Are you a business owner?

 

We have a close working relationship with the accountancy firm Fergusons & Peters in Swansea. Now with all the uncertainty surrounding the Corona Virus they have published the below useful report. In particular, if you run your own business this will provide you with some useful information and guidance.

 

Fergusons & Peters have provided a Link to a COVID 19 budget factsheet that may help you understand the measures that will shortly be in place from the Government.

 

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/872618/Covid-19_Budget_fact_sheet_FINAL__1_.pdf

 

Cashflow

We would urge all clients to review their regular outgoings and consider:

 

1)     Which expenses can be cancelled short term

2)     Which expenses can you arrange a holiday from

3)     Which expenses can you arrange time to pay on

 

HMRC have announced that they are providing support to businesses by directing additional man power to phone lines arranging time to pay on HMRC liabilities.

 

This dedicated phone line is

 

0800 0159 559

 

Staff – Short Term

 

We understand that with the increase in Corona Virus threats, there will be concerns for employers regarding Statutory Sick Pay.

In order to ease some confusion, we have summarised the following points:

 

  • Should employees contract the virus or have a need to self-isolate, the employee will be eligible for SSP from day 1. The standard SSP rules where the first 3 shifts missed are unpaid will not apply in these cases.
  • SSP will still be £94.25 per week
  • Although HMRC haven’t yet put the reclaim infrastructure in place, you will be able to claim back SSP in the case of those employees
  • HMRC have advised that until the procedure is in place to make a claim, you make detailed records of each employee that is self-isolating/on sick leave
  • You will be able to reclaim up to a total of 2 full weeks SSP (a maximum total of £188.50) per employee
  • Although fit notes are not required, HMRC “strongly encourage” employers to ask for evidence from their employees

 

In addition to the above points, please note that only companies with 250 employees or less at 28th February 2002 will be eligible to reclaim the SSP.

 

https://www.gov.uk/government/publications/support-for-those-affected-by-covid-19/support-for-those-affected-by-covid-19

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

 

Staff – Long Term

 

If the Corona Virus is to be with us over a longer term, you may be forced to consider laying off staff or arranging flexible home working. These procedures will be governed by the content of your staff contracts.

 

Self Employed

 

HMRC have made claiming for Contributory Employment Support easier and the cashflow impact quicker. This support is based on your National Insurance Contributions year record. If you do not have enough qualifying years, you can apply for the Employment Support Allowance. This is means tested and will include your partners income.

 

For more help you can phone the Department of Work and Pensions Helpline on

 

0800 169 0154

 

We hope the above post helps

 

Thank you for everything. The service, professionalism and effort has been above what would be expected. Thank you. Richard & Laura
Mr Richard Price-Deer
(Cae Castell, Loughor, Swansea)