Coronavirus – Government assistance - Updated : 1st April 2020
Below is the link to the various government assistance
Coronavirus Job Retention Scheme: currently the scheme is for March, April and May 2020. This is through separate HMRC portal. This is for 3 months and because of skeletal staff in our office we shall not be able to assist, other than let you know the employer PAYE reference if required by the portal. The portal is expected to be ready by end of April. If you feel you may be eligible, you will need to keep a look out for HMRC announcements in media and follow HMRC guidance. Please note this not automatic entitlement, it is designed to support employers whose operations have been severely affected by Coronavirus( covid-19).
HM Treasury confirm that sole directors can furlough themselves and fulfil their statutory duties as directors. Please note dividends do not count as pay.
Self-employment Income Support Scheme: as stated in the link, do not contact HMRC. If you are eligible for assistance HMRC will contact you.
Where you and your family members are officers of the company and own its shares, it is called an owner managed business. You operate via the company, it is the trading entity, not you. You are not self employed, you are an employee and shareholder of the company.
If nothing else is available or the assistance is insufficent you can try Universal Credit.
VAT: for VAT payments falling due for payment in the period 20th March – 30th June 2020, payment may be deferred until 31st March 2021. You do not need to inform HMRC if you wish to defer payment. You can opt in to the deferral simply by not making VAT payments due in this period. If you pay by Direct Debit you should cancel this with your bank. You should do so in sufficient time so that HMRC does not attempt to automatically collect on receipt of the VAT return. In due course HMRC shall provide guidance on paying the deferred VAT. Interest shall not be charged on the deferred VAT payable on 31st March 2021.
VAT returns have to be done quarterly as normal.
Corporation Tax and PAYE : there is no deferral and are payable on the normal due dates. However if your have difficulty paying on time, Time to Pay may be available - ring HMRC on 0800 0159 559.
Self-assessment: 2019/20 income tax second payment on account may be deferred to 31st January 2021. You do not need to apply for deferral and interest will not be charged on the deferred payment. As normal, 2019/20 Tax Return is due for online filing by 31st January 2021.