be extended.

It is not repayable as it is a grant not a loan and you can still be working or take on employment whilst you claim.

HMRC will be contacting those eligible by mid May and payments will be made in June. The online service you’ll use to claim is not available yet.

Who can Claim?

You can claim if you’re a self-employed individual or a member of a partnership and you:

  • have submitted your Self Assessment tax return for the tax year 2018 to 2019
  • traded in the tax year 2019 to 2020
  • are trading when you apply, or would be except for coronavirus
  • intend to continue to trade in the tax year 2020 to 2021
  • have lost trading profits due to coronavirus

You will need to confirm to HMRC that your business has been adversely affected by coronavirus. HMRC will as usual use a risk based approach to compliance.

Your trading profits must also be no more than £50,000 and more than half of your total income for either:

  • the tax year 2018 to 2019
  • the average of the tax years 2016 to 2017, 2017 to 2018, and 2018 to 2019

Other claims to consider would be Universal Credit and ESA to give you money in the meantime. For more information on these visit https://www.gov.uk/guidance/new-style-employment-and-support-allowance-detailed-guide

 

Coronavirus: Our Plan

There is increasing concern over the Coronavirus but here at Premier Tax Solutions we would like to reassure you that it is business as usual for us. We two key concerns: firstly, the health and safety of our staff, our clients and their families and secondly, the survival of our clients’ businesses during these financially testing times.

Continuity Of Service

As a business we have based ourselves in the cloud meaning that in the event of a lockdown situation our services can continue as normal. We will have a reduction in face to face meetings however we can hold these instead via telephone or face to face online.

Our telephone system is cloud based therefore all of our staff will still be at the end of a telephone should you require them.

As things change we will implement the necessary changes and follow government advice to ensure everyone’s safety.

Employee Safety

Each office has been provided with extra sanitary products where possible. If the need arises then we have a fully thought-through plan to roll out homeworking, during periods of self-isolation should staff be well enough to do so.

Client Support

We are all facing uncertain times where the virus could have significant impact on businesses now and over the coming months. If you have any concerns as to how the situation will affect your business please get in touch with your client manager. If you require help with things such as HR policies, IT Support, funding etc we have some really great businesses around us that are working hard to provide assistance to other businesses so we are more than happy to put you in touch with them.

 

 

What Help Can I Get For My Business During Coronavirus?

As we watch the news unfold of the UK being hit by Coronavirus we are receiving countless phone calls and emails from worried business owners. As business owners ourselves we want to ensure that we are supporting our clients and local business community with information that they may find useful.

Many of the items mentioned below were announced in the budget as a way to keep the British economy moving and to prevent SME’s from failing.

Coronavirus Business Interruption Loan Scheme

A new Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will enable businesses with a turnover of no more than £41 million to apply for a loan of up to £1.2 million, with the government covering up to 80% of any losses with no fees. The loan scheme should be available within weeks.

For more details see: https://www.british-business-bank.co.uk/ourpartners/supporting-business-loans-enterprise-finance-guarantee/

Coronavirus Statutory Sick Pay

For businesses with fewer than 250 employees, the cost of providing 14 days of statutory sick pay per employee will be refunded by the government in full.

SSP will now be available for eligible individuals diagnosed with coronavirus or those who are unable to work because they are self-isolating in line with government advice.

The weekly allowance for SSP will increase from £94.25 to £95.85 on 6 April.

HMRC Tax Helpline For Businesses and Self Employed Affected By Coronavirus

A dedicated helpline has been set up to help businesses and self-employed individuals in financial distress and with outstanding tax liabilities receive support with their tax affairs.

For those who are unable to pay due to coronavirus, HMRC will discuss your specific circumstances to explore:

  • agreeing a time to pay arrangement
  • suspending debt collection proceedings
  • cancelling penalties and interest where you have administrative difficulties contacting or paying HMRC immediately

If you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated helpline on 0800 0159 559. Opening hours are Monday to Friday 8am to 8pm, and Saturday 8am to 4pm. The helpline will not be available on Bank Holidays.

£3,000 Cash Grant

Small business grant funding of £3,000 for all business in receipt of Small Business Rates Relief (SBRR) and Rural Rates Relief which will be delivered by local authorities. We are waiting on further details on this as this will affect a lot of our clients.

Support For Small Businesses Who Pay Business Rates

The business rates retail discount in England will temporarily be increased to 100% for 2020-21 for properties below £51,000 rateable value. Nearly half of all business properties will not pay a penny of business rates.

Small retail, hospitality and leisure businesses get a 100% discount for 2020/21 meaning they pay no business rates.

There is also a £5,000 discount on business rates for pubs with a rateable value up to £100,000.

Any queries on eligibility and how to claim should be directed towards your local authority.

Insurance

Don’t forget to check your insurance to see if you are covered for things such as business interruption.