In outline the Self-Employed Income Support Scheme allows the self-employed to claim 80% of their average profits for the period up to 2018/19 limited to £2,500 a month, initially for a three-month period.
In a statement to the Commons, Chancellor Rishi Sunak announced a new ‘bounce back’ small loan scheme for businesses affected by Covid-19. The Chancellor announced the launch of a new “micro loan” scheme providing a simple, quick easy solution for those in need of small loans, which he termed “bounce back loans”.
The HMRC application portal opened on the 20th April for businesses to submit details of Furloughed employees. On the first day the website was very slow, but this seems to have settled down. There have been several issues uploading the data to the portal especially with overtime and bonuses, Furlough periods, part time and higher paid employees and employers being registered to use the portal.
The Government has stepped in to provide support to certain areas of the economy but even with this becoming available in the coming weeks, some
The Government recently provided more details on how the CJRS works. The online service is now live and opened on 20 April 2020. For a
Help for the Self Employed Chancellor Rishi Sunak has announced measures to support the self-employed and partnerships. The Self-employment Income Support Scheme (SEISS) will support
Under the coronavirus Job Retention Scheme, all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis.
The Government will support businesses by deferring Valued Added Tax (VAT) payments for 3 months. The deferral will apply for payments dates falling between 20 March 2020 to 30 June 2020. All UK businesses are eligible.
The Conservative Party manifesto also included a promise to increase R&D expenditure relief for non-SMEs from 12% to 13% and this was confirmed in the March Budget.
In the October 2018 Budget a new tax relief was introduced for the cost of construction or renovation of commercial buildings and structures. As announced in the Conservative Party manifesto the original 2% straight line allowance is to be increased to 3% from 1 April 2020 for companies, 6 April 2020 for unincorporated businesses.
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