In this video I talk about the Coronavirus Income support (benefits) for employees and self employed and also Grants & reliefs available for business’.
Employed 00:15 - 02:32
For employees there are a number of benefits available, there is Statutory Sick Pay (SSP), Coronavirus Job Retention Scheme, which is where your employer continues to pay 80% of salary. There is also Universal Credit and Housing allowance available for those that have lost their job as a result of the crisis. This is also applicable to part time employees on zero hour contract and temporary staff.
Self Employed/Sole Trader 02:32 - 04:33
For people that are self employed there are still a number of benefits available, there is the Self Employed Income Support Scheme, which is where the government will pay you 80% of your previous profits up to £2,500 per month based on your previous tax returns. This amount is a grant and is therefore forgivable and not repayable. Universal Credit and Housing allowance is also available but this can also cancel out any tax credits you receive so its important to discuss with a financial advisor to ensure you can maximise any monies received.
Business owners/Employers 04:33 - 08:14
For employers there are a number of grants and reliefs available, the first is the Job Retention Scheme Refund, which is where the government will re-imburse you for all amounts paid to your employees. The government will also re-imburse any Statutory Sick Pay payments made for 2 weeks. HMRC have also allowed a VAT Payment Deferral where the April payment will be deferred until later in the year. All 4 quarters VAT must be paid by the end of the 20/21 year and therefore you will need to catch up or make a double payment somewhere.
Business owners are also eligible for Business Support Grant Funding where business' will be receiving £10k or £25k which is forgivable and does not need to be repaid. Business' can also benefit from the Business Interruption Loan Scheme if you have less than £45m turnover, this amount is repayable but the government will be making all payments for you for the first 12 months. Business Rates Relief is also available for restaurants, bars, pubs and clubs and will be automatically applied to your next business rates invoice.
Relevant links and guidance
https://www.gov.uk/government/news/coronavirus-support-for-employees-benefit-claimants-and-businesses
https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19
https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme
https://www.gov.uk/government/collections/financial-support-for-businesses-during-coronavirus-covid-19
https://www.moneyadviceservice.org.uk/en/articles/coronavirus-what-it-means-for-you
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