Updated Information on how small businesses and the self-employed can weather Covid 19 – May 7th, 2020

Ihelm Enterprises Covid 19 Update May 7

A few different announcements have been made over the last couple of days, so I thought I would put them all into one blog post instead of one for each.

Yesterday the government announced that a revaluation of business rates will not take place in 2021. They decided to postpone this exercise to help businesses who have been affected by Covid-19. They have not stated when this revaluation will take place. I will of course share that information as and when it is announced.

Companies House are also doing all they can to help businesses at this time. They have already extended the filing period so that companies can apply for a 3-month extension to file their yearly accounts, but now they have also announced that they are going to pause the strick-off process which will prevent businesses from being dissolved.

I am continually monitoring the updates that the government and other business-related departments release and will continue to share that information for as long as I feel that it is beneficial to all businesses in the UK.

The information and policies are continually being updated by the government, so I urge you to keep on top of the information by visiting the relevant website for your area.

UK:
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
Scotland: https://www.gov.scot/coronavirus-covid-19/
Wales: https://gov.wales/business-and-employers-coronavirus
Northern Ireland: https://www.nibusinessinfo.co.uk/

I will be trying to keep myself as informed as possible and will share relevant information on my fb business page: https://www.facebook.com/ihelmenterprises/

Updated Information on how small businesses and the self-employed can weather Covid 19 – May 4th, 2020

Ihelm Enterprises Covid 19 Update May 4

Throughout the day today, further information has been released in regards to the Self-Employed Grant.

From today, HMRC are going to start contacting those who may be eligible for the grant which will mean they will be eligible to claim a taxable grant worth 80% of their average trading profits up to a maximum of £7,500 (the equivalent of three months’ profits) which will be paid in one lump sum.

They have released an eligibility checker that people can go onto and see if they will be eligible for the grant, and if they are they are given a date for when they can submit their claim. They will also be encouraged to ensure that HMRC have their correct contact details.

You can access the online eligibility checker here: https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference – you will need to have your Unique Taxpayer Reference (UTR) and your National Insurance Number.

The service will open on May 13th and the process is supposed to be very simple. Anyone who is eligible will then have the money paid into their banks by May 25th or within 6 working days of completing their claim. This is actually ahead of the predicted June opening when the scheme was first announced.

Further information on how your individual circumstances may affect your eligibility were actually released on May 1st. This article covers items like: if your return is late/amended or under enquiry, if you are a member of a partnership, if you are on or took parental leave, if you are non-resident, and a few other situations. I would suggest that you have a read of the article: https://www.gov.uk/guidance/how-different-circumstances-affect-the-self-employment-income-support-scheme just to make sure you fully understand what items can affect your eligibility for the scheme.

HMRC have also updated the information showing further information about how the grant will be worked out and there are a number of examples within this article: https://www.gov.uk/guidance/how-hmrc-works-out-total-income-and-trading-profits-for-the-self-employment-income-support-scheme

As more information is released about this new loan I will update it on the blog.

The information and policies are continually being updated by the government, so I urge you to keep on top of the information by visiting the relevant website for your area.

UK:
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
Scotland: https://www.gov.scot/coronavirus-covid-19/
Wales: https://gov.wales/business-and-employers-coronavirus
Northern Ireland: https://www.nibusinessinfo.co.uk/

I will be trying to keep myself as informed as possible and will share relevant information on my fb business page: https://www.facebook.com/ihelmenterprises/

Updated Information on how small businesses and the self-employed can weather Covid 19 – May 3rd, 2020

Ihelm Enterprises Covid 19 Update May 3rd

Yesterday, the Chancellor announced a further £617m is being made available to help support those businesses that aren’t able to get the Small Business Rates Relief Grant. This new amount of funding will help businesses like those in shared spaces, regular market traders and small charity properties that meet SBRR criteria and bed and breakfasts that pay council tax instead of business rates.

To be eligible a business must be small, have under 50 employees and be able to demonstrate that they have suffered a significant drop in income due to Covid-19.

