Covid-19 update

The UK Chancellor has announced support packages for businesses, employees & the Self Employed.
 
Key points in the new announcement include:

• The government have created a Coronavirus Job Retention Scheme. This enables businesses to apply for a grant of up to £2,500 per month to cover 80% of salary for those retained but not working & classified as a “Furloughed” worker. Support is being backdated to 1 March & funding should be in place to be administered by HMRC to businesses by the end of April through the HMRC Portal.
• The Chancellor provided further detail on the creation of a Coronavirus Business Interruption Loan Scheme which will be interest free for 12 months.
• VAT for all businesses is being deferred until the end of June. Businesses will have until the end of the financial year to repay VAT liability.
• Universal Credit allowance has increased by £1,000 a year & the self-employed will get full Universal Credit at a rate equivalent to statutory sick pay.
• Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021.

 
Further details on these are to follow next week & SMCG Ltd can provide support on how to claim. Please do not hesitate to contact us if we can be of any assistance to you & your business. 

Link to Gov.uk announcement:

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses