We have now had the weekend to digest what has been an unprecedented week for the UK - where citizens have been asked to isolate, social distance, stay away from family and friends, not panic buy. Businesses, employees, casual workers, directors have had to make difficult decisions - go to work, work from home, work when ill otherwise no pay, make redundancies, cut hours, find customers when they have all disappeared. It has been relentless, stressful and even upsetting.
Well Rishi Sunak has come to the rescue....the Government will pay 80% of each member of staff’s salary (who are on Furlough Leave) up to £2,500 per month for the next 3 months, backdated to 1 March as long as they are on PAYE. To this end will be emailing all our Limited company clients early next week once the new government software is available so we can assist you. If you run your own Payroll system (rather than Simia Wall providing you with this service) PLEASE EMAIL ME email@example.com so I can make sure you are added to the email list. In the mean time please hold off from doing your payroll. For those that do not have PAYE scheme set up please also email me so we can help set you up asap.
How to access the scheme
You will need to:
- Designate affected employees as ‘furloughed workers,’ and notify your employees of this change - changing the status of employees remains subject to existing employment law and, depending on the employment contract, may be subject to negotiation
- Submit information to HMRC about the employees that have been furloughed and their earnings through a new online portal (HMRC will set out further details on the information required)
- HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month. HMRC are working urgently to set up a system for reimbursement. Existing systems are not set up to facilitate payments to employers.
There were also a number of other announcements through the tax system –
VAT payment deferral – We will be emailing all our VAT clients to explain how this will work. In the mean time do NOT pay any Vat over if you were due to pay it next week.
SA payment deferral of the July 2020 Payment on Account
Longer interest free period for the business interruption loans – A separate email will be going out regarding this next week. We work closely with a senior manager at Lloyds and are hoping to be ready to assist you next week on this once the government have finalised their system.
Business Rates – There are grants becoming available to those people that pay Business Rates or have Business Rates Relief, please can you email me on firstname.lastname@example.org (if possible with a copy of your most recent rates bill) so we can add you to our list to assist you in accessing the grants.
Help for the self-employed – The government are looking to help out the self-employed, but we do not have any details at this time. Currently they are saying that you can claim Universal Credit (c£95 per week), this you can do from today we believe.
All of us here at Simia Wall continue to support you and are here if you require any assistance. To help us manage all your queries please use email to your client manager as the first port of call so we can log all matters so that we do not miss any.