Page 8 - Abstract Creative Studio AKM Client Success Story

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Covid 19 Support Summary
This sheet is for information only – Always seek professional advice
employee furloughing
VAT - payment deferral
opportunity
opportunity
Coronavirus Job Retention Scheme to pay 80% of employees earnings and recover this from HMRC on application.
Defer payments due up to 30 June 2020
actions required
- Submit your VAT Return as normal
- Cancel any Direct Debit in place with
- Review the guidance and take action as appropriate -
HMRC – Remember to reinstate at a later date
https://www.gov.uk/guidance/claim-for-wag e-costs-through-the-coronavirus-job-reten tion-scheme
- Consult with HR Professionals, we can
points to note
help with this, ask about our Free HR Advice Line.
- You must still submit your VAT Return
- Lats VAT Return periods covered is to 30
points to note
April 2020
- No application required
- No interest payable
- Vat deferred must be paid by 31 March 2021
- No indication that this deferral will be
- Minimum period of each claim/furlough period is 3 weeks
extended
- You may claim back 80% plus Employer’s NICs and Employer’s Pension contributions until July 2020 – The employer claim back will be reduced from August 2020
self assessment – payment deferral
- There will be flexibility to bring employees back part time from August 2020
opportunity
- HMRC portal to claim is open - HMRC will operate a pay now, check later system, so take care when submitting claims
Defer payment due on 31 July 2020
actions required
points to note
- No application required
- Applies to ALL with payment becoming due
- No interest payable
- Deferred payment must be paid by 31
January 2021
technical@akmaccountingsolutions.co.uk Connect with us on social
01252 494001
keeping you
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Covid 19 Support Summary
This sheet is for information only – Always seek professional advice
ssp rebate scheme
business interruption loan scheme
opportunity
opportunity
To claim back SSP paid as a result of Covid 19
Government backed borrowing scheme up to £5Million
actions required
actions required
Review the guidance here prior to claiming - https://www.gov.uk/guidance/claim-backsta tutory-sick-pay-paid-to-employees-due-to -coronavirus-covid-19
Contact your bank in the first instance
points to note
- 80% backed by Government
- No fees or interest charges for 12 months
- Personal guarantees not required for loans
- Opens 26 May 2020
- Apply online
- For employers of less the 250 employees
- Employee must have been unable to work
up to £250,000
- Must certify not in difficulty as at
because they had coronavirus, were self-isolating and unable to work from home or were shielding because they have been advised that they are at high risk of severe illness from coronavirus
December 2019
- Up to 6 years to repay for loans, 3 years for
opportunity
points to note
Grant from your local council for £10,000
- If you qualify for Small Business Rate Relief, you will qualify for this grant
actions required
- Grant is not repayable to your local council
- The grant is taxable, but not VATable
- Payments expected as resources allow –
Your local council will be in touch to invite an application – Contact them if in doubt
Most expected by the end of April 2020
small business grant funding
points to note
other lending (overdrafts, invoice funding)
– Payment free in year 1
- Supporting documents may be required –
Cash flow, management accounts, business plan, asset list
technical@akmaccountingsolutions.co.uk Connect with us on social
01252 494001
keeping you
up to date
up to date
Covid 19 Support Summary
Covid 19 Support Summary
bounce back loans
retail, hospitality and leisure industries
This sheet is for information only – Always seek professional advice
opportunity
opportunity
paye & nic - time to pay
self employed income support scheme
100% Government backed borrowing scheme up £50,000 or 20% of turnover
Obtain a grant from your local council for up to £25,000 and 100% business
rates relief for 2020/21
opportunity
opportunity
actions required
actions required
Negotiation to defer PAYE & NIC payments
Obtain a grant from HMRC to cover an average of 3 months profits up to £2,500 per month
Contact your bank in the first instance
Contact local council for more information
actions required
points to note
points to note
Call HMRC on 0800 024 1222 or 0800 0159 559
actions required
- 100% backed by Government
- No fees or interest charges for 12 months - Personal guarantees not required
- Must certify not in difficulty as at 31
- Rateable Value of under £15,000 will attract a lower grant of £10,000
points to note
Check eligibility online – If eligible, you will need your Government Gateway logins credentials (or create an account) and UK bank account details
December 2019
- 6 years to repay – payment free in year 1 - Very simple application process without
- Rateable Value of £15,000 to 351,000 will attract a grant of £25,000
- Time period subject to negotiation
- Late payment interest continues to accrue
points to note
the need for supporting documents
- Grant is not repayable to your local council
- The grant is taxable, but not VATable
- Most payments already made
corporation tax - time to pay
- Based upon average of prior 3 years profits
- Must still be self employed
- You may continue working
- Does not apply to OMBs of Limited Co’s
opportunity
- Your accountant is not allowed to claim on your behalf
Negotiation to defer Corporation Tax payment
- The grant is not repayable to HMRC
- The grant is taxable, but not VATable
- Payments expected within 6 working days
actions required
of claim
- The scheme may be extended
- If you are not eligible, you may qualify
Call HMRC on 0800 024 1222 or 0800 0159 559
for Universal Credit
points to note
- Time period subject to negotiation
- Late payment interest continues to accrue
technical@akmaccountingsolutions.co.uk Connect with us on social
technical@akmaccountingsolutions.co.uk Connect with us on social
01252 494001
keeping you
This sheet is for information only – Always seek professional advice
01252 494001