26
Mar

info from our Accountants that may be useful for all

by Admin

USEFUL INFO FROM OUR ACCOUNTANTS - http://www.adval-north.com/index.htm

 

We provide herewith a summary of the main business support measures announced by the government. Some of these measures have been announced in very general terms with specific details of their operation to be announced at a later date. As and when more information emerges, we will make them known to you.

 

Job retention Scheme or ‘furlough’

 

Where staff are to be laid off due to the virus, the government has asked that they be retained, with government paying 80% of the salary. It is our understanding that the employer need not make up the remaining 20%. The government has said that the mechanism for making claims will be detailed 2 weeks from now. Claims are limited to a maximum of £2,500 a month per employee and employees must have been on your payroll at 29 February 2020.

 

VAT deferral

 

All VAT payments due between now and the end of June will be suspended. Suspended sums can be repaid up to the end of the current fiscal year i.e. 5 April 2021.

 

Self-Assessment July payments on account

 

These can be postponed from 31 July 2020 to 31 January 2021

 

Business rates

 

Cash payments will be made by local authorities to the majority of the payers of business rates. Payments will vary between £10,000 and £25,000 and will be made automatically.

 

 

Coronavirus Loan Interruption Scheme.

 

The scheme still offers 80% of the loan as being underwritten by government. However, government has now increased the period for which it will pay interest from 6 months to 12 months.

 

Statutory Sick Pay

 

Now payable from day 1 of the SSP period. Government will allow you to reclaim SSP.

 

Regards

 

 

Russell Cookson

Director

Ad Valorem Northern

Chartered Tax Advisors and Accountants.

 

Phone:

01229 812288

Fax:

08712 435222

Ad Valorem (Northern) is a trading style of Ad Valorem Northern Limited – a company registered in England & Wales

Registration number: 08675256

Registered office: Second Floor, Ramsden House, 121-123 Duke Street, Barrow In Furness, Cumbria, LA14 1XA

Offices also at: Unit 15, Hackthorpe Hall Business Centre, Hackthorpe, Penrith, Cumbria, CA10 2HX