Government Support Updates for Businesses - 27th March 2020

Covid-19 Support Updates For Businesses & SMEs Update for March 27th 2020

As accountants and tax advisors, we believe it is our priority to share with you the recent updates for UK based SMEs so you feel more comfortable and confident with what is available for you. Here are today's updates:

Self-Employment Income Support Scheme:

• Available for businesses with profits up to £50k
• 80% of an individual's monthly profit or £2,500 per month (whichever is lower)
• Based on 3 year's average trading profits (if you have run your business for less than 3 years, you must file all the accounts you have)
• You must have filed your 2018/19 tax return

Please note: PSCs who pay themselves a salary and dividends will not be eligible for the self employed scheme. They are covered by the Job Retention Scheme if they are operating PAYE schemes.

HMRC Coronavirus Helpline Number:

The number has been updated to support businesses & the self-employed: 0800 024 1222

VAT Deferral Scheme:

This is a reminder that although your VAT will be automatically deferred you must update your direct debits if you have them set up as they will be automatically deducted. VAT returns must still be filed on the same deadlines. Read our article for full details on the scheme, here.

Personal Tax Return Submission Extension:

If you were late filing your 18/19 tax return and missed the 31 January deadline, HMRC have created a final deadline of Thursday 23 April 2020. You must file before this date to avoid penalties.Please continue to stay updated through our Instagram and blog, and we are hosting a weekly Q&A session live on Thursdays at 14:00 UK Time. We are here to help, so if you have concerns or questions, please do get in touch. We currently have our FREE to download 10 step business survival guide available to download here, we hope you find it useful.