0800 140 4644
Following further announcements on 5 November, we wanted to provide a newsflash so you are aware of the latest support available.
Self-Employed Income Support Scheme (‘SEISS’)
The third grant has been increased for the second time this week (third time in all), to 80% of average monthly trading profits, up to a cap of £7,500. This is more in line with the CJRS as both are boosted in order to support individuals and business through the potentially very difficult winter. The grant for the period November 2020 to January 2021 will be open to applications from 30 November 2020, for those who were eligible before and temporarily cannot carry out your business or have suffered reduced demand due to the outbreak are supported over winter.
The latest guidance can be found here. Unfortunately, as things stand, there is no change in the eligibility criteria, so those that missed out in the previous grants, will also miss out here, unless there are any further changes.
Coronavirus Job Retention Scheme (‘CJRS’)
Or ‘furlough’ scheme will now run until 31 March 2021, with the government meeting 80% of the furloughed hours. This was previously only due to run for the month of November. This will be reviewed in January 2021, with the expectation being, if things are more back to the ‘new normal’ that employers will start paying a greater proportion of the costs as the scheme is phased out, as before.
Anyone made redundant after 23 September 2020 can be rehired and put back on furlough, similar to before.
The latest guidance, which was announced yesterday, is available here where full guidance will be published on 10 November 2020.
Related to this, the Coronavirus Job Support Scheme (‘CJSS’), which was due to replace the furlough scheme this month, has been mothballed indefinitely and possibly may never see the light of day. However, it might come back into play at some point next year, depending how things unwind.
Additionally, the Coronavirus Job Retention Bonus (‘CJRB’) which offered a bonus of £1,000 per furloughed employee, whose employment was retained up to the end of January 2021, has now been shelved, due to the extension of the CJRS
Universal Credit
The removal of the minimum income floor for the self-employed, which was due to end next week, has now been extended until April 2021.
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.
