Despite the raft of massive new measures announced this week the government offered little or no support for those of you trading as a sole trader or in a partnership. As a result of this they are under huge pressure to provide further financial help from across the opposition benches as well as from trade unions so we may see further deals being announced next week.
If you are a sole trade/partnership who operate a PAYE scheme then the good news is following the announcement of the 20 March the government will pay 80% of the wages of your staff although certain rules apply and the employees must be given leave of absence and not working. Sadly, as a sole trade/partnership you yourself do not get paid through the PAYE system and so do not qualify for anything.
If any of your employees go off sick you will also qualify for the SSP rebate scheme announced, payable from day 1 as well and equal to £94.25 and effective from 13th March for the 14 days self isolation period.
You will also be eligible to claim for the business grants and loans mentioned on todays other post provided you meet the eligibility requirements. Further details on next steps will be made available when they are released.
As I say, Im sure further measures will be taken if needed so keep your eyes peeled.
As processes are revealed I will post guidance and links to any paperwork that may be needed.
Good luck
The Bookkeeping Guys, 21 March 2020
