Coronavirus Pandemic crisis.
The news is full of details about the Corona Virus and measures that the Government has put in place.
The self-employed have access to some assistance, and I have listed below what the government has made available to businesses.
Residential mortgage providers may also be offering a mortgage payment holiday, and I recommend you contact your mortgage provider for assistance, should this be required.
It is hoped that there will be further assistance for the self-employed and private rental sector and I will keep you posted.
• Payment of Wages Support – The Government will support the payment of Wages for all Businesses for a period of at least 3 months, with HMRC looking to get this scheme up and running imminently with the first grants looking to be paid out in the next few weeks. The government will pay 80% of wages for employees not working, up to £2,500 per month. Further information as to how this money will be obtained will be released shortly. If required, the period of support will be extended.
• VAT Payment Deferral – No Business will pay VAT until the end of June. All VAT payments for the next quarter will be deferred, until the end of June and businesses will then get until the end of December to pay back these VAT bills.
• Self-Employed Universal Credit Assistance – All Self-employed people will have access to Universal credit at a rate equivalent to SSP for employees.
• Self-Assessment Payments deferred – All Self-Assessment payments have been deferred until January 2021.
• Coronavirus Business Interruption Loans – These will now be interest free for 12 months’ rather than the original 6 months advised by the Government
Links for further information:
Chancellor’s Workers Support Package
Covid-19 Support for Businesses
Covid-19 Support for Employees
If you have any queries, please contact me as we are happy to assist you during difficult time.