The Covid 19 pandemic has had a drastic impact on the businesses in the UK to the extent that the UK Chancellor of exchequer has taken several unprecedented measures to help individuals, businesses and self-employed facing this economic shock.
The package includes deferring VAT and Income Tax payments, 12-month business rate holiday, business grant funding, a Statutory Sick Pay relief package for SMEs and a Coronavirus Job Retention Scheme.
The Chancellor has announced a new Self-employment Income Support Scheme to support self-employed people who have been adversely affected by COVID-19.
The government has also introduced the following help for the self-employed:
· Deferral of Self-Assessment Income Tax payments due in July 2020 and VAT payments due from 20 March 2020 until 30 June 2020
· Grants for businesses that pay little or no business rates
· Increased amounts of Universal Credit
· Directors of their own company paid through PAYE, may be able to get support using the Job Retention Scheme.
Self-employed people do not need to get in touch with HMRC as the scheme isn’t yet open for applications. HMRC will contact eligible customers by the beginning of June, inviting them to apply.
Updated guidance can be found on:
Clearly with the measures being recently announced, details are being worked on and are not yet available in full.
We at Richmond Accounting Services share and understand the concerns of our clients at such a difficult time and encourage you to check the above websites to see what help may be available for your specific circumstances.
While no one can predict how long the current situation will last, we are committed to working with you to ensure your business survives through this crisis and emerge stronger at the end of it.
We provide tailored accounting and business services to start ups and small businesses in the local area. Through our extensive experience in the industry, we understand the requirements of a small business and we know we will be able to support your business and help it grow.
As well as offering the standard accounting services, we offer a range of business services suited for a small business to ensure its efficient running and giving it a competitive edge in the market. We pride ourselves with bringing a hands-on approach to your business needs and dealing with your requirements with the utmost urgency and responsiveness.
Our business operating model is based around our clients and their full satisfaction. Through our experience with numerous businesses in different sectors, we understand the importance of putting our clients’ requirements first to the extent that we have often exceeded the expectation of our clients we have served.