We thought it would be helpful to let you know about some new support that is available from the government regarding Coronavirus, and more information regarding the Self Employment Income Support Scheme (SEISS)
Self-Employment Income Support Scheme
The HMRC will be contacting people from this week regarding their eligibility for a pay out under this scheme. The details of the scheme have been previously explained on an earlier post. If they have your mobile phone details they may text you, or they could email or write to you by post, but they will only ever direct you to the gov.uk website – if you receive any messages with links to select, these may be scams.
If you have a Government Gateway account they may message you through this account. If you do not have an account you will not need to set one up to claim, just fill in an online form and provide proof of ID.
If you are not sure if you are eligible, or if they have the correct contact details for you, please use the below link to use their online tool to check. You will just need your UTR number (Unique Tax Reference number) and Ni number. This should be shown at the top of any letters from the HMRC about Self Assessment, or on the front page of your Self Assessment tax return.
Once you have used the tool it will give you the option to add up to date contact details, so that they can contact you more quickly.
They are expected to contact all Self employed people that they believe are eligible by the end of next week. When they contact you they will let you know what date you can apply. Dates start from 13th may. It is expected that you will get payment 6 working days after application, as long as there are no issues with your claim.
Agents are not allowed to make the claim, and have no access to your Government Gateway account, or even if you have a GG account. The government will calculate how much you are entitled to. Our clients have already been sent an estimate by us as to what we believe they will be offered under the rules
Bounce Back Business Loan Scheme
Due to the mixed reviews on the Coronavirus Business Interruption Loan Scheme, the government have announced thsi new loan scheme aimed at businesses wanting to borrow £50,000 or less.
The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.
The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year. You can have the loan for up to 6 years, there is no penalty charges to pay it back early, and no payments are due in the first year.
11 lenders are supporting the loans. More details are on the link below:
Top Up to Local Business Grants
A discretionary fund has been set up to accommodated certain small businesses previously outside the scope of the business grant funds scheme. On 2nd May it was announced that an extra £617m would be distributed to local councils to distribute as they saw fit. This additional fund is aimed at small businesses with ongoing fixed property-related costs.
They are asking local authorities to prioritise businesses in shared spaces, regular market traders, small charity properties that would meet the criteria for Small Business Rates Relief, and bed and breakfasts that pay council tax rather than business rates. But local authorities may choose to make payments to other businesses based on local economic need. The allocation of funding will be at the discretion of local authorities.
Businesses must be small, under 50 employees, and they must also be able to demonstrate that they have seen a significant drop of income due to Coronavirus restriction measures.
There will be three levels of grant payments. The maximum will be £25,000. There will also be grants of £10,000. local authorities will have discretion to make payments of any amount under £10,000. It will be for councils to adapt this approach to local circumstances.
For more information on this we would suggest that you contact your local council. More details are on the below link.
We’re Here To Support You
If you need any help or are worried about anything please get in touch and we will do all that we can to help and give advice. If you are not a client but are worried or need advice, please contact us and we will help you – Free of Charge 🙂