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Newsflash – 3 November 2020

Following further announcements on 2 November, we wanted to provide a newsflash so you are aware of the latest support available.

Self-Employed Income Support Scheme (‘SEISS’)

As expected, the third SEISS grant will now be increased for November to 80%, so a total of 55% average monthly trading profits (cap £5,160) over a three-month period from November 2020 to January 2021 (i.e., 80%, 40% then 40% for each month). These grants will also be paid quicker with the window for claims opening on 30 November 2020 rather than on 14 December 2020. Please apply for this if you were eligible for the earlier grants and temporarily cannot carry out your business or have suffered reduced demand due to the outbreak.

Unfortunately, the eligibility is the same as before so many will still slip through the cracks. As with furlough, if lockdown is extended, we would expect (although we don’t know at this stage) that the % rate would increase accordingly for the lockdown period.

Government-backed Loans

The deadline for these and the Future Fund has now been extended until the end of January 2021, while firms can ‘top up’ existing Bounce Back Loans should they need additional finance.

Coronavirus Job Retention Scheme

In the latest guidance from HMRC on ‘furlough’, released today, there is no end date confirmed. This is because in the event that lockdown is extended, Rishi will extend this scheme accordingly to support those impacted. They have also confirmed there will be no gap in support between the previously announced end date of CJRS and this extension.

Further Support?

The above is a summary of the support available as things stand right now. Further guidance will be provided shortly, and further support may also become available. Either way, we will keep you informed as the information becomes available. If you know anyone else who might benefit from our updates, please email us their details here, assuming you have their permission to share them with us.

Fraud is Always Fraud

We are expecting to see a huge surge in checks and investigations owing to the level of fraud which HMRC believe to have occurred during the Coronavirus Support Scheme in particular with Furlough, government-backed loans and SEISS. In the market currently insurance and fee potential policies in our industry are eye-wateringly doubling as an indication of this.

Therefore, only apply for any support if you are eligible and you have been adversely impacted by Coronavirus. Fraud is still fraud, even at times like these. If you think you may have accidentally overclaimed any of the support schemes, please get in touch with us today for a non-judgemental discussion of your potential options to resolve this.

Software Promotion

Are you interested in using Cloud-Based Accounting Software in your business but don’t currently use one? Or are interested in changing your existing provider? If so, we are offering 50% off if you sign-up to either Quick Books or Xero through us for the rest of the calendar year (Quote: SOFTWARE50).Some of the many advantages of cloud-based software include:

  • Access to your financials anywhere in the world with wi-fi, from your computer, tablet, or phone;
  • Better controls of your financial processes at your fingertips;
  • Bank feeds to greatly reduce time doing your books, including bank rules to automate bank reconciliations;
  • Additional functionality through endless Apps;
  • Cost and time-effective solution, which is easy to share and collaborate with;
  • High levels of security with no need to back-up; and
  • Less paperwork so better for the environment

…to name but a few of the advantages. Do get in touch with us if you are interested in finding out more, setting up a demo or booking some training. We look forward to talking to you further about this.

Black and White Accounting

This is a difficult time for everyone and we must come together to get through this. Our thoughts are with you, your family and your friends especially at this time.If there is anything we can do to help you at this difficult time, please do get in touch by contacting Black and White Chartered Certified Accountants, populate the “Got a Question” form on the right, or call us on 0800 140 4644.

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