With the COVID-19 pandemic still impacting businesses worldwide, and with a range of supportive schemes being introduced by the UK Government, it is hard to understand how to access these schemes and if you’re even entitled.
To help businesses understand what they can, and cannot claim on, we’ve answered some of our most frequently asked questions below.
If you don’t see the answer in this blog, please feel free to contact us with any query you may have.
Can I furlough myself as a director?
Yes, as long as the only work you do is legislation work, i.e. filling out your tax return. This means you cannot continue to bring in any income-generating work while furloughed.
I am a self-employed worker can I get any help?
Yes, as long as you have made at least 1 tax return you would be eligible.
The HMRC has started to email self-employed workers directly about a taxable grant.
You can check if you may be eligible here.
We don’t have an office or a shop, can we claim the business rates relief?
No, this is only available to people who have been paying business rates. It cannot be used to pay for your home office or any other bill, including your council tax.
I started my business within the last 12 months, is there help for me?
Yes, but only if you have already filled in a tax return as this is how the HMRC is calculating how much aid you are entitled to.
However, please note that you may be entitled to deferments on any VAT or tax amounts that you may owe.
For more information please go here.
If I am eligible for the self-assessment grant, when can I expect the money?
The HMRC will begin sending out the forms to all those who are eligible from the middle of May 2020. HMRC has stated that they hope funds will be with those eligible by late June 2020, but this could change.
Can I get a business loan from the Government?
There is a business interruption loan that is available to eligible businesses.
You can apply for a loan if your business:
- is based in the UK
- has an annual turnover of up to £45 million
You need to show that your business:
- would be viable were it not for the pandemic
- has been adversely impacted by the coronavirus
For more information in regards to these loans and the eligibility criteria, please go here.
Can I defer my VAT payments?
Yes, but like all the Government schemes, you need to be eligible to do so.
You can only defer for:
- quarterly and monthly VAT return payments for the periods ending in February, March, and April
- payments on account due between 20 March 2020 and 30 June 2020
- annual accounting advance payments due between 20 March 2020 and 30 June 2020
For more information see the Government website.
Information on this blog is correct as at the time of publishing (7th May 2020), and may be subject to policy changes from HMRC and the Government