The main clarifications this week so far have been as follows:
- Director’s are able to be furloughed, but the necessary paperwork still needs to be in place. If furloughed, Director’s should not undertake any client facing work i.e. arranging to do sales work or publicity and marketing of the business, however they are able to keep the business ticking over and do administration work to comply with their statutory duties, like the following:
- Preparation and Submission of Statutory Returns i.e. VAT Returns, Payroll submissions, Annual Accounts submissions, paying suppliers and chasing money owed, etc
- HMRC have confirmed that those entitled to the self-employed grant scheme will be WRITTEN to in JUNE about this. There are a number of Scam emails and texts circulating about this asking for bank details to make payments, please do NOT give out these details as they will try and access your bank accounts to take money.
- Confirmation that high street banks are not allowed to ask for security from directors against the 20% of a loan unsecured by the government, through their Coronavirus Business Interruption Scheme.
- The Covid-19 time to pay number for people and business struggling to pay Corporation Tax, PAYE, VAT or other taxes has changed to – 0800 024 1222
- Local authorities have started contacting businesses who ae entitled to claim the £10k or £25k business rates grants in their areas.
- We have been notified that the Portal for reclaiming the Furloughed Staff Grant will be ready from 20 April 2020. This will be accessed via HMRC’s online gateway. More details on this will be released over the next few days.
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