SELF EMPLOYED INCOME SUPPORT SCHEME
The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19. The scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month.
HMRC will use the average profits from tax returns in 2016-17, 2017-18 and 2018-19 to calculate the size of the grant. The scheme will be open to those where the majority of their income comes from self-employment and who have profits of less than £50,000. The scheme will be open for an initial three months with people able to make their first claim by the beginning of June. You will need to have filed your 2019 Year-End Tax Return which was due on 31st Jan. If you've not done this then you have another FOUR WEEKS (from 25th March) to get this done otherwise you will miss out! Click this link below to go the government website to read more on how to apply.
Self Employed Income Support Scheme
CORONAVIRUS BUSINESS INTERRUPTION LOAN
This has been created to help viable businesses make it safely through this difficult lock-down period. You're no more likely to be accepted for a loan than at any other time but the interest rates are supposedly more favourable. You'll need to shop around the different banks to see what's on offer but we will try and make some recommendations as soon as these start to be published. You can find more details on the British Business Bank website link below.
British Business Bank
SMALL BUSINESS GRANT FUNDING
If your business is claiming Small Business Rates Relief then you should be entitled to a cash Grant of £10,000. You shouldn't need to anything to receive this, if you are eligible then your local council should be in touch with you to let you know. You can see the Nottingham City Council Page if you click this link below.
Nottingham City Council Business Grants
VAT DEFERMENT FOR ALL VAT REGISTERED COMPANIES
The government is deferring all VAT payments that fall due between 20th March and 30th June 2020. You will be given until the end of the 20-21 Tax-Year to pay whatever tax was due. You don't need to do anything to apply. Run your VAT return and send it to HMRC as usual but just don't pay whatever VAT might be due. If you pay by Direct Debit, cancel the DD mandate. If you are owed VAT, just file your VAT return as usual and await the refund as usual. Here's the link to the info on the government website.