Covid-19 Resources
We have created this hub of useful links and documents that will be available to you throughout the Coronavirus outbreak. We want to make sure you are aware of all of the resources out there that are available for you and/or your business.
Health and well-being are the most important things right now and so we have made the decision that where possible, our team will be working remotely. We ask for all enquiries to be sent to info@xebraaccounting.co.uk, where we will reply to all emails as soon as possible.
SUPPORT FOR BUSINESSES
The Coronavirus Job Retention Scheme allows employers to claim a percentage of employees wages (up to a maximum of £2,500 per employee) that have been furloughed.
30 November 2020 is the last day you can submit claims for periods ending on or before 31 October 2020. After this date you will not be able to submit any further claims or add to existing claims.
Find out more: Coronavirus Job Retention Scheme - GOV.UK
Employers can use the Coronavirus Statutory Sick Pay Rebate Scheme to claim back employees' coronavirus-related Statutory Sick Pay (SSP). Employers can claim back up to 2 weeks of SSP if:
- they have already paid your employee’s sick pay (use the SSP calculator to work out how much to pay)
- they’re claiming for an employee who’s eligible for sick pay due to coronavirus
- they have a PAYE payroll scheme that was created and started on or before 28 February 2020
- they had fewer than 250 employees on 28 February 2020 across all your PAYE payroll schemes
Find out more: Coronavirus Statutory Sick Pay Rebate Scheme - GOV.UK
The Job Support Scheme has been designed to protect viable jobs in businesses who are facing lower demand over the winter months due to Covid-19, to help keep their employees attached to the workforce.
- Employees will need to work a minimum of 33% of their usual hours. For every hour not worked, both the employer and the government will pay one third of the employee’s usual pay (government contribution capped at £697.92 per month)
- Employees using the scheme will receive at least 77% of their pay, where the government contribution has not been capped
- The employer will be reimbursed for the government contribution
- The employee must not be on a redundancy notice
All Small and Medium-Sized Enterprises (SMEs) will be eligible. Large firms will have to justify and demonstrate that they have been largely affected by COVID-19 before they can claim under this new scheme.
Find out more: Job Support Scheme - GOV.UK
The Job Retention Bonus is a £1,000 one-off taxable payment to employers, for each eligible employee that has been furloughed and kept continuously employed until 31 January 2021.
Businesses will be able to claim the bonus between 15 February 2021 and 31 March 2021. Businesses do not have to pay this money to the employee.
Find out more: Job Retention Bonus - GOV.UK
Businesses in the retail, hospitality and leisure sectors in England will not have to pay business rates for the 2020 to 2021 tax year. The same goes for Nurseries in England. The relief will apply to businesses rates bills for the 2020 to 2021 tax year. Local councils may have to reissue a bill, but will do this as soon as possible.
Find out more: Business Rates Relief - Hospitality & Leisure
Find out more: Business Rates Relief - Nurseries
Businesses who deferred VAT due from 20 March to 30 June 2020 will now have the option to pay in smaller payments over a longer period.
Instead of paying the full amount by the end of March 2021, you can make smaller payments up to the end of March 2022, interest free.
You will need to opt-in to the scheme, and for those who do, this means that your VAT liabilities due between 20 March and 30 June 2020 do not need to be paid in full until the end of March 2022.
Those that can pay their deferred VAT can still do so by 31 March 2021.
Find out more: VAT Payment Deferrals - GOV.UK
The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000.
The government guarantees 100% of the loan and there won’t be any fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% a year.
Find out more: Coronavirus Bounce Back Loan - GOV.UK
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SUPPORT FOR SELF-EMPLOYED & SOLE TRADERS
The Self-Employment Income Support Scheme Grant Extension provides critical support to the self-employed in the form of two grants, each available for three month periods covering November 2020 to January 2021 and February 2021 to April 2021.
The Government will provide a taxable grant covering 40% of average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £3,750 in total.
The Government are providing broadly the same level of support for the self-employed as is being provided for employees through the Job Support scheme.
