Skip to main content

Job Support Scheme Update

Good afternoon all,

As the news breaks of the 3-tier lockdown system, the government have announced extended financial support under the Job Support Scheme. This is due to come into effect on 01/11/2020 following on from the Coronavirus Job Retention Scheme.

Following a Government Factsheet issued over the weekend regarding the extra support for businesses forced to close as a result of lockdown restrictions, I thought I would share with you what know.

I expect there will be frequent, new information for me to share with you, which I will continue to do as I become aware of it.

Take care and keep safe



What are changes announced?

The Chancellor has announced: 
  • An extension to the new Job Support Scheme for businesses required to close due to COVID restrictions.
  • Cash grants for businesses required to close in local lockdowns.

When does the Job Support Scheme start?

  • It starts on 1 November 2020 and is available for 6 months.
  • Prior to that date, the employer is expected to utilise existing support arrangements such as the Job Retention Scheme which comes to an end on 31st October 2020.

What is the eligibility criteria?

  • Business must be required legally to close as part of local or national restrictions and employees must be off work for a minimum of 7 consecutive days.
  • This includes businesses that are required to provide only delivery and collection services from their premises or food and drink outdoors from their premises.
  • The employee must have been on the employer RTI submission made to HMRC on or before 23rd September2020.
  • Employers must agree the new scheme with staff in writing, including any changes to the employment contract. This agreement must be made available to HMRC on request. 
  • Note that businesses required to close by local public health authorities will not be eligible.

What is the extra support?

  • Government will pay two thirds of each employee’s salary up to a monthly maximum of £2,100.
  • No employer salary top up will be required.
  • The employer will be required to cover the cost of the employers NIC and pension contributions.
  • The claims to be made in arrears through a HMRC Claims portal to be available from early December 2020.
  • Affected small businesses with a rateable value of or below £15,000 can now claim a grant of £1,300 per month.
  • Affected medium sized businesses with a rateable value between £15,000 and £51,000 can claim a grant of £2,000 per month.
  • Affected larger businesses can claim a grant of £3,000 per month.
  • The grant will be payable every 2 weeks and paid in arrears.

Together We Count will continue to provide updates as they are released.

Please don’t hesitate to get in touch as I know this is a worrying time for many. If you would like to talk, please book a ‘trading in difficult times’ meeting with me using the following link: https://togetherwecount.simplybook.it/v2/#book/location/2/service/10/count/1/


You can also get in touch in the following ways:





Labels:

Comments

Post a Comment

Popular posts from this blog

More Information- CJRS and SEISS

As we start another week,  I felt it was important for me to share the latest updates with you regarding the Coronavirus Job Retention Scheme and the Self-Employed Income Support Scheme. HMRC Recovery Powers HMRC have put together the draft legislative package to reclaim payments under CJRS and the Self-Employed Income Support Scheme. This is subject to a HMRC consultation which comes to an end on 12th June. Under the draft legislation, HMRC will have the power, by way of a 100% tax charge, to recover payments which were either: Not due Not used to pay wages and PAYE Not used to make pension contributions Penalties will be imposed where there has been deliberate non-compliance. This comes at the same time as HMRC have notified that, to date, they have picked up on nearly 2,000 fraudulent CJRS claims to date. This is, in part, due to ongoing calls to their Fraud hotline number 0800 788887 and also through their online whistle-blower report webpage. Big reminder – 10th June last dat...
Post a Comment
Read more

WARNING - Self Employed Take Note

Who does this affect? Unincorporated businesses (sole-traders, partnerships, and limited liability partnerships) whose accounts year does not end between 31st March and 5th April.  What is the present position? For a particular tax year, you are normally taxed on the net profit per the accounts which end in that tax year. Example of the Present Position Tom has been self-employed for several years and draws up accounts to 30th April each year. His accounts to 30th April 2021 show net profit of £30,000. That is taxable in the 2021/22 tax year. What may change? The Government intend that all self-employed will pay tax and national insurance based upon net profit aligned to the tax year itself and not the accounting year end. Do I have to move my accounting date? No, you can retain your present accounting year end if you want. However, if the change comes into effect, for tax purposes, you will need to report your self-employed income and expenditure incurred based upon the tax year a...
Post a Comment
Read more

Help to Grow - Digital Scheme

What does the Scheme aim to do? This Government backed scheme enables eligible businesses, across the whole of the UK, to obtain a discount of up to 50% on approved software solutions up to a maximum of £5,000 (excluding VAT). This discount covers 12 months’ worth of the approved software's core product costs. What cost does the discount not cover? Planning and delivery services. Any separate one-off payments. Transaction costs. Professional, technical or supplier support services not included as standard. Any costs listed as ‘additional’. Supplier support packages that are provided at additional cost and provide more than standard supplier support offers Value Added Tax (VAT). The discount is applied against the total software product price offered by technology suppliers, exclusive of VAT. What is the eligibility criteria? You have to be a UK company registered with Companies House or on the Financial Conduct Authority’s Mutuals Register. You have between 1 and 249 employees. The...
Post a Comment
Read more