COVID-19 – the latest advice

For most of us, our work and personal lives have become unrecognisable in just a few short weeks. The COVID-19 pandemic has shattered our daily routine and, suddenly, many of you will have suddenly found yourselves facing situations that you never would have dreamed were on the cards for 2020.

To focus – as always – on the positive, support is being made available. If you are running a dental practice, with the health and safety of your team and patients a priority, you may be struggling to keep up with government announcements when they come at the end of a long and stressful day. So here’s the latest:

The business interruption loan scheme

This has been made more generous. The government will guarantee 80% of bank loans up to £5 million – and will pay the interest for the first 12 months. Two things to remember: the business must be viable and you must speak to your bank first.

If they ask for a forecast, Figurit is a specialist dental accountant who can assist you with this.

Support for the self-employed

The dental workforce comprises of many self-employed individuals and there will be support.

For income tax self-assessment, payments on account due on 31 July will be deferred until 31 January 2021. You will be eligible if you are self-employed, you do not need to apply. In this deferral period there will be no penalties/interest for late payment. Directors/shareholders in their own limited companies/LLPs are not self-employed; you are not self employed if you are on the payroll of your own business either. You’ll need to contact the Time To Pay helpline instead.

Also, self-employed people will be able to access Universal Credit at a rate equivalent to Statutory Sick Pay for employees, currently £94.25 per week.

Time To Pay

This is for any business/individual with outstanding tax liabilities an in financial distress due to the impact of the pandemic. You can call them on tel: 0800 0159 559.

Figurit is a specialist accountant that can offer bespoke advice. We will share the load and help you make positive decisions that are the right for your unique circumstances.

For more information call Figurit on 020 7376 9333.