Future Wood Green BID are already aware that businesses in Wood Green are laying off staff and also staff are taking leave due to either themselves or others having to be in self-isolation. For the latest updates from the Government, please visit https://www.businesssupport.gov.uk/coronavirus-business-support/
Statutory Sick Pay rebate
The Government will bring forward legislation to allow small and medium-sized businesses to reclaim Statutory Sick Pay (SSP) paid for staff sickness absence due to coronavirus. This refund will cover up to 2 weeks’ SSP per eligible employee who has been off work because of coronavirus. To be eligible, you must be a UK based business with less than 250 employees as from 28th February 2020.
For further information, please visit https://www.businesssupport.gov.uk/statutory-sick-pay-rebate/
Coronavirus Job Retention Scheme
Under the Coronavirus Job Retention Scheme, all UK employers with a PAYE scheme that was created and started on or before 28 February 2020, will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis. This applies to employees who have been asked to stop working, but who are being kept on the pay roll, otherwise described as ‘furloughed workers’. HMRC will pay employers a grant worth 80% of an employee’s usual wage costs, up to £2,500 a month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions on that subsidised wage. This is to safeguard workers from being made redundant. The Coronavirus Job Retention Scheme will cover the cost of wages backdated to March 1st if applicable and is initially open for 3 months, but will be extended if necessary.
All UK-wide employers with a PAYE scheme that was created and started on or before 28 February 2020 will be eligible including:
- Recruitment Agencies (agency workers paid through PAYE),
- Public Authorities
- The employer must have a UK bank account.
NOTE: On Monday 6th April 2020, the Government has updated its information about this scheme which includes those who are directors. For further information about this scheme, please visit: https://www.businesssupport.gov.uk/coronavirus-job-retention-scheme/
Self-employment Income Support Scheme
The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19. The scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month.
HMRC will use the average profits from tax returns in 2016-17, 2017-18 and 2018-19 to calculate the size of the grant. The scheme will be open to those where the majority of their income comes from self-employment and who have profits of less than £50,000. The scheme will be open for an initial three months with people able to make their first claim by the beginning of June.
To be eligible for the scheme you must meet all the criteria below:
- Be self-employed or a member of partnership;
- Have lost trading/partnership trading profits due to COVID-19;
- File a tax return for 2018-19 as self-employed or a member of a trading partnership. Those who have not yet filed for 2018-19 will have an additional 4 weeks from this announcement to do so;
- Have traded in 2019-20; be currently trading at the point of application (or would be except for COVID 19) and intend to continue to trade in the tax year 2020 to 2021
- Have trading profits of less than £50,000 and more than half of your total income come from self-employment. This can be with reference to at least one of the following conditions:
- Your trading profits and total income in 2018/19
- Your average trading profits and total income across up to the three years between 2016-17, 2017-18, and 2018-19.
For further information, please visit: https://www.businesssupport.gov.uk/self-employment-income-support-scheme/
Support for those on zero hour contracts
If you or any of your employees are on zero hour contracts or those who are recently self employed who are not able to receive the self-employment scheme above, you will be able to get access the universal credit and new style Employment Support Allowance. For those on zero hours contracts, their employers or the labour platforms they are using are encouraged to be supportive and provide necessary information.
For further information, please visit the Universal Credit Coronavirus update page available here.
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