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 

· Business Interruption Loan Scheme

· 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:

For businesses

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

For individuals

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

For self-employed

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

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.