I hope this update finds everyone safe and well.
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.
£2,000 For Newly Self Employed
- You haven't been able to access any other Corona Virus Support Funds including Universal Credit
- You must be self employed, not a Director of a Limited Company
- If you income was made up of self employment and other income (PAYE, property, etc) then at least 50% of your income in 19-20 must have been generated from Self Employment and it must be less than £50,000
- You are in financial hardship and don't have access to savings
You can apply for the fund here;
Creative or Tourism & Hospitality Hardship Fund - Upto £25,000 Grants!
If your business is based in any of the above sectors, you may be eligible for the grant. There is a list of eligibility;
- Companies with up to 49 employees
- Experienced at least a 50% loss of current or projected revenue
- Not in financial difficulty before 31 December 2019
- Not in receipt of other COVID-19 government grant support, except the Furlough Scheme
- Not for pre-revenue companies
- Must have a business bank account
And in order to apply, the following information must be made available;
- Company information
- Bank Details (You will be asked to upload a copy of a recent bank statement that is a less than 3 months old and shows: account name, sort code and account number)
- Financial information including turnover figure from last year
- 3 month cash flow projection (a template will be provided)
The grant is needs based. Successful applicants will be able to provide evidence of or demonstrate:
- Financial hardship due to COVID-19. ie. evidence of low income or funds as a result of COVID.
An update on the furlough scheme position;
- We have now filed 95% of all employers, with the remaining 5% unfortunately have processing issues/delays from HMRC's side, and we are awaiting call backs from technical advisors. These callbacks had been promised within 48 hours, however that timeframe is not being maintained. We are at the mercy of HMRC on this one, and will keep each affected employer updated as we progress.
- It has became apparent that anyone who had not brought their RTI submissions up to date by the 17th March will not be able to claim access to the furlough scheme at least through the current application scheme. It is unknown whether or not the furlough decision will be subject to appeal, but we are currently investigating this, and again, awaiting a call back from HMRC's technical team.
- Most clients have now received their furloughed payments for the first claim period. These claims can only be processed every 3 weeks (minimum), so we will aim to complete the next round of claims at the end of May, and then again at the end of June for employers who utilise the full period. The claim period was extended to the 30th June from the 31st May 2020.