Updated 3 June 2020
What help is there for the self-employed?
A new Income Support Scheme was announced by the Chancellor to provide financial support for the self-employed during the Coronavirus outbreak.
Cash grant paid direct to individuals' bank accounts worth 80% of average monthly trading profit over the last three years, up to £2,500 per month
Eligibility: open to those already in self employment with a trading profit of less than £50,000 during the financial year 2018/19 OR an average trading profit of less than £50,000 from 2016-17, 2017-18 and 2018-19
More than half of income in the above periods must come from self-employment
The scheme was originally set up for 3 months from March to June with grants paid in a single lump sum starting at the beginning of June. The scheme has now been extended to provide a second and final payment in August. More details are yet to be released about the extension.
Individuals should not contact HMRC now - eligibility will be checked automatically by HMRC and applications will be invited once the scheme is up and running
CLICK HERE for the Chancellor's statement and details.
The online service for the first grant is now available. Click here to make your claim. If you’re eligible and want to claim the first grant you must make your claim on or before 13 July 2020.
What is the extension for filing statutory accounts that has been announced?
From 25 March 2020, businesses will be able to apply for a 3-month extension for filing their accounts.
This joint initiative between the government and Companies House will mean businesses can prioritise managing the impact of Coronavirus. As part of the agreed measures, while companies will still have to apply for the 3-month extension to be granted, those citing issues around COVID-19 will be automatically and immediately granted an extension. Applications can be made through a fast-tracked online system which will take just 15 minutes to complete. Details to follow.
The government is also in close consultation with company representative bodies, legal practitioners and others, to look at solutions for the impact COVID-19 may have on companies’ ability to hold Annual General Meetings. Updated guidance on this matter will be published in due course.
We are a Charity, what updates are there we should be aware of that affect us?
Understandably, charities are concerned about what to do during the Coronavirus (COVID-19) outbreak and the government has set out responses to the most commonly asked questions including support for paying charity staff, and use of restricted funds and reserves.
CLICK HERE to visit the government Q&A covering these and other matters.
Read the other Managing Staff Matters summaries via the links below:
If you have any other questions please do get in touch with our team on 01722 325833 or email email@example.com