Find out more: Self-Employment Income Support Scheme Grant Extension - GOV.UK
The deadlines for paying your tax bill are usually:
- 31 January - for any tax you owe for the previous tax year and your first payment on account
- 31 July for your second payment on account
Because of Coronavirus, you can delay making your second payment on account. You’ll not be charged interest or penalties as long as you pay before 31 January 2021.
Find out more: Self-Assessment Tax Bill - GOV.UK
Universal Credit is a monthly payment to help with living costs. Individuals may be able to get it if on a low income, out of work or if they cannot work. The Universal Credit payment will be based on the earnings reported at the end of each monthly assessment period.
If you are both self-employed & employed your Universal Credit payment will be calculated based on your combined earnings from self-employment and employment.
Find out more: Universal Credit - GOV.UK
Covid-19: Additional Information
Help and support is being announced every day...
Changes to our upcoming workshops
We're going virtual...
Covid-19: Guidance from us at Xebra Accounting
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SUPPORT FOR EMPLOYEES
Employers can use the Coronavirus Statutory Sick Pay Rebate Scheme to claim back employees' coronavirus-related Statutory Sick Pay (SSP). Employers can claim back up to 2 weeks of SSP if:
- they have already paid your employee’s sick pay (use the SSP calculator to work out how much to pay)
- they’re claiming for an employee who’s eligible for sick pay due to coronavirus
- they have a PAYE payroll scheme that was created and started on or before 28 February 2020
- they had fewer than 250 employees on 28 February 2020 across all your PAYE payroll schemes
Find out more: Coronavirus Statutory Sick Pay Rebate Scheme - GOV.UK
The Job Support Scheme has been designed to protect viable jobs in businesses who are facing lower demand over the winter months due to Covid-19, to help keep their employees attached to the workforce.
- Employees will need to work a minimum of 33% of their usual hours. For every hour not worked, both the employer and the government will pay one third of the employee’s usual pay (government contribution capped at £697.92 per month)
- Employees using the scheme will receive at least 77% of their pay, where the government contribution has not been capped
- The employer will be reimbursed for the government contribution
- The employee must not be on a redundancy notice
All Small and Medium-Sized Enterprises (SMEs) will be eligible. Large firms will have to justify and demonstrate that they have been largely affected by COVID-19 before they can claim under this new scheme.
Find out more: Job Support Scheme - GOV.UK
A payment holiday (also called a freeze or deferral) is a period of time agreed with your lender, when you don’t have to make mortgage payments. A partial payment holiday is when your lender lets you make reduced payments.
Payment holidays are designed to help if you’re finding it hard to make payments – in this case because of coronavirus.
If you’ve not taken a mortgage payment holiday yet, you have until 31 October 2020 to apply for one. If you’ve already taken a payment holiday, but are still struggling with your payments, you also have until 31 October 2020 to apply for another payment holiday or partial payment holiday.
Find out more: Mortgage Holidays - Coronavirus
You may be able to claim tax relief for additional household costs if you have to work at home on a regular basis, either for all or part of the week. This includes if you have to work from home because of coronavirus (COVID-19).
You cannot claim tax relief if you choose to work from home.
Additional costs include things like heating, metered water bills, home contents insurance, business calls or a new broadband connection. They do not include costs that would stay the same whether you were working at home or in an office, such as mortgage interest, rent or council tax.
You may also be able to claim tax relief on equipment you’ve bought, such as a laptop, chair or mobile phone.
Find out more: Tax Relief - GOV.UK
Redundancy is a form of dismissal from your job. It happens when employers need to reduce their workforce. You must be selected for redundancy in a fair way, for example because of your level of experience or capability to do the job. You cannot be selected because of age, gender, or if you’re disabled or pregnant. If you are, this could be classed as an unfair dismissal. If you’re being made redundant, you might be eligible for certain things, including:
- redundancy pay
- a notice period
- a consultation with your employer
- the option to move into a different job
- time off to find a new job
Find out more: Redundancy - GOV.UK
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