Please see below a series of questions we are receiving from our clients. This page will be regularly updated, however, if you have a specific question that has not been answered below, please contact: firstname.lastname@example.org.
In order to access the Coronavirus Job Retention Scheme, you will need to designate affected employees as ‘furloughed workers’, effectively laying them off, and notifying them of this change. Normally, an employee is usually laid off without pay, however under the Coronavirus Job Retention Scheme, HMRC will reimburse employers 80% of furloughed workers wage costs (up to a cap of £2,500 per month). You will need to obtain the employee’s agreement to this change in their employment status, or in writing. You can then notify HMRC and apply for the Coronavirus Job Retention Scheme. More information can be found here.
A temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch next week in order to support businesses to access bank lending and overdrafts. The government have said they will provide lenders with a guarantee of 80% on each loan (these are subject to a per-lender cap on claims) so that lenders can continue to provide finance to SMEs. Businesses or banks will not be charged for this guarantee and the Scheme will support loans of up to £5 million in value. The government will cover the first 6 months of interest payments – allowing businesses to access this first 6 months of finance interest free.
Self-assessment tax payments will be deferred until 31 January 2021 – all self-employed individuals are elgible.
A VAT deferral will be in place for all businesses between 20 March 2020 and 30 June 2020. No payment is required within that period. Taxpayers will have until the end of the 2020-21 tax year to repay any amounts deferred. All businesses are eligible.
My accounts are due for filing. What should I do?
Companies House have announced that businesses will be able to apply for a 3-month extension for filing their accounts. Applications can be made through a fast-tracked online system which will take just 15 minutes to complete.
I have other documents that need filing at Companies House. What is happening?
Companies House have confirmed they have closed all their contact centres. The Cardiff Office is still open but only for the receipt of documents. Therefore while records will be updated we anticipate there is going to be a lengthy delay on any changes appearing on the public record. Where we maintain the company’s statutory books we can provide certified copies of the registers etc if required.