So far all that has been said is that there will be three levels of grant payments with the largest being £25,000. Further information will be sent to the local authorities on how to distribute these grants to the businesses that are eligible.

As more information is released about this new loan I will update it on the blog.

The information and policies are continually being updated by the government, so I urge you to keep on top of the information by visiting the relevant website for your area.

UK:
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
Scotland: https://www.gov.scot/coronavirus-covid-19/
Wales: https://gov.wales/business-and-employers-coronavirus
Northern Ireland: https://www.nibusinessinfo.co.uk/

I will be trying to keep myself as informed as possible and will share relevant information on my fb business page: https://www.facebook.com/ihelmenterprises/

Updated Information on how small businesses and the self-employed can weather Covid 19 – May 2nd, 2020

Ihelm Enterprises Covid 19 Update May 2

Yesterday, the Chancellor sent a letter to the lenders who have been accredited to provide the Bounce Back Loans.

Within in the letter, he thanked them for their efforts in regards to the CBILs and CLBILs and passed on his thanks to the frontline staff. He also outlined the legal responsibilities in regards to the new Bounce Back Loans, which should allow those asking for loans of £25,000 or less, to be able to access them much quicker.

The Chancellor also informed the accredited lenders that the loans are 100% backed by the government and that the interest rate should be set at 2.5%.

The Bounce Back Loans will allow businesses to borrow up to £50,000, capped at 25% of their turnover. As a result, the minimum facility size for the CBILs has been increased to £50,0001 to help prevent any confusion or risk of overlap. Any business that has already been granted a CBIL or overdraft up to £50,000 will be able to switch to a Bounce Back Loan over the next few months.

You can read the full letter by going to: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/882875/01052020_CX_Letter_to_banks_-_pricing_and_CCA_.pdf

As more information is released about this new loan I will update it on the blog.

The information and policies are continually being updated by the government, so I urge you to keep on top of the information by visiting the relevant website for your area.

UK:
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
Scotland: https://www.gov.scot/coronavirus-covid-19/
Wales: https://gov.wales/business-and-employers-coronavirus
Northern Ireland: https://www.nibusinessinfo.co.uk/

I will be trying to keep myself as informed as possible and will share relevant information on my fb business page: https://www.facebook.com/ihelmenterprises/

Updated Information on how small businesses and the self-employed can weather Covid 19 – April 28th, 2020

Ihelm Enterprises Covid 19 Update April 28

Last night the Chancellor announced a new loan to help small and medium-sized businesses affected by Covid-19.

This new loan is called a Bounce Back Loan and will be available on 04/05/2020. It will allow businesses to borrow between £2,000 and £50,000.

There aren’t many details available yet, but the Chancellor has promised that the government will guarantee 100% of the loan and the business will not have to pay any fees or interest for the first 12 months. The loan will be for a duration of 6 years and repayments won’t need to be made during the first 12 months.

To be eligible for the loan you must be a UK business, have been negatively affected by Covid-19 and you weren’t an “undertaking in difficulty” on 31/12/2019. The government hasn’t yet clarified what they mean by an “undertaking in difficulty” but from what I have read online, it seems to mean any companies that were facing insolvency or has had significant losses, or has higher bad debt than equity.

There are some businesses that won’t be able to apply: banks, insurers and reinsurers, public-sector bodies, futher-education establishments if grant funded, and state-funded primary and secondary schools.

The claim process will open on 04/05/2020 and will be fast-tracked meaning businesses will have their money within a few days.

As more information is released about this new loan I will update it on the blog.

The information and policies are continually being updated by the government, so I urge you to keep on top of the information by visiting the relevant website for your area.

UK:
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
Scotland: https://www.gov.scot/coronavirus-covid-19/
Wales: https://gov.wales/business-and-employers-coronavirus
Northern Ireland: https://www.nibusinessinfo.co.uk/

I will be trying to keep myself as informed as possible and will share relevant information on my fb business page: https://www.facebook.com/ihelmenterprises/

Updated Information on how small businesses and the self-employed can weather Covid 19 – April 21st, 2020

Ihelm Enterprises Covid 19 Update April 21

Last night the Chancellor announced that £12.5 billion is being made available to support innovative start-up companies that cannot access any of the other existing schemes for help with coronavirus. The government has said that they will match up to £250 million of private investment and add £550 million to existing loans and grant schemes for smaller firms that focus on research and development.

