Here at the Made in Group, we understand the pressures your business may be facing at the moment due to the outbreak of COVID-19. Therefore you will see below a number of measures that you may not have thought, but may apply to your business:
- VAT: All VAT Returns should be submitted as normal however the payment can be deferred until 30th June. HMRC have confirmed they will try and collect the DD in the normal way so it is up to the business to cancel the DD.
- PAYE: Under time to pay, if your contact HMRC with your PAYE ref they are providing deferment for up to 3 months.
- SSP: If an employee is of ill due to the virus the company should pay from day 1 and can reclaim the SSP in full. There is no mechanism set up for this reclaim as yet but I suggest deducting from normal PAYE when this is paid.
- Payroll: There is a payroll subsidy available for all businesses where employees are furloughed instead of being made redundant. This can be backdated to 1.3.20. The max funding is for 80% of gross pay costs to max of £2,500 per month. This equated to a gross annual salary of £37,500. If you pay 80% pay, the company can recover the gross pay. Presently there is no mechanism set up to pay companies and funding is not expected for a few weeks. This means you will need to fund the wages and maybe use the time to pay arrangements above. It is not clear yet whether this will cover employees on reduced hours or just those not working.
- If you have any self assessment to pay on 31.7.20, this is deferred until 31.1.20.
- Business interruption loans are being made available via the British Business Bank. Loans will be 80% guaranteed by UK GOV and interest free for 12 months. It will need to be a sound business proposal. https://british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils. This only applies to companies with a turnover up to £45m
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