Dealing with issues around COVID-19

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Dealing with issues around COVID-19 by Mind Map: Dealing with issues around COVID-19

1. VAT-registered

1.1. Defer VAT payment

1.1.1. From 20 March to 30 June

1.1.2. Automatic

1.1.2.1. Cancel direct debit

1.1.3. Payable by end 5 April 2021

1.1.4. Submit VAT return as nornal

1.2. MTD deferral

1.2.1. Digital links

1.2.2. Deadline: April 2021

2. Employer

2.1. Reclaim SSP

2.1.1. Up to 2 weeks

2.1.2. Criteria

2.1.2.1. UK based

2.1.2.2. <250 ees at 28 February

2.2. Job Retention Scheme

2.2.1. Grant

2.2.1.1. 80% of salary

2.2.1.2. Capped at £2,500 pm

2.2.1.3. 3m from 1 March

2.2.1.4. Includes ERs NICs & AE

2.2.2. Eligibility

2.2.2.1. Payroll operational at 28 February

2.2.2.2. Employee employed at 28 February

2.2.2.3. Employee is furloughed

2.2.2.3.1. No work for employer

2.2.2.3.2. Resource: pro forma letter

2.2.3. Process

2.2.3.1. Calculate grant

2.2.3.2. Pay wages

2.2.3.3. Claim grant

2.2.3.3.1. Portal expected by end April

3. Businesses

3.1. SMEs

3.1.1. Cash grant

3.1.1.1. £10k

3.1.1.1.1. Up to £25k if in retail, etc.

3.1.1.2. Criteria

3.1.1.2.1. Occupy property

3.1.1.2.2. SBRR or RRR

3.1.2. Business Interuption Loan Scheme

3.1.2.1. Access bank loans and overdrafts

3.1.2.2. 80% govt. backed

3.1.2.3. Criteria

3.1.2.3.1. T'over < £45m

3.2. Large companies

3.2.1. Corporate Financing Facility

3.2.1.1. BOE buys short-term debt from companies

3.2.2. IR35 changes

3.2.2.1. Delayed to April 2021

3.2.3. Business Interruption Loan Scheme

3.2.3.1. NEW: announced 3 April

3.2.3.2. Bank loans and overdrafts (max £25m)

3.2.3.3. 80% govt. backed

3.2.3.4. Criteria

3.2.3.4.1. T'over between £45m and £500m

3.3. All

3.3.1. Time to pay

3.3.1.1. Outstanding tax liability

3.3.1.2. Possible 12-month payment plan

3.3.1.3. No interest or penalties

3.3.2. Submit accounts

3.3.2.1. 3-month extension

3.3.2.2. Must apply

3.3.2.2.1. Otherwise, automatic penalty

3.3.3. Moratorium on eviction

3.3.3.1. Business properties

3.3.3.2. Non-payment of rent

3.3.3.3. 3 months

4. Particular sectors

4.1. Retail, hospitality & leisure

4.1.1. Business rates holiday

4.1.1.1. 2020/21

4.1.1.2. Automatic

4.1.2. Cash grants

4.1.2.1. Rateable value < £15k

4.1.2.1.1. £10,000

4.1.2.2. Rateable value < £51k

4.1.2.2.1. £25,000

4.1.2.3. Automatic

4.2. Trading internationally

4.2.1. DIT assistance

4.2.1.1. Liaise with customs authorities

4.2.1.2. Intellectual property

4.2.2. UK Export Finance

4.2.2.1. Export Working Capital Scheme

4.2.2.2. Export insurance policy

4.2.2.3. Direct lending facility scheme

4.2.3. Relaxations

4.2.3.1. Moving goods through customs

4.2.3.2. Customs authorisations

4.2.4. Relief from import duties & VAT

4.2.4.1. Import protective eqpt, etc.

4.3. Nursery

4.3.1. Business rates holiday

4.3.1.1. 2020/21

4.3.1.1.1. Automatic

4.3.1.2. Criteria

4.3.1.2.1. Provider on OFSTED register

4.3.1.2.2. Property used for EYFS

4.4. Culture

4.4.1. Creative England

4.4.2. Creative Scotland

4.5. Charity

4.5.1. Request extension to annual return deadline

4.5.2. Scotland

5. Self-employed

5.1. Defer 2nd POA

5.1.1. Automatic

5.1.2. No interest or penalties

5.1.3. Due 31 January 2021

5.2. Universal Credit

5.2.1. From 6 April

5.2.1.1. Minimum Income Floor relaxed

5.2.1.2. Increased by £20pw

5.3. Income Support Scheme

5.3.1. Taxable grant paid by HMRC

5.3.1.1. HMRC will contact those eligible

5.3.1.2. Payable in June

5.3.2. Calculation

5.3.2.1. Each of 3m ended 31 May

5.3.2.2. 1m = 80% (average trade profits/12)

5.3.2.2.1. Average over 3 years

5.3.2.3. Capped at £2.5k pm

5.3.3. Eligibility

5.3.3.1. Current and continuing trade

5.3.3.2. Tax return for 2018/19

5.3.3.2.1. Submit by 23 April

5.3.4. Exclusions

5.3.4.1. Profit over £50k

5.3.4.2. <50% income from trade

5.3.4.3. Not PSCs

5.3.4.3.1. Job Retention Scheme for salary

5.3.5. Resource: calculator

6. Particular regions

6.1. Wales

6.1.1. Cheap loans

6.1.1.1. Between £5k and £250k

6.1.2. Grant

6.1.2.1. <10 ees

6.1.2.1.1. £10,000

6.1.2.2. >250 ees

6.1.2.2.1. £100,000

6.2. Scotland

6.2.1. Seafood fishing industry

6.2.2. Charities, etc

6.2.3. Third Sector Resilience Fund