In order to be eligible for this new scheme, the company must have raised £250,000 privately in the last five years and any money the government puts in must be matched by private investors.

This isn’t a grant, but a loan, and if it isn’t re-paid the government will take an ownership stake in the company.

The scheme isn’t available as of yet and as more information is released I will update it on the blog.

The information and policies are continually being updated by the government, so I urge you to keep on top of the information by visiting the relevant website for your area.

UK:
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
Scotland: https://www.gov.scot/coronavirus-covid-19/
Wales: https://gov.wales/business-and-employers-coronavirus
Northern Ireland: https://www.nibusinessinfo.co.uk/

I will be trying to keep myself as informed as possible and will share relevant information on my fb business page: https://www.facebook.com/ihelmenterprises/

Updated Information on how small businesses and the self-employed can weather Covid 19 – April 17th, 2020

Ihelm Enterprises Covid 19 Update April 17th

The Chancellor has announced that the Job Retention Scheme has now been extended to June 30, 2020.

The guidance on the Government page about the scheme has also been updated to include information on fraud, claims for employees you made redundant or who stopped working for you, fixed-term contracts, agency workers and retaining records. Please visit: https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme to familiarise yourself with all of the updated information on the scheme.

The other article to read is: https://www.gov.uk/guidance/check-if-you-could-be-covered-by-the-coronavirus-job-retention-scheme which now has information on how to report fraud, or abuse of the scheme by your employer, fixed-term contracts, holiday pay, the process for returning from family-related statutory leave, sick pay and agency workers.

As more information is released, I will blog about it and share it on the FB page.

The information and policies are continually being updated by the government, so I urge you to keep on top of the information by visiting the relevant website for your area.

UK:
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
Scotland: https://www.gov.scot/coronavirus-covid-19/
Wales: https://gov.wales/business-and-employers-coronavirus
Northern Ireland: https://www.nibusinessinfo.co.uk/

I will be trying to keep myself as informed as possible and will share relevant information on my fb business page: https://www.facebook.com/ihelmenterprises/

Updated Information on how small businesses and the self-employed can weather Covid 19 – April 15th, 2020

Ihelm Enterprises Covid 19 Update April 15

Today’s blog covers a couple of things – mainly further information about the self-employed grant that is available.

1) Self-employed Grant

HMRC have published information about how they will work out the total income and trading profits when it comes to the Self-Employment Grant. They will use the figures on your submitted tax returns and calculate your trading profits by taking the total trading income (turnover) and subtracting any allowable business expenses and capital expenditure.

They will not deduct any losses carried forward from previous years or your personal allowance.

If you have more than one self-employment business in the same tax year, they will add together all of the profits and losses for all of the trades to work out your trading profit.

If you have worked for more than one year, HMRC will add together all profits and losses for the tax years you’ve had continuous trade (they won’t go back any further then the 2016-2017 tax year) and divide the figure by the number of years (maximum of 3).

This article covers what HMRC class as allowable expenses and provides some examples of how they will work out your trading profit: https://www.gov.uk/guidance/how-hmrc-works-out-total-income-and-trading-profits-for-the-self-employment-income-support-scheme

2) Job Retention Scheme

The Job Retention Scheme is now going through beta testing with a few chosen employers and the government has announced it will be operational for April 20th.

So that you can use the portal, you need to make sure that you have the following information:
– employer PAYE reference number
– number of employees being furloughed
– National Insurance Number for the employees being furloughed
– Names of the employees being furloughed
– Payroll/works number for the employees being furloughed
– your Self Assessment Unique Taxpayer Reference or Corporation Tax Unique Payer Reference or Company Registration Number
– the claim period (start and end date)
– amount claimed (per the minimum length of furloughing of 3 consecutive weeks)
– your bank account number and sort code
– your contact name
– your phone number
– your government gateway login details

If you use an agent who acts for you for PAYE purposes, they will be able to make a claim on your behalf. However, if you use a file only agent (they only file your RTI return but doesn’t act for you on any other matters), they won’t be able to make a claim on your behalf – they can only assist you in obtaining the information you need to claim.

