You may have already seen the update on Friday, but I thought I would summarise the main points, and hopefully this can give you all some foundation to base any decisions on for the immediate future. Many of our clients return to some form of trading this week, and others now have some idea of how the route back to trading looks for them over the coming weeks and months. Whatever this looks like for you, we hope that things can return to some level of normality for us all as quickly as possible, and businesses are back to full strength soon. If you need any assistance with planning for the road ahead, please get in touch.
I am getting in touch today to summarise some of the support that is currently available. The reason we are putting out so many updates, is to furnish you with enough information to get access to the funds and support that you are entitled to, however you then need to act on this if you want to receive the support. The support WILL NOT be paid automatically and you are required to submit applications for every one of the schemes, unfortunately we have been told that we ARE NOT able to assist with the application directly, which is why we are trying our best to point you in the right direction and give you as much information to hopefully make it a little easier for you to get access to these funds.
COVID-19 Update 04/05/2020
As promised, we are sending over an update on the guidance update released today, both the Eligibility Test for the Self Employment Support Scheme and the Business Bounce Back Loan Scheme Application Process have went live today, and details are featured below.
Coronavirus Update 02/05/2020
Just a quick update on some information we were sent tonight by our Regulatory Body, the Certified Public Accountants Association on what is to be expected when the Self Employed Income Support Scheme goes live and we have detailed this below.
Coronavirus Update 30/04/2020
Today the Scottish Government announced the eligibility criteria and launched the application process for the additional funding support. I have summarised the details below, as always you can get in touch if you have any questions about your specific situation.
Chancellor promises support for Self Employed
Tonight Rishi Sunak announced further measures to support the self employed earners, who have previously been told Universal Credit or Employment Support Allowance would be their only option of support. He has tonight promised to provide grant funding to any self employed earners to reimburse 80% of their NET monthly profits, for the next 3 months up to a value of £2,500 per month, and the option to extend this if required. This would mean in order to get the full £2,500 you would need to be earning £3,125 per month (80% of which, is £2,500).
Another Coronavirus Update...
I picked up on another couple of bits of information today, which I have outlined below in relation to VAT and Limited Company Year End filing requirements.
There was also a bill proposed to Parliament on Monday to provide a more comprehensive benefit scheme for self employed sole traders and freelancers. It is proposed to reimburse upto 80% of your NET monthly income. This will be assessed by taking an average of the last 3 years tax calculations (SA302s).
Local Authority Funding - Business Grants
We have just went through the application process for the £10,000 grant funding, via West Dunbartonshire Council, to ascertain what is involved, this can be accessed by setting up a My Gov Scot Account, through the link below and is fairly straightforward
Coronavirus Update 23/03/2020
Boris Johnson tonight announced stricter measures to combat the spread of the Corona Virus, by ordering all shops, places of worship and non-essential workplaces to close and non essential travel to immediately cease. Please just follow the government guidelines, stay at home or self isolate where required, and hopefully we can be over the worst of this in weeks rather than months.