Month: November 2020

Hi Everyone Here is the link to the government website for help to small business. https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses Few points to mentionThere should be a major announcement in the next 48 hrs for help with self-employed income. In regards to staff, normal contracts apply so if you are considering making people redundant check staff contracts e.g do they need to be paid for a full month/ redundancy pay. In relation to the point above look at the employee retention scheme that runs from the 1st April avoiding those issues. For those limited companies corporation tax bills are due 9 months and 1 day after the end of their business year. These can be negotiated with HMRC into some kind of payment plan Make sure you apply for the rates relief with your local council Commercial mortgages can also b...

Please see below some useful information on the COVID-19 and financial planning.Furloughed Employees Owner Managers/Director Clients and the Job Retention Scheme FCA Guidance on Pensions Advice: Covid-19 Gifting wealth Funding ISAsPlease find below a summary of the latest thinking on pension contributions and revised patterns of income. Many of your clients and/or their family members/friends will be impacted by the recent government announcements and their pension provision is an important part of their employment package. Below is a brief summary of the key pension points and some additional clarification on individuals that have been furloughed. Furloughed Employees   For employers that are furloughing their employeesThey can claim up to £2,500 per month in salary for each furloughed employee. There is a ceiling of 80% of the employees’ salary as at February 2020. Th...

Mortgages If you are struggling to pay your mortgage as a result of your finances being impacted by coronavirus, you can apply for a three-month payment holiday. Interest accrued during the period will be added to the outstanding balance of your loan and can be repaid over the rest of the mortgage term. To apply for the payment holiday, you need to contact your lender, either by telephone or online. You do not need to prove that you are in financial difficulties. If you bought your property through the help to buy scheme, you can also apply for a three-month payment holiday on interest on the equity loan.Renters If you are renting and you’re worried you cannot pay your rent, there is help for you too. Legislation  has been put in place to stop you from being evicted for at least three months. To take advantage of the scheme, contact your landlord as soon as possible and...