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Good afternoon,
Firstly, congratulations to everyone who spotted our deliberate (!) mistake in our last update. It’s good to know that so many of you are following us so closely. The mistake was of course in bullet point 2 under SEISS, when we said that “Profits must constitute no more than half of taxpayers total income”, when in fact Profits must be MORE than half of total income. Well spotted by many of you, but first prize goes to Nick Smith of Abergavenny, who will receive a voucher for Marks and Spencers. Well done Nick!
Nick and his wife Jane run team training workshops, under their company name, Wordsmiths.
Coronavirus Job Retention Scheme
- As we are all very much aware, the Portal for furloughing workers has been running since Monday, and has been generally well received. However, as with all new and rushed legislation, there are bound to be teething problems.
- HMRC have published a step-by-step guide explaining the information that employers have to provide, and the processes involved. These details can be found here
- The Institute of Chartered Accountants have produced a list of emerging common issues arising as applications are being submitted, together with the answers that HMRC have provided. This list can be found here
- Further advice has been received concerning employees who do not have a national insurance number. In cases where the business has more than 100 furloughed employees, and they are uploading a spreadsheet, the missing NI number will not cause a problem. However, with those having fewer than 100 furloughed employees, they should contact the COVID-19 helpline on 0800 024 1222, in order to submit their application over the phone.
Coronavirus Self-Employed Income Support Scheme
- HMRC have issued guidance on how they intend calculating your Income and Profits if you are self-employed or a member of a partnership, and have lost profits due to COVID-19. HMRC will assess your eligibility for a grant based upon your total income and trading profits, and contact those who are in mid-May. You can use this guide to find out if you are eligible and how much you will get
- MoneySavingExpert News have published a comprehensive guide for Coronavirus self-employed and small limited companies. The article contains a wealth of information, including guidance on what you can consider whilst awaiting your grant. This include Business Interruption Loan Scheme (more details here) and eligibility for benefits. Click here to access this article.
Welsh Economic Resilience Fund
- Business Wales have published a Support Eligibility Checker. This simple step-by-step tool can be used to check your eligibility for the Welsh Economic Resilience Fund that is available to businesses and organisations in Wales. To access the check click here
- Welsh Government are also publishing details of applicants whose applications for Microfund grants have been successful. This might be a useful guide in deciding how and what to apply for.
That’s it for this week.
On a more serious note, we do apologise for the error contained in our last update No.17. We take very seriously the information which we are providing, and understand only too well how people rely on us to be guided. We have to emphasise however, that this information is a guide, and that you should always seek confirmation before making any commitment, especially because all of the legislation is open to amendments, interpretation, and alteration as we go forward. If you have any queries with regard to the content of our updates, please do not hesitate to contact us.
Please all stay safe over the weekend.
Best wishes
Mitchell Meredith
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