Today’s Government Coronavirus update went even further to assist those worried about their jobs, paying their employees and other bills and paying their personal bills.
Cafes, bars and restaurants have been told to close today and not reopen. They can only stay open for takeaways.
Nightclubs, gyms, theatres and leisure centres and similar businesses have been ordered to close for foreseeable future.
If you are in any doubts at all, you should practise social distancing which means remaining at home as much as possible and if you do have to go out for essential shopping avoid contact with others. Keep children at home and if you do leave for exercise stay at least 2 metres (6 feet) from any one you pass.
Chancellor Rishi Sunak announced another unprecedented economic response which he says it one of the most comprehensive in the world. To all those at home anxious about the days ahead he said you will not face this alone but it will require a collective effort.
To protect peoples jobs, for the first time in British history, the government will step in and help to pay peoples wages. Any employer, small or large will be eligible. Employers can contact HMRC to cover most of the wages of those not working so long as they are kept and retained on payroll. Up to 80% of salary capped at £2,500 per month will be paid. The Coronavirus job retention scheme will be backdated to 1st March and for an initial three months although it may be extended. HMRC are working to get the scheme up and running and aim for the first grants to be paid within weeks and definitely by the end of April.
The Coronavirus interest free loan will now be available starting on Monday and interest free for 12 months, not just 6 months as previously announced.
To help business pay people and keep them in work the next quarter’s VAT can be deferred and businesses will have until the end of June to pay the deferred VAT.
The Universal Credit standard allowance and Working Tax Credits are both extended by £1000 a year. For self employed people Universal Credit can now be accessed in full at the same rate as Statutory Sick Pay.
Additionally for self employed people, the next self assessment payments (due to be paid in July) will be deferred until January 2021. Self employed people will normally be paying ‘on account’ half in January and half in July, with a balancing paying the following January. What this means is that if your earnings go down you won’t be paying tax in advance on earnings you may now not earn. This won’t help if you are unable to work simply because work has disappeared, but this combined with the VAT deferral are the start of support for self employed people.
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