CORONAVIRUS SELF-EMPLOYED INCOME SUPPORT SCHEME – COVID19 IYKONS UPDATE (30-Mar’20)

Government direct cash grant of 80% of self-employed individuals profits, up to £2,500 per month

BENEFIT

Receive 80% of the average monthly trading profit over the last three years (or average of trading period if less than 3 years), up to £2,500 per month in grants for at least 3 months.

  • To be paid in a single lump sum instalment covering 3 months (Mar-May) starting in June.
  • Covers 95% of people who receive the majority of their income from self-employment.

These are grants and you are not expected to repay. Grants under this scheme are taxable.

ELIGIBILITY

  • Cleaners, plumbers, electricians, musicians, hairdressers and many other self-employed people who have lost trading/partnership trading profits due to COVID-19.
  • Those with a trading profit of less than £50,000 in 2018-19, OR; an average trading profit of less than £50,000 from 2016-17, 2017-18 and 2018-19.
  • More than half of income in these periods must come from self-employment.
  • Traded in the tax year 2019-20 and are trading when they apply or would be except for COVID-19 and intend to continue to trade in the tax year 2020-21.
  • This scheme also applies to members of partnerships.
  • To minimise fraud, only those who are already in self-employment and meet the above conditions will be eligible to apply.

* If you have not submitted your Income Tax through Self-Assessment tax return for the tax year 2018-19, you MUST do this by 23 April 2020 to claim this benefit.

HOW TO CLAIM

  • HMRC will contact eligible individuals to apply online for the scheme when portal is set up.
  • Money to be transferred to individual bank account (expected in June) after the online application.

PLEASE NOTE: Those who pay themselves a salary and dividends through their own company are not covered by the scheme but will be covered for their salary by the Coronavirus Job Retention Scheme if they are operating PAYE schemes. Before grant payments are made, the self-employed will still be able to access other available government support for those affected by coronavirus including more generous universal credit, deferral of self-assessment income tax and VAT payments, grants for businesses that pay little or no business rates and business continuity loans where they have a business bank account. Please refer to appropriate sections in this Guide for more information on these.


CORONAVIRUS JOB RETENTION SCHEME – COVID 19 IYKONS UPDATE (30-Mar’20)

The Coronavirus Job Retention Scheme is a temporary scheme open to all UK employers for at least three months starting from 1 March 2020. This scheme is expected to be up and run by end of April.

BENEFIT

Employers can use a portal to claim for 80% of furloughed employees’ (employees on a leave of absence) usual monthly wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that wage.

ELIGIBILITY

This scheme is open to all UK employers that had created and started PAYE scheme on 28 February 2020.

If your employee is on unpaid leave

  • Employees on sick leave or self-isolating should get Statutory Sick Pay but can be furloughed after this.
  • Employees who are shielding with public health guidance can be placed on furloughed.

If your employee has more than one job

  • If your employee has more than one employer they can be furloughed for each job. Each job is separate, and the cap applies to each employer individually.
  • Owner-director(s): are also covered under this scheme for their salary part if they are on PAYE. More details awaited. (New) These are Grants and you are not expected to repay.

HOW TO CLAIM

Please see the attached PDF for detailed information about this scheme.

Please provide us the below details for us to verify if you are eligible for this scheme.

  • Furloughed Employee details (Please provide Full Name)
  • The Date they were Furloughed

We are still waiting further information to be given by the government (HMRC) and the portal to be active so we can further assist you with the claim.

Please find the attached full update by HMRC.

NOTE: If an employee is working, but on reduced hours, or for reduced pay, they will not be
eligible for this scheme and you will have to continue paying the employee through your
payroll and pay their salary subject to the terms of the employment contract you agreed

Coronavirus Job Retention Scheme


IYKONS CORRESPONDECES – COVIT 19 IYKONS UPDATE – (26-Mar’20)

We are writing to inform our clients that we will be placing a temporary stop on posting hard copies of the correspondences including payslips to employers with immediate effect.

We believe this vital measure should be adapted in reducing the risk associated with the spread of CoronaVirus and we hope you will all agree.

Please note that printed copy of any documents or payslips can be posted only on special request if there are any requirements for them.

Help prevent the spread let’s all do our part!

