COVID-19 Business, Employee & Employer Support
In an ever-changing world are you left wondering ‘what support can I access?’, ‘how do I access the support they’re talking about?’
What support is available to you during the COVID-19 outbreak
Self-employed support
A Self Employed Income Support Scheme (SEISS) has been provided, to give a taxable grant, to sole traders and partnerships. The grant, first paid in May, covered 3 months and was paid in a lump sum of up to £7,500. The scheme was later extended with a final payment of up to £6750 paid in August.
Previously, deferral of Income Tax payments, VAT payments and changes in Universal Credit and Employment Support Allowance eligibility were also announced. You may also be able to apply for a Bounce Back Loan, rent or mortgage delay.
Business support
The Job Retention Scheme is just one of the many schemes put in place to support businesses however, this does end in October 2020. To access this scheme employees would have had to have been furloughed by 10th June 2020.
Business had to contribute towards the Job Retention Scheme from 1st August 2020. Vat payments have been deferred between 20th March and 30th June until the end of the tax year.
The government introduced Business Rates relief, Business Interruption Loans and Bounce Back Loans alongside a 3 month extension of filling company accounts. The Job Retention bonus will enable employers to claim back £1,000 for each employee who retains their job until 31st January 2021 (providing they earn over £520 per month).
Employee support
The government introduced the Job Retention Scheme along with enhanced Statutory Sick Pay (for people who are ill or self-isolating) to try to retain as many jobs as possible.
The government later introduced a Job Retention bonus for employers who keep employees on roll until 31st January 2021 (providing you earn over £520 per month).
This support can be accessed through the government website either personally or by talking to your accountant and asking them to act on your behalf to access the support available to you.
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October 16, 2020COVID-19 Business, Employee & Employer Support In an ever-changing world are you left wondering ‘what support can I access?’, ‘how do I access the support they’re talking about?’ What support is available to you during the COVID-19 outbreak Self-employed support A Self Employed Income Support Scheme (SEISS) has been provided, to give a taxable grant, … Read more