COVID-19 Update – 27th March 2020
Please find below the latest information received this morning from HMRC. This has details of help available for the self-employed plus links to other help available for businesses.
We strongly recommend that everyone takes advantage of all available help and encourages employees to do the same through mortgage holidays etc.
We still have no further details on how the Job Retention Scheme will work, but will update you as soon as we have further information.
The Chancellor, this evening, announced a new Self-employment Income Support Scheme to support self-employed people who have been adversely affected by COVID-19.
GOV.UK has further details about who is eligible for the scheme and how it will work.
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.
Unfortunately, we are aware of an increase in scam emails, calls and texts. If someone gets in touch claiming to be from HMRC, saying that financial help can be claimed or that a tax refund is owed, and asks you to click on a link or to give information such as your name, credit card or bank details, please do not respond.
HMRC will never contact you out of the blue to ask for these details.
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.
We will continue to share the most up to date information directly with you as it becomes available.
All content provided in this blog is for information purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site.