Here is an update on what IYKONS is doing to keep our clients supported.

Ensuring IYKONS operates with maximum effort

We wish to reassure our clients that we are trying our best to work hard in supporting the businesses. As a result of the current restrictions in place, most of the employees are working remotely. However, we have adapted a robust business continuity plan in scenarios like this and working hard to assist you with all your important needs in a reasonable time.

We are committed to maintain and operate continuously however if in any circumstances further restrictions are introduced and likely to affect the services then we will keep you informed.

Prioritising and keeping you informed

We have taken maximum steps to ensure that all our clients are kept informed of all necessary updates which are announced by the Government.

We have also opened up IYKONS SMS service to provide instant text messages to businesses

If you have any urgent queries, email us on jeyaraj@iykons.com or contact us on 02035982904 or 07824358502


BUSINESS SUPPORT GUIDANCE COVID-19 IYKONS UPDATE – (25-Mar’20)
A full range of COVID-19 business support measures have been made available to UK businesses and employees.

SSP (Statutory Sick Pay) For Employees

Individuals diagnosed with COVID-19 or those who are unable to work because they are self-isolating are entitled to Statutory Sick Pay (SSP) from Day 1 than Day 4.

Benefit:SSP will be payable from day 1 at £94.25 per week for those off-work.

Eligibility

  • Those (including company directors) unable to work because they have been sick with COVID 19, or are self-isolating, or been advised to be in quarantine.
  • Earning an average of at least £118 per week.
  • Contractors working through an Umbrella company are legally entitled to SSP.

How to Claim

  • Inform employer as soon as possible.
  • If evidence is required by an employer after 7 days (Employer CANNOT ask for a fit not for up to 7 days).

Those with symptoms of Coronavirus can get an isolation note from NHS 111 online and those who live with someone that has symptoms can get a note from the NHS website.

Who are NOT Eligible?

  • Self-employed.
  • Employees earning below Lower Earning Limit of £118 per week.

SSP (Statutory Sick Pay) Rebate

Small and Medium sized businesses (SME’s) and employers can reclaim Statutory Sick Pay (SSP) paid to employees for sickness absence due to COVID-19.

Benefits

  • Employer can reclaim expenditure for any employee who has claimed SSP (due to being off work because of COVID-19) for up to 2 weeks‟ SSP per eligible employee.

Eligibility

  • UK based businesses with fewer than 250 employees as of 28 February 2020.

How to Claim

  • Employers should maintain records of staff absences and payments of SSP but employees will not need to provide a GP fit note.
  • Government to set up the repayment mechanism for employers as soon as possible (reclaim disbursements to start by end of April 2020 – TBC). Applicable from 13 March 2020 onwards.

Self-Employed

Either you are self-employed or not eligible for SSP due to Lower Earning Limits of £118 per week, then make a claim for Universal Credit or new style employment and support allowance.

Please visit:

https://www.gov.uk/universal-credit

https://www.gov.uk/guidance/new-style-employment-and -support-allowance

VAT Payment Deferral

All UK business registered for VAT can defer VAT payments due between 20 March 2020 and 30 June 2020 until the end of tax year 2020-21.

Benefits

  • VAT payable until 30 June 2020 can be paid at the end of 2020-21 tax year i.e. April 2021.
  • VAT refunds and reclaims will be paid by the government as normal.

NOTE:VAT Returns are due as normal. Only payment is deferred.

This is an automatic offer with no applications required. You will still need to pay the VAT amount due in full before April 2021

Income Tax Deferral

For Income Tax (Self-Assessment), payments due on the 31 July 2020 will be deferred until the 31 January 2021.

Eligibility

  • All those Self-employed.
  • This is an automatic offer with no applications required. No penalties or interest for late payment will be charged in the deferral period.

You will still need to pay the amount in full before 31 January 2021.


COMPREHENSIVE COVID-19 SUPPORT PACK FROM NATWEST BANK- COVID-19 IYKONS UPDATE – (24-Mar’20)

We hereby share a comprehensive COVID-19 Support Pack from NatWest Bank. This is a complete guide instructing the existing NatWest clients about all important information they need to know in this crucial time when the businesses are facing financial difficulties.

