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CORONAVIRUS- FINANCIAL SUPPORT UPDATE

The Chancellor announced new financial support last night in our country's fight against the Coronavirus disease.

We have new information coming to us daily regarding how to access the schemes that have already been announced as well as new measures being put in place.  

New financial support for businesses

Coronavirus Job Retention Scheme​ - All UK businesses are eligible

Under the Coronavirus Job Retention Scheme, all UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis.

How to access the scheme

You will need to:

designate affected employees as ‘furloughed workers,’ and notify your employees of this change - changing the status of employees remains subject to existing employment law and, depending on the employment contract, may be subject to negotiation
submit information to HMRC about the employees that have been furloughed and their earnings through a new online portal (HMRC will set out further details on the information required)
HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month. HMRC are working urgently to set up a system for reimbursement. Existing systems are not set up to facilitate payments to employers.

Deferring VAT payments

Valued Added Tax (VAT) payments deferred for 3 months. The deferral will apply from 20 March 2020 until 30 June 2020.

How to access the scheme

This is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period. Taxpayers will be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period. VAT refunds and reclaims will be paid by the government as normal.

Therefore please stay up-to-date with the filing of your VAT returns during this three month period.

Our in-house IT specialist, Shannon Tubman, said "We have the facilities in place to process your VAT return remotely.  If you have a mobile phone with a camera on it we can provide you with simple instructions for getting your VAT papers to us. If we enter a period of full isolation we are already prepared to work remotely."

This service we can offer is also important to our many agricultural clients.  The farming community is strong and will continue to work. The grass will still grow, the cows will still calf and the sheep will still lamb.  It will be important that these businesses can still obtain their monthly/quarterly VAT repayments as the costs associated with farming will continue throughout this fight against Coronavirus.

​Deferring Income Tax Self-Assessment payments - if you are self employed you are eligible

Payments due on the 31 July 2020 will be deferred until the 31 January 2021.

How to access the scheme

This is an automatic offer with no applications required.

No penalties or interest for late payment will be charged in the deferral period.

Please feel reassured that robinson+co are working round the clock to service our clients needs and we have your best interests at heart.

News Archive

It's good to know that robinson+co fully understand the issues facing our industry.

Tyson H Burridge, Tyson H Burridge Ltd

After over two decades of outstanding service to my company, robinson+co continue to evolve as my own business has.

Mike Graham, G&M Supplies Ltd

When I became self employed, getting reliable personal and professional financial advice and accountancy help was so important. I have been fortunate to have had such good service from robinson+co over the last five years.

Alison Harker, Wigton

We would like to thank robinson+co for their outstanding service they provide us in dealing with our PAYE and CIS.We find that they are very professional and understanding to our needs.

Carole & Brian Atkinson, B&C Atkinson Ltd

We can't thank Christine Smith enough for all her patience and help in keeping us straight with our payroll etc., and not to forget Tracey Kennett for all our Sage help.

Modern Homes, Workington

robinson+co have acted as accountants for both me and my Limited Company for a number of years, and are without doubt the most reliable, professional and cost effective firm I have ever used.

Paul Blamire - Everhaven Data Solutions Limited

robinson+co is registered to carry on audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.

robinson+co is a trading name of robinson+co (Gosforth) Limited registered in England & Wales 08088245. Registered office Oxford Chambers, New Oxford Street, Workington CA14 2LR. Regulated by the Institute of Chartered Accountants in England & Wales for a range of investment business activities.
robinson+co Financial Services Limited is registered in England & Wales 07272147. Registered office Oxford Chambers, New Oxford Street, Workington CA14 2LR. Authorised and regulated by the Financial Conduct Authority firm number 597189.

Professional indemnity insurance

The firm's professional indemnity insurance policy is provided by Liberty who may be contacted via Bluefin Professions at Castlemead, Lower Castle Street, Bristol BS1 3AG. The policy applies to claims wherever made outside the United States or Canada, based on acts, errors or omissions occurring anywhere in the world.

robinson+co Financial Services Limited's policy is provided by Collegiate Management Services Limited and can also be contacted via Bluefin Professions.

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