NWT Members A helpful summary

Please see below a summary of key reliefs and provisions announced so far…. INDIVIDUALS & SELF-EMPLOYED   1.      Universal Credit and other benefits Self-employed may be able to claim Universal Credit if their business has temporarily closed.  Universal Credit standard allowance – the amount you’re paid each month – increased by £1,000 a year.  The current Universal Credit standard allowance ranges between £251.77 and £498.89 depending on your age and circumstances.  You may be able to claim Universal Credit if certain conditions apply.    Self-employed Universal Credit minimum income floor suspended for everyone affected by coronavirus.  The Universal Credit minimum income floor applies to those who’ve been self-employed for more […]

Message from the Chair

Dear Members, I hope you are well and coping in this difficult situation; the industry has really pulled together and there has been lots of lobbying to elected representatives cross-party to ensure the voice of our industry is heard. The announcements from the UK Chancellor of the Exchequer were extremely positive last week, and I am assured that further assistance will be announced tomorrow for help with the self-employed as many of you may be. I attach a response from Ken Skates, Welsh Government Minister of Economy, regarding his approach to financial solutions to the issues within our industry. There are some direct links on this letter to Welsh Government […]

Summary of Useful websites

A full range of business support measures have been made available to UK businesses and employees, including: Coronavirus Business Interruption Loan SchemeBusiness Rates Holiday for Retail, Hospitality and LeisureStatutory Sick Pay SupportTime to PayCOVID-19 Corporate Financing FacilityVAT DeferralIncome Tax Deferral for the Self-EmployedCoronavirus Job Retention Scheme Government Support to Businesses On 20th March, HM Treasury announced a further series of measures to support people, jobs and businesses. This includes a Coronavirus Job Retention Scheme which will allow employers to continue paying up to 80% of furloughed workers pay costs to a maximum of £2,500 per month and deferring VAT and Income Tax payments. All UK businesses, including those in Wales […]

Government Support to Businesses

On 20th March, HM Treasury announced a further series of measures to support people, jobs and businesses. This includes a Coronavirus Job Retention Scheme which will help pay people’s wages and deferring VAT and Income Tax payments. All UK businesses, including those in Wales are eligible for these two new strands of support which are being administered through HMRC.   Further guidance on what you need to do is available on the following website:  https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses   The HMRC also has a Coronavirus helpline for businesses and self-employed people and is available on 0800 0159 559. Note that the HMRC is working urgently to set up the system. Existing HMRC systems […]

Latest update from Government daily briefing

A brief update from the latest Government daily briefing. bars, cafes, restaurants are to close after tonight but you will still able to offer takeaway.Theatres, leisure centres, cinemas and gyms also to close.Government to provide grants of up to 80% of wages to businesses to retain staff (up to £2,500 a month) via HMRC. The employer will need to apply for this.VAT payments deferred for this quarter.No self assessment payments for self employed due until January 2021.Self employed will also have access to the same statutory sick pay as employees.Business Interruption loan repayment with no interest extended from 6 months to 12 monthsUniversal credit to increase by £1000 over 12 […]