Covid-19 – Govt to support Wages
The Chancellor has just announced that the government will support employees’ wages.
Briefly:
• Administered by HMRC
• For workers who are not working because of COVID19
• 80% of the employees wages up to £2,500 pm
• Open to all companies
• Backdated to 1st March
• Payment will not be likely to be paid until end of April
• All employers are covered including Charities.
ALSO
VAT payments have been deferred from now until end of June. Arrears to be paid by the end of December.
Self Assessment payments on account deferred ie July’s payment deferred until January 2021.
Working Tax Credit and Universal Credit to be increased by £1000.
Self employed will be able to access UC to get equivalent of Statutory Sick Pay.