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APH Accountants COVID-19 Business Support Update 05/05/20

APH Accountants Wirral Wallasey Accountants Covid 19 business support update for self employed company directors and startups

PLEASE TAKE THE TIME TO READ THIS INFORMATION AS IT IS IMPORTANT TO YOU AND YOUR BUSINESS

First of all I’d just like to apologise for any disappointment you may feel when you realise it isn’t Paul that is writing today’s newsletter, and instead you’re stuck with me (Matt – to save you scrolling to the end!) for your update today. 

Matt APH Accountants Wallasey chartered accountant wirral

I will try my best to replicate Paul’s stunning wit and charm, but as they say, there is nothing quite like the real thing! (That’s £50 you owe me Paul). 

Secondly, and more importantly, I hope everyone is well, staying safe and managing during these difficult times. 

All joking aside, Paul is a bit tied up today and given there have been a couple of important developments in the last day or so he has asked me to update you all. 

There are 2 main issues to cover with regards to the Self-Employed Income Support Scheme, for those of you who are self-employed, and for all the small business owners an update on the Business Bounce Back Loan Scheme detailed by Paul in the last newsletter, which is now open for business. 

We also cover an update on the Furlough claims and on a Top Up Scheme if you missed out on the Business Rates Cash Grant. 

So, in the words of the great Paul White, time for that coffee or cup of tea, sit back, relax and enjoy the read! 

1. Self-Employed Income Support Scheme 

2. Bounce Back Loan Scheme 

3. Furlough claims update 

4. Top Up Scheme if you missed out on the Business Rates Cash Grant 

5. Business as usual 

6. Spare us five minutes 


Contact APH Accountants Wirral Merseyside chartered accountants for self employed limited companies and start ups

Office Number: 0151 630 4542    
Email: accounts@aphaccountants.co.uk

Paul White: 0151 556 7247           
Email: paulwhite@aphaccountants.co.uk

Helen White: 0151 556 7241        
Email: helenwhite@aphaccountants.co.uk

Matt Newman: 0151 556 7246     
Email: mattnewman@aphaccountants.co.uk

Carla Ashley: 0151 556 7244       
Email: carlaashley@aphaccountants.co.uk

Kerry Roe: 0151 556 7240            
Email: kerryroe@aphaccountants.co.uk

Dave Parry: 0151 556 7245          
Email: daveparry@aphaccountants.co.uk

Danielle Levy: 0151 556 7243     
Email: daniellelevy@aphaccountants.co.uk

Katy Holmes: 0151 556 7249       
Email: katyholmes@aphaccountants.co.uk

Lauri Murphy: 0151 556 7248       
Email: laurimurphy@aphaccountants.co.uk

1. Self-Employed Income Support Scheme (SEISS) 

APH Accountants Wirral Wallasey Accountants Covid 19 business support update for self employed income support scheme

The Self-Employed Income Support Scheme looks set to be rolled out in a week or two, which is earlier than anticipated when it was first announced by the Chancellor at the end of March, which I am sure will be welcome news to many!  

Yesterday HMRC announced that they had begun the process of writing to individuals who they believe to be eligible for the scheme (so keep an eye out for a letter in the post if this is you).  

They plan to open the process for claims on 13th May, with the first payouts expecting to hit peoples bank accounts 6 days later. It looks as though the claim dates will be staggered and each person will have a specific date from which they can make a claim. 

Online Eligibility Checker 

If you are unsure as to whether or not you will be eligible for the scheme, HMRC have also released an online eligibility checker.  

You will just need to enter your 

  • Unique Tax Reference (UTR) number 
  • NI number  

They will tell you straight away if you are eligible or not, they will also tell you the date from which you are able to make your claim.  

If they have determined that you aren’t eligible for the scheme but you believe you should be, they will explain on the results page how you can go about asking HMRC to review this.  

The online eligibility checker can be found here so give it a go as soon as possible: https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference 

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You must make the claim yourself 

One important piece of guidance that has been released regarding the scheme is that HMRC have said that the individual must make the claim themselves through their own government gateway account.  

