Bonfire Night News from the Chancellor – 05/11/2020
As per the blogs that we released on Monday, the current situation regards Government support is very fluid. The Chancellor has today announced further extended support for businesses and employees throughout the winter months as follows:
- Furlough Scheme
- Has been extended to the end of March
- Funding will be 80% to January at least, but employers will be expected to cover National Insurance and Pension payments
- The £1,000 Job Retention Bonus, which was to be paid in February has been put on hold for the time being
- Our recommendation is that, because furloughing staff is effectively a change in contract, written agreements are reached with staff. We have template letters should you require them
- If you are a Company Director and are still performing some duties, a claim for part-time furlough can be made. If this is the case, we recommend that you keep a diary of hours / days worked
- Self Employment Income Support Grant
- The third grant, covering November to January, will now be paid at 80% for the whole period
- The anticipated date from which claims can be made has been brought forward to 30 November
- Local Restrictions Support Grant
- District Council websites are still showing that they are awaiting detailed guidance from the Government
- We will bring you further news as soon as we have it
- Bounce Back Loans
- The scheme date has been extended to 31 January 2021
- Top up loans are available for anyone who has not yet taken out the maximum (25% of 2019 turnover or £50,000, whichever is lower)
We still think the situation is fluid and therefore we will keep an eye out for any further news and bring anything to you as and when needed.
As mentioned in previous blogs, the deadline for the filing of 2019/20 self-assessment tax returns is still 31 January 2021. Currently 2019/20 figures are not being used in any of the grant calculation methods, however, it is possible this could change. Therefore we recommend that if you have not yet brought in your records that you do so as a matter of urgency.
The Smarter Accounting Offices will continue to be staffed but will not be open for face to face meetings. We can always make other arrangements for video conferencing, telephone calls and at times garden meetings if required. If you are dropping off or collecting records via the office, please notify us in advance and wear a facemask. Contact us here >
Please be aware that we are reviewing our policy regards COVID 19 on, at least, a weekly basis.
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Best wishes and stay safe!