Government Advice For Young Professionals Amid COVID-19

• Coronavirus Job Retention Scheme – All UK employers with a PAYE scheme that started on or before 28th February, will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis. HMRC will pay employers a grant worth 80% of an employee’s usual wage costs, up to £2,500 a month. This will cover the cost of wages backdated to March 1st and is initially open for 3 months.
• Self-employment Income Support Scheme (SEISS) – this will support individuals 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. The scheme will be open to individuals who have profits of less than £50,000 for an initial three months, with people able to make their first claim by the beginning of June.
• Support for Business Paying Tax – All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time to Pay service.
• VAT Deferral – The Government will support businesses by deferring VAT payments for 3 months.
• Deferral of Self-Assessment payment – The Self-Assessment payment on account, that is ordinarily due to be paid to HMRC by 31st July 2020 may now be deferred until January 2021.
• Coronavirus Business Interruption Loan Scheme – This scheme will help businesses affected by coronavirus to access finance of up to £5m.
• Business Rates Holiday & Cash Grant – Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020/2021 tax year. Businesses in the same sector will also receive a cash grant of up to £25,000 per property.
• Small Business Grant Funding – The Government is providing additional funding for Local Authorities to support small businesses that already pay little or no business rates because of small business rate relief, rural rate relief and tapered relief. This will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs.

For those of you who would like any further advice, please do not hesitate to contact us and we can put you in touch with one of our trusted partners.