This is a new scheme announced by the Chancellor which allows businesses to access loans of up to £50,000.
You need to apply direct with your bank. All you need to do is fill out the simple form provided by your bank and the money will be sent to you.
All businesses qualify for this scheme except those that:
– Are not based in the UK
– Have not been affected by Coronavirus
– Are currently in financial difficulty
The loan is designed to be quick and simple to access, with the government paying the first 12 months interest on the loan. No capital repayments will be required on the loan for the first 12 months and the loan is capped at 2.5% for all providers
The British Business Bank has some very useful information on the Scheme which can be found here:
Yes you can. The amount you can claim will be based on your basic salary put through PAYE.
Yes they can, however they cannot undertake work for or on behalf of the business. It is possible to provide training to employees while on furlough.
Part time employees will be assessed on their actual salary before tax and bonuses on 28 February 2020.
For employees whose pay varies such as zero hours contract employees will be assessed on the higher of either:
– the same months earnings for the previous year
– average monthly earnings for the 2019/20 tax year
If the employee has not worked for more than a year, you can claim for an average of their monthly earnings since they started work.
The Coronavirus Job Retention Scheme site is now live, follow the link below to make your application.
Yes, you will run your March payroll as usual, paying your employees their salary as usual. Once the HMRC system is up and running you will be able to recover the money from HMRC.
You can recover up to 80% of a furloughed employees salary, or £2,500 whichever is lower. It is up to the employer whether they make up the 20% difference between the amount paid and the amount recovered from HMRC.
While this is assessed on a case by case basis, all businesses which are eligible for small business rates relief, or currently pay no rates will be paid a £10,000 grant by their local council.
All businesses in the retail, hospitality and leisure industries will be given a 100% rates holiday for 2020/21
Businesses in the retail, hospitality and leisure industries with a rateable value between £15,000 and £51,000 will be paid £25,000 per property.
In these uncertain times we are here to help you with all your questions regarding the government response to the Coronavirus pandemic.
Please follow the link below to stay up to date with developments as they occur.
Coronavirus Frequently Asked Questions
Welcome to Villars Hayward LLP Chartered Accountants
We are a 2 partner firm of Chartered Accountants based in Henley-on-Thames. We have widespread expertise in many areas of taxation and accountancy, and work for a wide range of clients, from larger international clients to owner managed businesses of all sizes, their families and individuals generally.
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