RAYMOND BENN & CO - CORONAVIRUS (COVID-19) UPDATE – 23.03.2020

As you will be aware, on Friday 20 March, the government published a substantial range of measures to financially assist businesses for the foreseeable future as regards coping with the effects of the Coronavirus.

To assist your search for what applies to you and what you can do to source the relevant financial assistance available, there is a section on our website at:

https://www.raymondbenn.co.uk/news/covid-19/article/2020/March/information-for-businesses-and-employers

To help you keep up to date with the latest information you can register on our website.

I have also enclosed three links below which you will find useful

Two are from the Governments website and outlines what areas are covered within business

The third is from the Federation of Small Business (FSB) which drills down into more detail as regards small businesses.

Each individual case will be different and I suggest that you carefully read the three articles before assessing where you sit in the spectrum of assistance being offered

As an introduction, I summarise the steps that Self Employed individuals should take after reviewing our website and reading the three links:

1) Communicate with your bank and see what, in your circumstance, they can offer, both in terms of their own position and the preparations they have made for assistance they can offer themselves and as a conduit for government assistance - eg - Coronavirus Business Interruption Loan Scheme

2) Communicate with your Local Authority, as this appears to be a conduit through which available cash grants should flow - initially have a look at their website

3) Review the British Business Bank website to assess whether their assistance applies to you

4) Contact the trade body that applies to your profession/vocation to assess whether their assistance applies to you - e.g. The Musicians Union/Equity etc.

5) Universal Credit will be available to all self-employed persons at the same rate as Statutory Sick Pay

6) You will note that deferred payment is being offered under both VAT and Income Tax

We will obviously be here to assist as best we can, but it is important that you urgently take the initiative of reviewing our website together with the attached links to assess your own position

I appreciate that once you have identified those schemes that apply to you, the key element is the process of application and the timing between application and receipt of funds - if these areas are becoming difficult for you we will try to assist - however one aspect is common amongst all our clients and those of other practices - there are hundreds of thousands of people in the same position, so patience will be required

For Income Tax Self-Assessment, payments due on the 31 July 2020 will be deferred until the 31 January 2021.'

For VAT, the deferral will apply from 20 March 2020 until 30 June 2020.

If you have missed a tax payment or you might miss your next payment due to COVID-19, please call HMRC's dedicated helpline: 0800 0159 559

 https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

 https://www.fsb.org.uk/campaign/covid19.html

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-guidance-for-employees