Coronavirus “Covid-19” Update
At this time of uncertainty concerning the Government’s support for small businesses and the self-employed, we at Carty and Co Accountants are here to help! (And by here, we of course mean at home!)
I have a property.
If your business has a property, then you will be receiving a grant. Check your business rates bill and look for the Rateable Value (RV).
If it is less than £15,000 then you are entitled to a £10,000 grant. If it is between £15,000 and £51,000 then the grant is £25,000.
You don’t need to do anything; the council will contact you in early April. The Government said they will have the money by Friday.
So, what about sick pay?
If you are an employee, then you are entitled to statutory sick pay from day one. You need to speak to your employer and go to 111 online to get a sick note. As an employer the government will refund you two weeks of SSP per eligible employee.
What did I hear about 80% of my salary being paid?
The government has said they will pay 80% of your salary. But… This is only for businesses that cannot afford to pay staff so have “Furloughed” workers. This is where staff have been told not to work but have not been made redundant.
I am self-employed. What about me?
Not a lot has been announced. You can make a claim for Universal Credit or Employment and Support Allowance. However, there are more announcements to come. Going through parliament is the “Coronavirus Bill.” Part of this states that self-employed workers will receive 80% of their monthly net earnings, averaged over the last three years or £2,917, whichever is lower.
The devil with all this is of course in the detail. How is this applied for? When? As soon as this is announced, I will update this blog.
If you have any queries, don’t hesitate to contact us.
Stay safe everyone,
Paul.