COVID-19: Latest Government Announcements - 23rd March, 2020
We are working tirelessly to support our clients ...
Posted by Roger Eddowes on 23/03/2020 @ 8:00AM
With announcements from the Government coming out regularly, it's important that we communicate them as widely as possible. Last Friday, Rishi Sunak unveiled the largest direct state intervention in the economy since World War 2 ...
The Government is releasing updates to their COVID-19 strategy all the time! Subscribe to our mailing list for the latest news!
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I tip my hat to Rishi and Boris for listening to both businesses and trade unions and working with them to come up with a comprehensive lifeline. Last week was certainly one of the worst weeks of my career with so many of you suffering at the hands of an economic earthquake that has led to so many difficult decisions being made.
"For the first time in our history, the British Government is going to step in and help pay people's wages!"
The Government has announced the Coronavirus Job Retention Scheme which will make grants available covering 80% of your employees' salaries, of up to a maximum of £2,500 per worker who is unable to work for three months with employers expected to top up the rest. This will be backdated to the 1st March to assist those who were made redundant last week.
Other important announcements:
VAT - No business will have to pay VAT from now until mid-June and then will have the rest of the financial year to settle
Self Employed - The self-employed will be able to access the Universal Credit at a rate equivalent of statutory sick pay for employees. The next self-assessment payment due on 31st July is deferred until 31st January 2021
Business - The Coronavirus Business Interruption Loan Scheme will be interest free for 12 months instead of 6 and will be launched now
Renters - No renter will be forced out of their home during the crisis. The Local Housing Allowance will cover at least 30% of market rents in a renter’s area
Universal Credit - The standard allowance has been increased for the next 12 months by £1,000 per annum
You may have heard the term 'furlough' used in Friday's announcement and although details are yet to be confirmed, we believe this to be akin to lay-off, but paid, while retaining all employment rights. The Government has promised that, "Any employer in the country – small or large, charitable or non-profit - will be eligible for the scheme". This is incredibly positive news.
We at Essendon are working tirelessly to ensure we are supporting every client wherever we possibly can. Please do not be afraid to contact us whatever time of day it is!
Our own homeworking policies are written up, the IT infrastructure is robust, we are using Zoom Video Conferencing when we need to and we will be having the office sanitised this week using SteriZar fogging solution.
Stay safe everyone!
Until next time ...
Would you like to know more?
If you would like advice on how these measures could help you, your business and your employees, call me on 01908 774320, leave a comment below or click here to ping over an email and let's see how I can help you.
About Roger Eddowes ...
Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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