Included within the pack is the application form and declaration form along with the information required to apply for the loan.

It’s also worth looking at the British Business Bank’s website as this has a lot of additional information and FAQs. Hope the NatWest clients can benefit with funding needs if necessary by referring to the enclosed guide.

CBILS_NW-CBRM-Customer-guide


A SIMPLE GUIDE TO FINANCIAL SUPPORT IF YOUR BUSINESS HAS BEEN AFFECTED BY COVID-19 -IYKONS UPDATE – (23-Mar’20)

We wanted to write to you to reassure you that we will support our best to our clients during this difficult time. Our teams have switched to remote working and are continuing to work to our best to high levels of customer care. In case if you can’t reach us through our usual office line we will respond to you soon as we can.

Our thoughts go out to all of you who have been affected by this unprecedented situation.

Also we are studying latest updates with relevant organisations including HMRC, and listening the current situation on best way to help.

Contact your Bank

Please contact your business banks to get their support.

NATWEST

NatWest offer the following support to the business clients

  • Talk to your Relationship Manager if you have a designated member assigned for the business
  • Call NatWest Business Banking support line on 0345 711 4477

That funding support may include:

  • Immediate working capital support loans for up to £5,000 for all businesses with minimal basic assessment of up to 3 months

If you have an existing business loan.

  • Loan repayment holidays
  • Interest rate reductions
  • Further business loan options will be updated in near future.

FUNDING CIRCLE

  • If you are in financial distress Funding Circle is assisting with the financial support via the online web portal and direct helpline.
  • Please logon to ‘customersolutions@fundingcircle.com’ or directly contact Funding circle support line on 08000482467 and follow Option 1 then Option 4

BARCLAYS
Barclays introducing several measures to secure financial support for businesses, in line with this the following implementations will be introduced:

  • Offering capital repayment holidays on existing loans over £25,000
  • Continue to offer businesses access to funding; to speed things along, applicant can check and pre-assess lending limit in the Barclays App or Online Banking

HSBC

  • aunching a helpline to support any customer queries (08000 121 614, open 8am – 6pm Monday to Friday).

Contact your Local Authority

The Government has announced following supports for businesses through this period of disruption caused by COVID-19. Please contact your local authorities to get these reliefs.

  • A 12-month business rates holiday for all retail, hospitality, leisure and nursery businesses in England
  • Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief
  • Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,001 and £51,000

We will be updating soon more on HMRC support schemes including SSP, VAT deferrals and Income reliefs.


CoronaVirus (COVID-19) Outbreak – Update from IYKONS – (18-Mar’20)

The novel coronavirus (COVID-19) outbreak has caused extensive disruptions to businesses in UK. We, IYKONS are committed to support our clients through this period of extended uncertainty. We wish to emphasise that we have taken maximum steps to endeavour to ensure continuity of service for clients, so that we are available to help and support you and your business through these extremely difficult times.

Our number one priority is the health and safety of our employees, clients and visitors.

Office visits – whilst we are open for business as usual, we respectfully request that clients and visitors do not visit us unless there is any necessity for a physical visit. We have suspended all physical greetings, such as handshakes until further notice.

Business Continuity Plan

We wish to reassure clients that we are still open for business as usual, we have taken the following steps to protect our employees but to also allow continuity of service: –

We ensure sufficient resources are available to facilitate remote working.

All employees have been given the option to work from home if they wish and we will be operating on a minimal staff base to keep the office functioning. This precautionary measure will be taking immediate effect until further guidance is received.

Footfall at our premises will be reduced wherever possible, options to hold virtual meetings are available – please contact us for further details:

Whether you would like additional support with managing your money, or have faced disruption to finances, please follow the UK government announcements and measures. We can work with you to look at ways to make things easier and keep you updated of key announcements.

We understand that the circumstances in which we find ourselves at the moment will cause worry. At IYKONS we are committed to being responsive to your needs as the situation evolves, and we will continue to be in touch with information and updates.

Please find the attached government support guide released on 18th March 2019 and we will send you another update with how your business can benefit from recent government announcements.

Please contact us on our usual office line 02035982904 and if you can’t reach us please contact on 07824358502

With best wishes and keep healthy!

TEAM IYKONS
Covid-19_fact_sheet_18_March