17 April 2020
Further Support for Business

Having raised serious concerns about the level of uptake and the delivery of the Covid Business support schemes, I’m pleased that Her Majesty’s Treasury has heard and responds to some of the concerns over furloughing and the self employed.  

More needs to be done, but the Latest update from Her Majesty’s Treasury HERE.

To note, people who have not submitted their Self Assessment tax return for the tax year 2018 to 2019, must do this by 23 April 2020 or they will not be able to claim.

HMRC will aim to contact people by mid May 2020 if they are eligible for the scheme and invite them to claim using the GOV.UK online service. Alternative methods to claim for those who are not online will be available.

Changes:

  1. A change to the Furlough Claim Dates: This means employers can now claim for furloughed employees that were employed and on their PAYE payroll on or before 19 March 2020, rather than the previous cut-off date of 28 February 2020.
  2. The Govt have also now issued guidance on how HMRC works out the total income and trading profits for the self employed though the income support scheme. HERE.
  3. The Chancellor has expanded the Coronavirus Large Business Interruption Loan Scheme ahead of its launch on Monday, ensuring that no viable business slips through our safety net of support as we help protect jobs and the economy.
    • Firms with a turnover of more than £45 million will now be able to apply for up to £25 million of finance, and up to £50 million for firms with a turnover of more than £250 million.
    • Businesses with turnovers of more than £500 million were originally not eligible for the scheme – but the scheme has been extended after extensive consultation with businesses to ensure all viable firms are able to benefit from support.
    • We said we would support our economy – and we meant it. Our unprecedented package of measures is one of the most generous in the world, and we are ensuring businesses are provided with the support they need during the pandemic, helping to provide job security to thousands of people and protect our economy