Accountants and Bookkeepers in Malvern - Turl & Co

Corona Virus Update


Turl &Co – Bulletin 23 rd March 2020

We know that the Corona Virus pandemic is adversely affecting many of the individuals and
businesses that we represent and will do all that we can to support you through these challenging
times. This is the latest in a series of bulletins giving advice to businesses following the daily
government briefings.

Job Retention Scheme

All UK employers will be able to access this scheme which involve identifying employees without
work who can put on furlough. This will entitle them to 80% of their wages, up to a maximum of
£2,500 per month, to be paid by the Government. Unfortunately, the systems to make this work are
not yet in place and may take some time to set up. We will advise again when we have more details.

VAT Payments

VAT returns need to be prepared and submitted as usual, however any payments due between 20 th
March until 30 th June 2020 can be deferred. In other words, you do not need to make payment at
this point.

Self-Assessment Tax Payments

Any payments on account of self-assessment tax by the self-employed due in July 2020 will be
deferred under 31 st January 2021. Additionally, if you owe HMRC payments of tax you can use the
Time To Pay offer by calling them on the dedicated helpline – 0800 0159 559.

Retail, Hospitality &Leisure Businesses


Businesses that are wholly, or mainly, a shop, restaurant, café, drinking establishment, cinema, live
music venue, hotel, guest house and self-employed accommodation, and located in England, will be
eligible for a business rates holiday for the 2020-2021 tax year. This will be automatically applied by
the local authority.
There is also a cash grant available of up to £25,000 which we have been informed could be issued in
the first weeks of April. The local authority to whom you pay rates will write to you with more
information.

Small Business Grants Scheme


If you have premises that qualify for Small Business Rates Relief (in these cases you receive a rates
bills but receive a 100% discount), there is a £10,000 cash grant available. The local authority will
write to you if you are eligible and we have been advised that this should take place in April.

Corona Virus Interruption Scheme

Many commercial lenders, such as your business bank, are taking part in this scheme which is
available to small and medium sized businesses. This will provide you with a loan which will be
interest free for the first 12 months. There will be no arrangement fee payable. For details contact
your bank.

Universal Credit


The government are making it easier for the self-employed who need to stay at home in isolation or
are sick with symptoms of the virus, to claim Universal Credit. The assumed level of income limit has
been removed. The rate of benefit has also been increased. According to the government website,
a single claimant due the standard allowance will be entitled to a minimum of £409.90 per month.
You can apply for Universal Credit online and the helpline number is 0800 328 5644.

We will update you again as soon as new measures are announced or detail is released on existing
measures. In the meantime we are continuing to work on behalf of all of our clients and wish you
all a safe road through these challenging times.

Turl & Co.


By: Corona Virus Update
On:23-03-2020
Back
Terms & Conditions | Privacy Policy | Turl & Co Ltd.