PROMOTION Could your business be entitled to help during the Coronavirus pandemic? Sarah Gardner, Chartered Accountant and Chartered Tax Adviser at Dixcart UK, explains some of the key measures the govemment has announced to help businesses through these difficult times ORONAVIRUS JOB RETENTION made, but any direct debits will need to be cancelled. Any VAT deferred must be paid by 31 March 2021. SCHEME The government will pay a grant of 80% of wages, up to £2,500 per month, plus the associated Employer NICS and CORONAVIRUS BUSINESS INTERRUPTION LOAN SCHEME minimum automatic enrolment employer pension Loans of up to £Sm are available to UK based contributions for employees who are not working due to the impact of Coronavirus but kept on the businesses with turnover of up to £45m. The government will make a payment to cover interest payroll. Businesses can top up the payments but are not required to do so. The temporary scheme by lenders partnering with the British Business is in place for 3 months from Ist March but may be Bank, and the government will guarantee 80% and fees for 12 months. The loans are delivered extended. Toclaim, businesses should designate affected employees as furloughed, notify employees and obtain their agreement in writing. Record of such written agreement should be kept for 5 years. Claims will be made on an online portal which is, at the time of writing, still under of the loan. Lenders are not permitted to ask for guarantees for loans under 250,000. A scheme is also available for larger businesses. TIME TO PAY The Time to Pay scheme enables businesses and development. Changing the employees' status individuals in financial difficulties to negotiate is subject to existing employment law. Furlough must last a minimum of 3 weeks. During furlough scheme has been scaled up to help taxpayers deal payment terms for outstanding liabllities. This with difficulties relating to Coronavirus. The telephone mumber is 0800 024 1222 and lines are open Monday-Friday Bam-spm. period employees must not provide services to or generate revenue for the employer. VAT All UK VAT registered businesses are entitled to a VAT deferral from 20 March until 30 june 2020. No To speak to our friendly team of accountants, tax advisers or lawyers about any of the above or the VAT needs to be paid within that period, but VAT other measures announced such as business rate returnsshould be filed as normal The deferral bolidays, cash grants and the refund of Statutory Sick Pay please contact us. applies automatically and no claim needs to be Accountarcy and tax senices ae provided by Dcat intemutioral Umted which aregated by the nttte of Cartered Aoourtrts in England s Wales Logal and innignton services are provided ty Docart Legal Limied wich satorted and reguted by the Soictors Regetion Autority o 612167 Dixcart House, Addlestone Road, Bourne Business Park, Addestone, Surrey KT15 2LE 0333 122 0000 hello@dixcartuk.com www.dixcartuk.com PROMOTION Could your business be entitled to help during the Coronavirus pandemic? Sarah Gardner, Chartered Accountant and Chartered Tax Adviser at Dixcart UK, explains some of the key measures the govemment has announced to help businesses through these difficult times ORONAVIRUS JOB RETENTION made, but any direct debits will need to be cancelled. Any VAT deferred must be paid by 31 March 2021. SCHEME The government will pay a grant of 80% of wages, up to £2,500 per month, plus the associated Employer NICS and CORONAVIRUS BUSINESS INTERRUPTION LOAN SCHEME minimum automatic enrolment employer pension Loans of up to £Sm are available to UK based contributions for employees who are not working due to the impact of Coronavirus but kept on the businesses with turnover of up to £45m. The government will make a payment to cover interest payroll. Businesses can top up the payments but are not required to do so. The temporary scheme by lenders partnering with the British Business is in place for 3 months from Ist March but may be Bank, and the government will guarantee 80% and fees for 12 months. The loans are delivered extended. Toclaim, businesses should designate affected employees as furloughed, notify employees and obtain their agreement in writing. Record of such written agreement should be kept for 5 years. Claims will be made on an online portal which is, at the time of writing, still under of the loan. Lenders are not permitted to ask for guarantees for loans under 250,000. A scheme is also available for larger businesses. TIME TO PAY The Time to Pay scheme enables businesses and development. Changing the employees' status individuals in financial difficulties to negotiate is subject to existing employment law. Furlough must last a minimum of 3 weeks. During furlough scheme has been scaled up to help taxpayers deal payment terms for outstanding liabllities. This with difficulties relating to Coronavirus. The telephone mumber is 0800 024 1222 and lines are open Monday-Friday Bam-spm. period employees must not provide services to or generate revenue for the employer. VAT All UK VAT registered businesses are entitled to a VAT deferral from 20 March until 30 june 2020. No To speak to our friendly team of accountants, tax advisers or lawyers about any of the above or the VAT needs to be paid within that period, but VAT other measures announced such as business rate returnsshould be filed as normal The deferral bolidays, cash grants and the refund of Statutory Sick Pay please contact us. applies automatically and no claim needs to be Accountarcy and tax senices ae provided by Dcat intemutioral Umted which aregated by the nttte of Cartered Aoourtrts in England s Wales Logal and innignton services are provided ty Docart Legal Limied wich satorted and reguted by the Soictors Regetion Autority o 612167 Dixcart House, Addlestone Road, Bourne Business Park, Addestone, Surrey KT15 2LE 0333 122 0000 hello@dixcartuk.com www.dixcartuk.com