Colin Wilks & Co Limited Chartered Certified Accountants
Colin Wilks & Co LimitedChartered Certified Accountants

Archive News 25th March 2020

UPDATE – 2pm Wednesday 25th March 2020
COVID19 Financial Support Plans
Self -Employed

If you are self employed it is our understanding the government are working on a financial solution to support you in these difficult times. The details are expected to be outlined this week and they will probably be similar to those being provided to employees. The message is to not make any hasty decisions and to wait for the details to be published. The following link to a video from Martin Lewis (the money saving expert) makes this very point:
There seems to be much confusion over the “furloughing” of employees.
Firstly, our understanding is that it only applies to employees that were on a payroll at the end of February 2020.
Secondly, it only applies to employees that are not able to work, such as
• those employed in retail shops, cafes, theatres, restaurants etc where their places of work are closed; or
• those who in the opinion of their employer have NO WORK.
It DOES NOT APPLY to people who can work from home (albeit less efficiently), or those who continue to attend their workplaces but for whom there is a reduced level of work for them to do.
It may mean that you have to consider “furloughing” some employees, whilst others continue to work and take on the tasks of those who have been “furloughed” but this may have to be subject to agreement of the employee depending on the terms and conditions of their employment contract.
We are still waiting for the details of how this is going to be operated, how it will be calculated, and the details of any declarations that you as an employer will have to make as part of the claim process.
In the first instance you will continue to pay employees that have been “furloughed” and if you intend to make any changes to the level of wages this will have to be agreed with the employee.
Claims that are accepted will result in you, as employer, being reimbursed with 80% of the wages of “furloughed” employees up to a maximum of £2500 per employee per month.
Claims for “furloughed” employees can be backdated to 1st March 2020, so if you have ended anyone’s employment since that date you can reverse that and bring them back onto your books as a “furloughed” employee.
Other Support plans
Please see the following link to Martin Lewis’ website:

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