There are different sources of finance and assistance available from the Government designed to help you, and your businesses. Here is a guide of what is available.
Self-Employed Income Support Scheme (SEISS)
We are unable to apply for this on your behalf unfortunately but as accountants do not have access to SEISS, so in order to ensure claims can be submitted without delay clients can apply for a Government Gateway account here.
Note:
There is no requirement for to wait for any pins or codes to be sent through the post to register for a Government Gateway account, or the SEISS grant service.
- You will be able to verify their identity using details such as their passport or driving licence.
- It should take a minimum of 10 working days from application to issuing Government Gateway access
Claim a grant through the Self-Employment Income Support Scheme
Job Retention Scheme
You can register employees who are eligible to receive this funding
Note:
- Employers can ask their employees to stop working but keep them on their payroll with the help of the Scheme.
- Government currently pays 80% of their wages (up to £2,500 per month). The scheme will be unchanged until the end of July with a phased approach from August to October transferring the cost of supporting the scheme from the State to employers.
- Employer can, if they wish, make up the remaining 20% but are not required to.
- HMRC have added a ‘save and return’ option. This means that you can now return to a partially completed claim, rather than having to do it all in one go.
- The funds should be paid within six working days after an application has been submitted, provided your claim matches records that HMRC hold for your PAYE scheme. It is therefore imperative that you ensure all information submitted is correct including complete National Insurance numbers to avoid delays.
Claim for your employees’ wages through the Coronavirus Job Retention Scheme
Self-assessment payments
Your self-assessment payments have been deferred until January 2021 with no interest or penalties being charged.
Pay your self-assessment tax bill
Statutory Sick Pay
You can Statutory Sick Pay rebate paid for sickness absence due to COVID-19.
Claim back Statutory Sick Pay paid to employees due to coronavirus (COVID-19)
Small Business Bounce Back Loan Scheme
You apply for this fast-track finance scheme providing loans.
Note:
- Small businesses can borrow between £2,000 and £50,000.
- Businesses can access cash within days.
- Loans are interest free for the first 12 months.
- Businesses can apply online by completing a short and simple form.
- Loans have 100% government-backed guarantee for lenders.
Apply for a coronavirus bounce back loan
Coronavirus Business Interruption Loan Scheme (CBILS)
You can apply for a temporary loan, overdraft, invoice finance and asset finance of up to £5m, for up to 6 years.
Apply for the coronavirus business interruption loan scheme
HMRC’s Time to Pay service
If a business cannot pay their business tax bill on time because of COVID-19, they may be able to delay it without penalty.
Coronavirus (COVID-19) helpline
Deferred VAT Payments
UK VAT registered business that has a VAT payment due between 20 March 2020 and 30 June 2020, may choose to:
- defer the payment until a later date; or
- pay the VAT due as normal.
HMRC will not charge interest or penalties on any amount deferred.
Deferral of VAT payments due to coronavirus (COVID-19)
Self-Employed and Freelancers
There is support for self-employed and freelancers who are eligible to receive a grant worth 80% of their average monthly income over the last 3 years, up to £2,500 a month.
Claim a grant through the Self-Employment Income Support Scheme
You should also visit the Government’s business support web page which provides details of the support being offered to businesses at this time.