As more information is released, I will blog about it and share it on the FB page.

The information and policies are continually being updated by the government, so I urge you to keep on top of the information by visiting the relevant website for your area.

UK:
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
Scotland: https://www.gov.scot/coronavirus-covid-19/
Wales: https://gov.wales/business-and-employers-coronavirus
Northern Ireland: https://www.nibusinessinfo.co.uk/

I will be trying to keep myself as informed as possible and will share relevant information on my fb business page: https://www.facebook.com/ihelmenterprises/

Updated Information on how small businesses and the self-employed can weather Covid 19 – April 9th, 2020

Ihelm Enterprises Covid 19 Update April 9

Yesterday, the chancellor announced financial support for charities.

Included in the financial support package is £750 million pounds for frontline charities across the UK – including hospices and those supporting domestic abuse victims, £360 million direct from government departments, £370 million for smaller charities which includes a grant through the National Lottery Community Fund, and the government has promised to match all donations to the National Emergencies Trust that are raised through BBC’s Big Night In fundraiser that will take place on 23/04/2020. They have pledged a minimum of £20 million!

The funding for charities will allow them to continue to provide the vital support to those in need during the coronavirus outbreak. The £360 million that will be allocated by government departments will help to support charities like hospices, St Johns Ambulance, victims charities, vulnerable children charities and Citizens Advice. The various departments will work quickly to identify priority recipients so that the money can start to be received by charities in the coming weeks.

The £370 million grant for the small and medium-sized charities will be providing much needed funding to the charities that are run in local communities. This will allow them to be able to continue services like delivery food, essential medications and providing financial advice.

The grant from the National Lottery Community Fund will need to be applied for and the system for doing that will be operational in a few weeks.

The support announced by the Chancellor is in addition to the other support services that Charities can already access such as deferring VAT payments, paying no business rates for their shops and furloughing staff.

As more information is released, I will blog about it and share it on the FB page.

The information and policies are continually being updated by the government, so I urge you to keep on top of the information by visiting the relevant website for your area.

UK:
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
Scotland: https://www.gov.scot/coronavirus-covid-19/
Wales: https://gov.wales/business-and-employers-coronavirus
Northern Ireland: https://www.nibusinessinfo.co.uk/

I will be trying to keep myself as informed as possible and will share relevant information on my fb business page: https://www.facebook.com/ihelmenterprises/

Updated Information on how small businesses and the self-employed can weather Covid 19 – April 7th, 2020

Ihelm Enterprises Covid 19 Update April 7th

Yesterday, some further guidelines for the Job Retention Scheme were released. These relate to what employees can be furloughed.

Employers can now furlough staff who need to shield inline with public health guidance, or if they need to stay home with someone who is shielding, and they are unable to work from home.

Parents who have to stay at home to care for children due to the coronavirus regulations can also now be furloughed.

Employers can now also re-hire staff that were made redundant or stopped working for the business on or after 28/02/2020. They can re-employ the staff and furlough them. There aren’t any specific guidelines on the HMRC website that say how a business does this, but I did find this article by the ICAEW that talks about how it can be done: https://www.icaew.com/insights/tax-news/2020/apr-2020/covid19-act-fast-to-reinstate-workers-for-the-furlough-grant. I would advise that you speak to the person who does your payroll, or if you are the one who does the payroll, speak to your payroll software provider to find out how you can re-employ your staff as each software is going to be different.

The information and policies are continually being updated by the government, so I urge you to keep on top of the information by visiting the relevant website for your area.

UK:
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses
Scotland: https://www.gov.scot/coronavirus-covid-19/
Wales: https://gov.wales/business-and-employers-coronavirus
Northern Ireland: https://www.nibusinessinfo.co.uk/

I will be trying to keep myself as informed as possible and will share relevant information on my fb business page: https://www.facebook.com/ihelmenterprises/

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