So, unlike the furlough scheme where we have been able to make the claims on your behalf, we haven’t been granted the privilege on this one.  

Therefore, it is important that you have a Government Gateway Account set up so that you can claim as soon as possible. 

If you don’t have a Government Gateway Account you can register for one here 

Personal Tax account setup accountant near me APH Accountants Wirral Wallasey Accountants Covid 19 business support update for self employed company directors and startups

Also don’t forget to download the HMRC app for access to your personal tax account. 

Download the free HMRC app from:

We can still help 

Of course, although we are unable to make the claim for you, we are always on hand to advise or provide you with the figures you need in order to make the claim. So, whatever you need in order to get the claim done don’t hesitate to get in touch with any of us on the usual contact numbers or emails. 

Recap of the eligibility requirements 

Full detail of the scheme can be found here 

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme .  

This is now more comprehensive than it has been previously. 

However, I thought it may be of some use just to recap a couple of the main eligibility criteria, which seem to have creeped up the most as I’ve spoken to clients over the past few weeks on whether or not they will be eligible. 

So, a couple of the main criteria to be eligible are that you must: 

  • Have completed a 2018/2019 Self-Assessment return before 23rd April 2020. 
  • Have had over 50% of your total income declared on the 2018/19 tax return as self-employed profits. 
  • Still be trading in the tax year 2019/20 as self-employed and intend to continue to trade this tax year (2020/21) 
  • And of course, your trade must have been adversely affected by Coronavirus. 

Unfortunately, you won’t be eligible if, 

  • You started self-employment after March 2019 
  • You earned more from other sources in 2018/19 than you did from self-employment  
  • You ceased trading any time from April 2018 to date  

There are of course other eligibility criteria, but these are the main stumbling blocks I have been coming across for people in the last few weeks. 

You don’t actually need to know any of this as the eligibility checker will do the work for you, but it may be worth knowing the key points if you think HMRC’s determination for you is wrong or you don’t understand why they may have deemed you eligible or ineligible. 

Hopefully though, it is plain sailing for most people, and we are always here to help you get the money you are entitled to if you need us! 

IF YOU ARE IN ANY DOUBT THEN GIVE US A SHOUT

APH accountants are located in wallasey and here to help our clients. get in touch today with the best merseyside accountants

2. Bounce Back Loan Scheme

bounce back loan scheme accountants claim help APH Accountants Wirral Wallasey Accountants Covid 19 business support update for self employed company directors and startups

The banks and lenders involved, opened their online applications yesterday for these loans.  

It is a short and simple application process that is more accessible to businesses as the loan is 100% government guaranteed, with the aim of getting cash out quickly to successful loan applicants.  

A number of clients are already in receipt of the money and to be honest we have never seen a scheme so quick, simple and effective to apply for and receive the funds from like this before. 

I have heard of one bank that seems to have been experiencing a few technical difficulties with its online application system (which isn’t entirely surprising given the short notice the lenders have had to put the loan scheme in place), but hopefully all will be running smoothly soon. 

Paul has already covered the main detail of these loans in the previous newsletter so I won’t go over them all again, but full guidance and detail can now be found here including a list of the accredited lenders for the scheme. 

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/

I think the only important detail that has been announced since the last newsletter is that the interest rates for these loans are to be set at (a very reasonable) 2.5%. but remember they are: 

  • Interest and repayment free for 12 months 
  • 100% Gov backed so no personal guarantee’s required 
  • 6 years in length 
     

Our advice to anybody looking to apply for one of these loans would be to try your current business banking provider first, and of course to remember that this is a loan that will need paying back, and therefore only borrowing what you actually need is always advisable. 

If anybody is applying for one of these loans and needs any of their business information or figures for the application then please don’t hesitate to get in touch. 

We would also very much appreciate any updates from anyone who has applied for a loan, whether successfully or not, so we can get a picture of how easy the process has been and how well the loan scheme is working. 
 

IF YOU ARE IN ANY DOUBT THEN GIVE US A SHOUT! 

