KBC Update & Coronavirus Summary Tips

Please be assured that we are still here working from home and you should not experience any difference in service levels.

In this time of great uncertainty please do not feel alone and do reach out if you need any help or advice or just to talk. The world will respond with initiatives and support so do not despair.

For more updates, please check out our Coronavirus Update page.

You may also find the following articles useful:

2020 Budget Update
2020 Budget - First Thoughts

COVID-1 Summary Tips

If you suffer a loss of income then sign up for income and housing support through Universal Credit including as an employee-director or self-employed.

If you are a landlord then consider registering with the council housing support landlord scheme and pre-advise your tenants to ask for income and housing support if required.

Income support is now via Universal Credit which used to require a JobcentrePlus interview but no longer and you can also get advanced payments:

Single and under 25 £251.77
Single and 25 or over £317.82
In a couple and you’re both under 25 £395.20 (for you both)
In a couple and either of you are 25 or over £498.89 (for you both)

There is also a 'New Style' Employment and Support Allowance if you are ill or have a health condition or disability that limits your ability to work, worth £57.90/week for under 25s or £73.10 for overs, on top of Universal Credit.

For paying staff, due to the quarantine you can inform us to process 2 weeks statutory sickness pay for staff. Just confirm to payroll@wearekey.co.uk which month to claim in March or April. You should have already had an email from that email.

Also, HMRC will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month. Furloughed is when employers ask employees to take a temporary leave of absence but are kept on the payroll. You will need to:

designate affected employees as ‘furloughed workers,’
submit information to HMRC about the employees that have been furloughed
furlough salary is calculated as an average since employment or a maximum 52 weeks

Tax payments:

Income tax 31 July payments deferred to 31 January for no penalties or interest automatically
VAT payments due up until 30 June deferred automatically and repayment by 31 March 2021
Business rates will be automatically rebated or grants issued with the increased allowances announced since the Budget
PAYE, corporation tax payments you should call and ask for a time to pay agreement

The Coronavirus Business Interruption Loan Scheme is accessible via the British Business Bank.

Helpful links:

We will keep you updated with new information as soon as it becomes available to us. We will be processing COVID-19 SSP and registering all furloughed staff to HMRC as included in our current service level agreements.

Time charges may apply for complicated calculations or for 2 or more staff calculations which we would discuss with you first.

If you have been affected by any of these issues, please do not hesitate to contact us.