Skip to main content

Newsletter 05/11/2020

Surprise surprise, things have changed again, and as promised, Together We Count will keep you up to date with what you need to know. 


As a nationwide lockdown commences, Rishi has announced the following:


Coronavirus Job Retention Scheme (CJRS)

  • The CJRS will now run to 31st March 2021.
  • The Government will meet 80% of the furloughed hours.
  • Employees that were employed and on the payroll on 23rd September 2020, who were made redundant or stopped working afterwards, can be re-employed and claimed for. The employer must have made an RTI submission to HMRC from 20th March 2020 to 23rd September 2020, notifying a payment of earnings for those employees.

Coronavirus Job Support Scheme (CJSS)

  • The CJSS which was due to replace the CJRS has been mothballed indefinitely and possibly may never see the light of day. However, Rishi has not discounted bringing it into play at some point.

The Job Retention Bonus (JRB)

  • The JRB of £1,000 per furloughed employee, whose employment was retained up to the end of January 2021, has now been shelved.

Self-Employed Income Support Scheme

  • The Government only recently increased the SEISS claim for the period November to January inclusive from 40% to 55% of the average net profits.
  • They have now increased that to 80% (maximum £7,500).



I understand these changes are really hard to keep up with. If your head is spinning as you try to understand what this means for you and your business, why don’t you book in for a ‘trading in difficult times’ meeting and we can go through it together. 
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