3. Furlough Claims Update

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As you have all been hearing through our newsletters (and are probably now sick of the word ‘Furlough’!), over the past few weeks we have applied for all March and April monthly and weekly furlough claims for our clients who are using the scheme. 

We will be continuing to process the claims week by week and month by month. We will be continuing to do this free of charge for our clients for as long as we possibly can. We don’t see the value in us adding to the hardships many businesses are facing at the moment. 

We want to come out of this with all of our clients in the best possible position. There will still be a period of uncertainty for many. So, we want to help you as much as we can. 

As Paul has mentioned previously it is important that you let us know immediately of any changes to the furlough status of any employees using the scheme, so that claims are not made for employees who are no longer furloughed. 

Please advise us of  

  • Name of Person to be unfurloughed 
  • And the last day of their furlough claim. 

We will start the process of making May furlough claims from week commencing the 18th May and at that point will assume all your employees are furloughed up to and including 31st May unless you have advised us otherwise in writing. 

IF YOU ARE IN ANY DOUBT THEN GIVE US A SHOUT! 

4. Top Up Scheme if you missed out on the Business Rates Cash Grant 

top up local business grant fund scheme for my business help APH Accountants Wirral Wallasey Accountants Covid 19 business support update for self employed company directors and startups

Did you miss out on claiming the business rates cash grant? 

A discretionary fund has been set up to accommodate certain small businesses previously outside the scope of the business grant funds scheme. 

This additional fund is aimed at small businesses with ongoing fixed property-related costs.  

The government have asked local authorities to prioritise businesses in shared spaces, regular market traders, small charity properties that would meet the criteria for Small Business Rates Relief, and bed and breakfasts that pay council tax rather than business rates.  

But local authorities may choose to make payments to other businesses based on local economic need. The allocation of funding will be at the discretion of local authorities. 

Businesses must be small, under 50 employees, and they must also be able to demonstrate that they have seen a significant drop of income due to Coronavirus restriction measures. 

There will be three levels of grant payments. The maximum will be £25,000. There will also be grants of £10,000. local authorities will have discretion to make payments of any amount under £10,000. It will be for councils to adapt this approach to local circumstances. 

Further guidance for local authorities will be set out shortly. 

Please click the link for further information and for any future updates to the scheme 

https://www.gov.uk/government/news/top-up-to-local-business-grant-funds-scheme?fbclid=IwAR0cwVKsTLvvni0-nRaxXPeQ7zijhGnDNkUSdPJXw4YRVMfdF0zjpMocInY

IF YOU ARE IN ANY DOUBT THEN GIVE US A SHOUT! 

5. Business As Usual

APH accountants are open as usual to help our clients through these tricky times

As you are all no doubt aware (or will have guessed) our office is closed at the moment. All of our staff are working from home and aside from all of the Coronavirus business support, normal service continues. 

Accounts/VAT/Payroll/Bookkeeping/tax returns, we will be continuing to work on all of these as normal, so please don’t think you need to wait until things return to normal to send your records in for us to complete your annual accounts or tax returns or whatever else you may need.  

The only thing we ask is that you send the records over electronically due to the difficulties in picking up physical records at this present time.  

If you need any advice on the best ways to send over your records in electronic format, then just give any of us a call or email and we can advise. 

IF YOU ARE IN ANY DOUBT THEN GIVE US A SHOUT! 

6. Spare us 5 minutes?

APH Accountants Wallasey Wirral Need your feedback review

If you can, we would greatly appreciate you leaving a review on our Google or Facebook pages.  

As Paul has mentioned previously these really do help us, both for our own business, and to help shape our service to you. The links to each are below and any reviews would be very much appreciated. 

If you know of anyone looking to change Accountants or need an Accountant please put them in touch with us. 

And finally, as always, we will do our very best to keep you all updated on the latest help and support available and any tips or advice we can think of, and if you need anything at all we are always here for you. 

Stay Safe 

Kia Kaha (not sure what this means exactly but thought I should stick with Paul’s famous saying) 

Matt 

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