Coronavirus: Covid-19 Support For The Self Employed & SME's

Coronavirus: Covid-19 Support For The Self Employed & SME's

POST UPDATE

Over the last couple of days we have heard from a number of clients about their success with two government schemes which you may be eligible for, there schemes can gives you access to cash in 6 working days to help pay your bills and give you some financial relief. If you are struggling financially these are a must, no gimmicks people are accessing these and easily.

SELF EMPLOYED GRANTS - NOT REPAYABLE

As detailed below if you have completed a tax return for 18/19, you can claim up to £7,500 directly into you bank account within 6 working days from HMRC, you will get 80% of your taxable profits up to a maximum of £7,500, if you have been adversely effected by Corona Virus.

The process is simple, you need your UTR Number and National Insurance number which you can find on your H M Revenue and Customs tax paper work and also the details you use to log in to fill out your return online, if you have an accountant they can give you the info.

If you go to the link below HMRC firstly using your UTR and National Insurance Number check if you are eligible and then give you a date you can make your claim. In order to make your claim you have to fill in your bank details and verify your identity. They then tell you how much you are going to receive. SIMPLE AS THAT AND IT WORKS AND YOU GET THE MONEY.

https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference

BOUNCE BACK LOANS - REPAYABLE 100% GOVERNMENT GUARANTEED

As detailed below the government are also providing loans through banks to businesses effected by Covid 19. But NOT ALL LOANS WERE CREATED EQUAL, because the government required businesses to guarantee part of the loan and its repayment to the banks some people couldn’t access or get them.

Now the government have guaranteed 100% of loans from £2,500 to £50,000 to small businesses which you can access by speaking with your business bank, in the first year these have no interest of repayments, the interest is 2.5% after this. Very few people are rejected and they are quick to get. THIS IS AN AMAZING LOAN.

https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan

We definitely recommend you following the two links above these will greatly help you and your business.

ORIGINAL POST

In today's economic climate with the outbreak of Covid-19 no business is immune to its impact, no industry is untouched and most need help and support, from the sole trader who has just set up to SME’s.

The government, unlike other governments, have put and are putting a range of measures in place to be as proactive as possible to help business through this unprecedented time. A lot of these are now available or will be very soon and you will be able to access a lot of these to help with your business and its need for CASH.

We have outlined these below so it is as easy for you to get the help and support which you need.

If your Self Employed

If you are self employed, you can get a taxable grant (which does not need to be repaid), up to 80% of your profits each month to a maximum of £2,500 per month.

This will be paid in June 2020 but will be backdated to the beginning of March so you will receive 3 months in one go, for more information go to https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

If you have a Business Premises

If you are a business either limited company, partnership or sole trader with a business premises, you can claim a non-repayable non-taxable business grant if your premises qualified for small business rates relief with a rateable value up to £51,000 you will qualify for either a £10,000 or £25,000, your local council website has a specific page to allow you to claim this TODAY. For more information go to: https://www.gov.uk/government/publications/coronavirus-covid-19-guidance-on-business-support-grant-funding

If you do not qualify but have premises but cannot work from those premises due to “lockdown” you can contact your local council and apply for empty rates relief which will reduce your rates bills to NIL for a period of 3 months.

If you need a loan

All banks are providing Covid 19 interruption loans, the government are providing a 80% guarantee on these loans so that you don’t have to, so that your personal assets are not at risk.

These can be fixed or variable up to 6 years and with no repayments in the first year with the government paying the first years worth of interest. For more information go to https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

If you pay PAYE or VAT

The government has put in place a PAYE and VAT deferral scheme, if you have a PAYE or VAT bill during the crisis, if you contact HMRC they can agree to defer the payment for up to 24 months. For more information go to https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

If you have staff on the payroll

A lot of businesses have been making staff redundant to reduce their costs rapidly, you don’t need to do this, the government has put in place a Furlough Scheme, which means that you can reduce your staffs salary payments to 80%, pay them through the payroll as normal and the government will pay you back for that 80% up to £2,500 per employee including your national insurance and pension contributions. We can also provide a letter template for you to send out to staff. For more information go to https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

Your personal finances

Banks and credit card lenders have agreed that repayments can be paused for a period of 3 months, you will need to call your bank or lender but in most cases this is no quibble.