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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 15152
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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In light of the corona virus I have aa couple of questions.

Customer Question

Hi, in light of the corona virus I have aa couple of questions. On March 16th I took over a business premises for a creperie/coffee shop in Windsor town centre, set to open this week. However, as you know we’ve been forcibly closed, so awful timing. I’ve paid my rent upfront for 3 months and I’ve not heard back from my landlord yet in regards ***** ***** the rent and tbh I don’t blame him if he says no, as that’s his income. I only have building insurance, which I pay a share of as the landlord sorts and the other insurance (public liability, contents etc) I was going to sort obviously pre opening, but now I’m not opening! I have spoke to many insurers that said loss of earnings cover is something almost no small businesses have as the premiums are so high (around 5 figures) so there’s no help in that department. I am concerned with the help I’m going to be eligible for from the governemnt as I cannot prove loss of earnings as I hadn’t even opened, but obviously each day im not earning I have no income so am accruing debt. Can I add myself to payrol? To claim the 80% of the 2500 the government are going to pay the employed. I hadn’t got round to sorting payroll yet as if not opened, but was on my list of things to do. Any advice about what to do would be welcomed as I need to guarantee some I coem income from Somewhere. Apologies my phone keeps posting before I’ve had chance to finish typing the message! Many thanks Hannah
JA: Have you talked to a tax professional about this?
Customer: No one
JA: Anything else you want the Accountant to know before I connect you?
Customer: no that’s all many thanks
Submitted: 15 days ago.
Category: Tax
Expert:  Sam replied 15 days ago.

Hi, Sam here , one of the UK tax Experts here on Just Answer, thank you for your question and I shall reply shortly

Customer: replied 15 days ago.
Many thanks Sam
Expert:  Sam replied 15 days ago.

Hi Hannah

 

Can I ask are you a limited company or a sole trader?

 

Thanks


sam

Customer: replied 15 days ago.
Limited company
Expert:  Sam replied 15 days ago.

Hi

 

Then yes start to pay yourself a wage as this is an allowable deduction for accounts purposes even where no income however you do have to consider is this sustainable with sufficient cash flow

The link I have provided runs through all the support available and more importantly how to gain access to it https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/873676/Covid-19_fact_sheet_18_March.pdf (page 5 onwards)

 

Then the helpline to assist with any claims you have here

https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19

 

Plus you are due assistance with business rates and the sheet also highlights whats due to you as an individual)

 

Thanks

 

Sam

 

 

Customer: replied 15 days ago.
Many thanks just reading through the info now
Customer: replied 15 days ago.
How do I start to pay myself a wage. I haven’t yet got an account, it was something I was going to sort after I’d finished getting the place ready to open. We are currently in self isolation as now my son has tested positive for corona so I can’t even finish work on the shop! However, obviously the families health prioritises. In normal circumstances I’d be opening this week! I need someone to help assist with what I need to do with payroll
Expert:  Sam replied 15 days ago.

Hi

 

Then you need to get registered with HMRC link here https://www.gov.uk/register-employer

Then you register for online services either using HMRCs basic tool kit or by purchasing a third party software

Then this is the link to assist you with running payroll

https://www.gov.uk/running-payroll

 

however we at Just Answer can offer telephone support if that would be useful it does cost £44 but it can last as long as you need to get up and running and confident with what needs to be done or HMRc run online seminars link here for that too https://www.gov.uk/government/collections/hmrc-webinars-email-alerts-and-videos

 

So lots of support all of which can be undertaken from home

 

Thanks

 

Sam

 

Customer: replied 15 days ago.
Thanks Sam am going to read through all this now and may end up calling you as I’m so rubbish with this side of things! Thanks so much for your advice.
Expert:  Sam replied 15 days ago.

Hi

 

You are welcome and of course if a phone call would help just accept the offer of one - it does cost £44 but then allows you all the time that you need

 

Thanks

 

Sam