Please note that from 23 March 2020 HM will be operating remotely.

Please note that from 23 March 2020 HM will be operating remotely.

Our team can be contacted through their e-mail addresses as set out on the website or by the office telephone number of 028 90 445 100. We are also making extensive use of Microsoft Teams, Zoom and Skype to facilitate communication. Please see our guidance on Covid19 government support below

 

The Government have made various announcements in recent weeks concerning the support available for businesses in light of the coronavirus pandemic. The position is changing daily and, therefore, affected businesses should regularly check the Government’s website here for updates on the support available for businesses .  All the measures outlined at the attached apply for Northern Ireland with the exception of business rates.  The support available for Northern Ireland business rates is outlined here  

To date the Government have announced support for businesses as follows:

  • Coronavirus Job Retention Scheme – 80% subsidy (max. £2,500 per month) for the wages of retained workers who are furloughed, i.e. given a leave of absence from work.  Further details concerning this scheme are available here

 

  • Coronavirus Business Interruption Loan Scheme – a Government backed guarantee for borrowing of up to £5m with the first 12 months interest being covered by the Government.  Further details are available here

 

  •  Self-employment Income Support Scheme – a taxable grant of 80% of trading profits up to a maximum of £2,500 per month for 3 months.  It applies to self employed individuals or members of a partnership provided that self-employed profits are less than £50,000 and are more than half of total taxable income.  The threshold of £50,000 is determined by reference to the 2018/19 tax year or an average of profits for 2016/17, 2017/18 and 2018/19.  Further details are available here

 

  • Statutory Sick Pay – a potential reclaim of 2 weeks sick pay per employee who is absent from work due to coronavirus.

 

  • VAT – a deferral of VAT liabilities due for payment in the period from 20 March 2020 to 30 June 2020.  VAT registered businesses who pay by direct debit must contact their bank to ensure this is cancelled before the due date of collection by HMRC.  VAT repayments will, however, still be repaid. VAT returns should be submitted as normal.

 

  • Income tax – payments on account for self-employed individuals due on 31 July 2020 will be deferred until 31 January 2021.

 

  • A business rates holiday for 3 months, proposals for a reduction in the regional business rate and a deferral of rates bills being issued from April to June.

 

  • Cash grants of £10,000 or £25,000 depending on rateable values with the higher grant being for businesses in the retail, tourism and hospitality sectors.  Applications for the £10,000 grant can be made by following this link

 

  • Time to pay arrangement facilities may also be arranged with HMRC for businesses and self-employed individuals in financial distress due to the coronavirus pandemic. 

 

We are constantly reviewing the support and guidance issued by the Government and, therefore, please contact us if you have any queries concerning the support available and we will endeavour to assist you at this difficult time. 

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