The budget is something that many people worry about, but if you have a small business, we can answer all of your questions here. The coronavirus has got everyone talking and panicking, but we can help you with what you need to know about when it comes to your business.
SSP and the Government
SSP is not usually paid to employees until the fourth day of sick leave, but this has been changed because of the coronavirus pandemic. If any of your employees have been advised to self-isolate, they will be eligible for it from day one, and the government will also refund the cost of SSP for up to 14 days to small/medium-sized businesses. This applies to businesses with fewer than 250 employees.
Coronavirus Business Interruption Loan Scheme
A ‘Coronavirus Business Interruption Loan Scheme’ has been introduced to support smaller businesses. Fortunately, the government will support bank loans to smaller businesses on amounts up to one million points.
It has been announced that there will be a 90% cut in entrepreneurs’ tax relief.
Tax Payment Extension
Those of you who are self-employed or own a business will be able to defer tax payments due to the Government’s Time to Pay service being scaled up. This will help smaller businesses that are concerned with cash flow and worrying about the inability of their worker’s attendance.
Important Points in a Nutshell
- VAT will be scrapped for digital publications from December 1st.
- Five billion pounds will be used to provide gigabit broadband into remote areas of the country.
- The National Living Wage will be raised to £10.50 an hour.
- National Insurance contributions will be raised to £9,500 from £8,632.
Many people in the UK will be affected by the coronavirus, so it is crucial that you know where you and your business stand. If you have any queries or concerns, then you should contact your accountant to ensure that you know where you stand. If you don’t have an accountant yet, get in touch and see how beneficial it would be to work with one.