Update – 9th April 2020
We thought best to provide you all a quick update on the recent announcements, made in the past few days, so you can be certain you are up to speed with the latest developments.
CORONAVIRUS JOB RETENTION SCHEME (CJRS)
By now, those of you who use our payroll service should have received an email from our dedicated CJRS team with regards to Furloughing your employees and hopefully the process of making your claim is well underway.
It was announced yesterday that the HMRC Portal will be live on 20th April in order to make claims, with the grant money expected to be received before the end of April. This is relieving news for employers who will have salaries to pay at the end of month!
If you haven’t received an email, or do not use our payroll service but would still appreciate assistance with the Furloughing claim, please get in touch immediately by emailing email@example.com.
SMALL BUSINESS RATE RELIEF GRANT AND RETAIL, HOSPITALITY AND LEISURE GRANT
It was announced by the Government that the councils would be administering the £10,000 and £25,000 grants for qualifying businesses with commercial properties, but we have found in practice it has been quite the opposite. It seems some councils are not actively contacting those businesses and we have found most are needing to make applications themselves.
Again we would like to urge you to contact your local council, most have set up an online claim form, to get these grants. We have found this to be the quickest access to cash under the current Government schemes with claims being processed in a matter of days.
CHANCELLOR ANNOUNCES SUPPORT FOR CHARITIES
We don’t expect this announcement to have a major effect to the finances of most of you, but in yesterday’s Government briefing, the Chancellor announced a £750m package to support mostly essential and key service charities which are struggling from a lack of donations and funding, the £750m will be distributed as follows:
- £360m of additional support is to be distributed directly from Government to select key service charities and charities which support vulnerable people.
- £370m is to be made available to smaller charities, mainly those providing food or medicine delivery services or financial advice.
- £20m is to be made available to the BBC’s Big Night In fundraising event on 23 April 2020, whereby the Government will match every pound of donations made by the public, if you are thinking of making Gift Aid donations in this year, this event may be the best time for you to do it. As a reminder, Gift Aid donations made in the 2020/2021 tax year can be treated as occurring in the previous tax year, which may be a welcome relief to those of you in the higher 40% tax bracket when it comes to preparing your 2019/2020 tax returns.
We would like to wish you all a happy Easter break, and hope you all are keeping safe and in good health.