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Coronavirus has impacted everybody so quickly. This page aims to keep you updated with the latest financial help available and other information relevant to the self-employed, small businesses and business owners
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GRANTS ONLINE RESOURCE (updated 9 April 2020)
A great resource for finding organisations offering grants to help respond to the challenges of Covid-19.
The list is constantly being updated and gives both UK-wide and regional funding avaialble.
Click here
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PRS EMERGENCY RELIEF FUND (updated 9 April 2020)
The PRS emergency relief fund is offering grants of up to £1,000 to PRS members globally, depending on need.
To be eligible you need to be :
- PRS writer member for at least two years
- have earned at least £500 of PRS royalties within the last two years
- have suffered genuine hardship from loss of work due to COVID-19
Registration and more information can be found here
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ENTERPRISE RELIEF FUND (updated 7 April 2020)
The Prince's Trust and NatWest Enterprise Relief fund is offering grants and guidance
To be eligible you need to be :
- 18-30 years old
- self employed or run your own business
- started business in last 4 years
- have no other source of income due to COVID-19
Registration and more information can be found here
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INFORMATION FOR SPECIFIC TRADES (updated 1 April 2020)
You can find a useful list of Trade Associations, from building to retail, energy to freight , as well as various business support associations such as CBI and Institute of directors, giving links to their responses and information on COVID-19
here Useful sites
COAST TO CAPITAL GRANTS ( updated 1 April 2020)
A £2 million fund is available, on a first-come-first served basis, to provide grants to small businesses and social enterprises to help them adapt, evolve or innovate to the economic impact brought about by COVID-19.
You are eligible to apply if your business:
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-is based in West Sussex, Brighton & Hove or East Surrey
- has 5-50 full time equivalent employees
-been trading for 2 years or more
-has an annual turnover of under £10 million
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Grants will be awarded between £5,000 and £25,000.
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More details can be found here: Coast to Capital Grant
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FINANCIAL SUPPORT FROM ARTS COUNCIL (UPDATED 1 APRIL 2020)
The Arts Council has launched a £20 million pound scheme to offer financial support to individuals affected by COVID-19
who work in the cultural sectors, including artists, creative practitioners and freelancers.
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Grants are available of up to £2,500.
The first round opens on 9th April, wth the second round opening on 16th.
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More details can be found here: Arts Council Grant
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CARRYING OVER HOLIDAY LEAVE ( updated 28 March 2020)
New rules were announced yesterday to enable workers to carry forward unused annual leave into the next two leave years.
Currently the rules state that most workers get a minimum of 28 days holiday, including bank holidays, which must be taken in the leave year, under a "Use it or Lose it" rule.
The new regulations will allow up to 4 weeks of unused leave to be carried forward into the next 2 leave years, giving more flexibility to employers on granting leave, at a time when it could leave them short-staffed due to COVID-19 and easing the requirements on business to ensure that workers take the statutory amount of annual leave in any one year.
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More information can be found here: Carry Over Annual Leave Revised Rules
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SELF-EMPLOYMENT INCOME SUPPORT SCHEME ( updated 27 March 2020)
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95% of self-employed will be eligible for a taxable grant worth 80% of their profits, up to £2,500 a month, where their income has been negatively impacted by COVID-19.
You will be eligible if:
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you are registered as self-employed
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currently trading
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get the majority of your income from self-employment
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your trading profits are less than £50,000 per year, averaged out over 3 years
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have filed your 2018-19 tax return
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have lost trading profits due to COVID-19
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You cannot apply for this scheme yet.
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You will be contacted directly by HMRC, who will invite you to apply online if you are eligible.
Please watch out for scams-see our blog post.
The grant will paid directly into your bank account, in one installment
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Those who are late submitting their 2019 tax return have been given until 23 April 2020 to submit, to be eligible for the grant.
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More information on this and other help available to the self employed can be found here:
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CORONAVIRUS JOB RETENTION SCHEME (updated 27 March 2020)
This involves employers placing their employees on furlough- in effect a temporary leave of absence where they do not work.
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The government will give employers who have to do this because of COVID-19, a grant to cover 80% of the employees' usual wage cost to a maximum of £2,500 per employee per month, plus the associated Employer National Insurance & minimum automatic enrollment pension contributions on that wage.
The scheme is open to all UK employers that had created and started a PAYE scheme on 28 February 2020, and have a UK bank account.
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Furloughed employees must have been on your PAYE payroll on 28 February.
To be eligible for the subsidy an employee cannot undertake ANY work for or on behalf of the business.
The employees wage will be subject to the normal tax & other deductions.
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Employers must pay their employee the lower of 80% of their regular wage or £2,500 per month.
An employer can choose to top this up, but are not obliged to under this scheme.
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Claims will be made through an online portal ( which is not yet live)
You can only submit one claim at least every 3 weeks. Claims can be backdated until 1 March.
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Any grant received will need to be included as income in the businesses calculation of taxable profits, with the employment costs deducted as normal.
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The scheme is initially for 3 months but may be extended.
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More detailed information can be found here:
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HMRC BUSINESS HELPLINE NUMBER
Due to high demand HMRC have recently changed the number for their dedicated coronavirus helpline.
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The number to call is 0800 024 1222
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It is open 8am to 4pm Monday to Friday.
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VAT PAYMENTS DEFERRAL ( updated 2 April 2020)
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VAT payments due from 20 March to 30 June 2020 will be deferred. UK VAT registered businesses will not need to make those payments until March 2021.
If you normally pay by direct debit you should cancel this in sufficient time so that HMRC do not attempt to automatically collect it on receipt of your VAT return.
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INCOME TAX PAYMENTS
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The second self -assessment payment on account due in July 2020 under Self-Assessment can be deferred until January 2021.
All tax payers can take advantage of this deferral, not only the self-employed.
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STATUTORY SICK PAY
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Businesses with fewer than 250 employees will be eligible for a refund to cover up to 2 weeks' SSP per eligible employee who has been off work due to COVID-19
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BUSINESS INTERRUPTION LOAN SCHEME
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SME's will have access to loans, overdrafts, invoice finance of up to £5 million and for 6 years
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The government will make a business Interuption Payment to cover the first 12 months of interest payments and any lender-levied fees, meaning smaller business will benefit from no upfronnt costs & lower intial repayments
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More details can be found here:
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ADDITIONAL INFORMATION ON THE GOVERNMENT SCHEMES CAN BE FOUND HERE:
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https://www.businesssupport.gov.uk/coronavirus-business-support/