AccountingWEB Live | Coronavirus Response Q&A webinar
In last week's interactive live webinar, Rebecca Benneyworth clarified what we know on the job retention scheme. Join our free weekly get together this Wednesday to discuss the Self Employed Income Support Scheme and helping clients apply for Universal Credit.
One of the things we've learned from the AccountingWEB community is the importance of collaboration and sharing useful information. This has never been truer than during the current coronavirus crisis.
That's why we launched a new weekly AccountingWEB Live | Coronavirus Response Q&A webinar last Wednesday. It's free, non-commercial place for accountants to share experiences, advice and practical tips to help safeguard their businesses, support their teams and help their clients.
You can register here and email any questions or suggested discussion points direct to us at [email protected]. Our inboxes are overflowing at the moment so please mark your email 'Coronavirus Response Q&A'
Our Accounting Excellence ambassador Rebecca Benneyworth, Glenn Martin of Avery Martin and Lucy Cohen from Mazuma joined us for the first session to discuss the burning issues of the moment on Wednesday 29th.
Next week's webinar is on Wednesday, 8 April at 9am. We are delighted to welcome back our Accounting Excellence ambassador Rebecca Benneyworth to answer your questions on the Self Employed Income Support scheme and Victoria Todd from the Low Incomes Tax Reform Group (LITRG), who will explain what's involved if you need to help clients claim universal credit.
Here are the full details from last week's session:
Job retention scheme
In the 29 April webinar, Rebecca Benneyworth clarified what we know about the job retention scheme and shared some useful tips, and shared some ideas on how to communicate the updates to your clients.
Benneyworth suggested emailing out the government guidance, in particular the COVID-19: support for businesses, as a starting point for practitioners who, in the last couple of weeks, have been inundated with phone calls and emails from clients looking for advice.
Benneyworth warned that many clients who are directors of limited companies think they are self employed, and therefore looking for information on how to get help that doesn’t apply to them. Clients who are actually self employed, she explained, will receive a taxable grant based on their last three years’ profits in June and don’t need to claim, since it’s all been done automatically.
Benneyworth also clarified some of the main questions she’s been asked by clients, and other areas of confusion:
- Directors will be able to furlough, but they had to be on the payroll on the 28 February
- Practitioners can ring clients, establish who wants to furlough people and then we put it through the payroll at 80%
- Employers can pay 100% if they wish, but they have no obligation
- The reclaim will be 80% of their pay + employer NIC + 3% mandatory pension contribution if people are in auto enrolment, and it’s subject to a maximum of £2,500 per month
- To calculate the pay for clients who are not on the regular wage, there is information on employees whose pay varies in the government guidance
Further information on the coronavirus job retention scheme is available in AccountingWEB’s regularly updated Coronavirus Job Retention Scheme: Get the details right article.
Alongside Benneyworth’s technical R&D, she shared ideas with fellow practitioners Glenn Martin and Lucy Cohen about how to communicate the vital details to clients. At her firm, Benneyworth cuts and pastes the relevant sections from the government guidance and sends them out in emails to different client groups.
Martin and Cohen, meanwhile, have been doing much the same online tools like WhatsApp to keep their clients updated on the latest coronavirus support scheme developments. When working remotely, these technologies can be very useful for keeping in touch and managing client conversations efficiently.
Next week, tune in for Rebecca Benneyworth on the self employed income support scheme and Victoria Todd on how to help clients claim universal credit. Follow the instructions below to take part:
Full details below.
- AccountingWEB Live | Coronavirus Response Q&A is a weekly Q&A webinar to connect our audience during the lockdown.
- It will run every Wednesday at 9am. The webinar will last for an hour and include plenty of time for your questions to be answered and debated.
- Hosted by AccountingWEB experts, every week will cover off the week’s events and how they're affecting people. We'll be collecting suggestions from AccountingWEB members on the topics they want to cover and will alert everyone to the agenda subjects beforehand.
- We’ll be inviting members of our community to tell their own stories as well as guest experts from HMRC and professional bodies to field questions. Please email us if you'd like to get involved.
- Live chat windows, interactive polls and question areas will run throughout each session, with contribution being rewarded by the most popular questions being put forward to guests live. The host will ensure the debate is meeting the needs of the audience by reacting to polls, questions etc as they come in.
- IMPORTANT AccountingWEB Live | Coronavirus Response Q&A is a non-commercial event and 'for accountants only'. Chatham House Rules will apply, promoting open and frank discussion. Any slide decks, resources and links will be shared after the event for people to freely distribute to their teams and contacts.