Unfortunately, today’s much-anticipated Government announcement was not specifically directed at businesses, so much to our collective frustration we are still urgently waiting for:
- Clarification on the practical implications of the Government scheme to pay 80% of staff wages (CJRS). Overview can be found here.
- Details of the proposed scheme to help self-employed earners.
We are hoping for a statement from the Chancellor tomorrow providing further guidance, particularly for businesses that are still trading but not at full capacity. As a reminder, our comments from yesterday still apply. Whilst another day of uncertainty is frustrating for business owners, we are still encouraging all clients to wait for the Government clarification and then speak to us to ensure we can optimise your position before making any decisions.
In the interim period, please take the time to consider the potential knock-on effect this will have on your existing payroll team. As a reminder, the payroll process will now require additional resource and expertise potentially covering commercial, legal, HR, tax and financial processes to ensure you get the money you need to continue trading.
If you haven’t already, please contact your TC partner to discuss how we can help.
Help for Self-Employed Workers
Parliament has been discussing an extension to the Coronavirus bill, which may include the introduction of statutory self-employed pay.
We are expecting the Chancellor to announce the details tomorrow and if approved, HMRC would subsidise whichever is the lower of £2,917 a month or 80% of self-employed earnings using an average from the last three tax years.
As soon as the details emerge tomorrow we will be in touch and as always TC Group is here to guide you through this challenging period.
Contact us today to discuss the points raised in this email or any other concerns you might have 0330 088 7111.