Founder
Chancellor Rishi Sunak announced nearly £7bn of extra support through the welfare system to strengthen the safety net and protect people’s incomes on Friday.
However, it was not clear whether the package included millions of self-employed people in the UK, including the Turkish nationals who entered the UK with the Ankara Agreement?
To clarify the air here is the guidelines for our visitors.
In order to keep the effects of Coronavirus to a minimum, the government announced unprecedented business support on Friday. However, as the package is newly announced there is insufficient information on how to reach these benefits.
Although it is not clear yet whether the Turkish Nationals can benefit from the package with the Ankara Agreement, we could speculate the following areas based on chancellor’s package;
Business Rates Holiday
You will not have to pay the Business Rate (Business Rates Holiday) for this year
Business Grant (£10,000)
You can get this grant provided your business is not rateable or your business rateable value is less than £15,000.
Business Grant (£25,000)
You can get this grant provided your rateable business value is between £15,000 – £51,000.
If you are eligible, your local council will get in touch with you for the process.
Business interruption Loan
A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch early next week to support primarily small and medium-sized businesses to access bank lending and overdrafts. The government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. The government will not charge businesses or banks for this guarantee, and the Scheme will support loans of up to £5 million in value.
Businesses can access the first 12 months of that interest-free finance, as the government will cover the first 12 months of interest payments.VAT
It will be deferred from 20 March 2020 until 30 June 2020
Income Tax
You can call HMRC and request payments due on 31 July 2020 to be deferred until 31 January 2021
Employee Salary
HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month
(If your business does not have premises. )
Income Tax
Income Tax payments due in July 2020 under the Self-Assessment system will be deferred to January 2021.
Tax Liability
You can call HMRC and request an extension of time for payments due on the 31 July 2020 .
Business interruption Loan
A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch early next week to support primarily small and medium-sized businesses to access bank lending and overdrafts.
At this stage, you may not be able to claim Universal Credit and Housing Benefit because the Ankara Agreement is the exemption of these benefits.
But since an exceptional situation is currently occurring, there may be flexibility in the rules which we will find out in the coming days.
For further information
Trademarks offer protection to the businesses to protect their goods or services. Having them registered before the Intellectual Property Office will give you the right to protect your brand as well as distinguishing it from the competitors in the market.
We are facing unprecedented challenges as a result of the outbreak of COVID-19 and disruption to daily life is escalating, with the closure of pubs and restaurants in the UK and lockdown of European Union countries as well as China. The virus will have a significant impact on the real estate and retail sector as well as the health risk.
