Support

Category Archives: COVID-19

Continued business support – Updated 26th October 2020

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Further details are still to be released, but here’s what we know so far… [updates added on 26th October 2020 – following announced changes to the JSS]

New Support for job and employers (Job Support Scheme – JSS): 

  • Will run for 6 months
  • Starts 1st November 2020
  • Employees need to work for minimum of 20% of their time [Update: this was: at least a third of their normal hours (33%)].
  • Of the hours not worked 5% will be covered by the employer (max £125), 61.67% by the Government (max £1,541.75) and 27% will be unpaid [Update: This was originally a third each (33%)].

There are slightly different rules for businesses who are forced to closed due to local lockdowns, so please contact us if you are one of these affected businesses.

[Update] Useful comparison of the furlough scheme compared to the new scheme: here

Key points – taken from: here 

  • Neither the employer or the employee need to have previously used the Coronavirus Job Retention Scheme !
  • Large businesses will have to meet a financial assessment test, so the scheme is only available to those whose turnover is lower now than before experiencing difficulties from Covid-19. There will be no financial assessment test for small and medium enterprises (SMEs).
  • Our [Government’s] expectation is that large employers using the Job Support Scheme will not be making capital distributions, such as dividend payments or share buybacks, whilst accessing the grant. Further details will be set out in guidance
  • Employees must be on an employer’s PAYE payroll on or before 23 September 2020. This means a Real Time Information (RTI) submission notifying payment to that employee to HMRC must have been made on or before 23 September 2020.
  • In order to support viable jobs, for the first three months of the scheme the employee must work at least 33% (update: now 20%) of their usual hours. After 3 months, the Government will consider whether to increase this minimum hours threshold.
  • The grant will not cover Class 1 employer NICs or pension contributions, although these contributions will remain payable by the employer.
  • The scheme will be open from 1 November 2020 to the end of April 2021. Employers will be able to make a claim online through Gov.uk from December 2020. They will be paid on a monthly basis.
  • Employers must agree the new short-time working arrangements with their staff, make any changes to the employment contract by agreement, and notify the employee in writing. This agreement must be made available to HMRC on request.

Self Employed

  • Further support for the Self Employed, details still to be announced.

There will be an extension of the Self-Employed Income Support Scheme (SEISS) which the Government had introduced to support self-employed individuals through the initial lockdown measures. The new grants will only be available to those self-employed who have been previously eligible and who continue to experience reduced demand due to COVID-19.

There will be two grants. The first will be for the period start November 2020 to end January 2021. This grant will be for 20% of average monthly trading profits and will be capped at £1,875. The second grant will be for the period start February 2021 to end April 2021. The value of this grant has not yet been determined by Government. We will provide you with more information as it becomes available.

Self-Assessment – Enhanced Time to Pay

Taxpayers with up to £30,000 in self-assessment tax liabilities due in January 2021 will be able to use HMRC’s self-service Time to Pay facility to secure a plan to pay their liability over 12-months.

VAT deferral

  • Any VAT deferred to March 2021 can now be paid over 11 instalments from this date. Updates to be posted when we know more.

Loan extensions for Bounce Back Loans and CBILS

If your business is still struggling then there are options to change your payment terms. We advise speaking to your lender if you are going to struggle to keep on top of the currently agreed loan schedule.

There are rumours of a new loan scheme starting Jan 2021.

FAQ COVID19 self employed

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FAQs for the self employed

  • First Published: 27th March

Last Updated: See below 

As we get answers to questions (or have new advice), we’ll add them here and send out a WhatsApp broadcast, so we can help as many people as possible. Follow this link to join the broadcast list: http://www.loveaccountancy.co.uk/how-to-get-added-to-our-whatsapp-broadcasts/

Updates:

6th May 2020

Application details are now on this page

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Frequently asked questions (FAQS) – Employers, Directors, Business premises grant, Loans

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  • First Published: 23rd March 11:45

Last Updated: See below 

As we get answers to questions (or have new advice), we’ll add them here and send out a WhatsApp broadcast, so we can help as many people as possible. Follow this link to join the broadcast list: http://www.loveaccountancy.co.uk/how-to-get-added-to-our-whatsapp-broadcasts/

Updates:

2 June 2020

New updates to the furlough scheme – here

29th March 09:50

Further details on furlough for directors – here

Furlough for employees in public funding sector – here

26th March 20:30

Self Employment summary – added to the self employed section below

Watch Martin Lewis on ITV at 20:30 

26th March 16:45

Tool kit for employers, provided by HR specialists Peninsula

25th March 19:45

Self employed support package to be announced tomorrow. Will watch and digest in the evening with a view to update on Friday.

24th March 07:30

Further layout changes into categories. More detail on furloughed employees and assistance for employers (inc director only businesses). Slight revisions to grant pages (we do think it’s an idea to speak to your local authority, even though gov advice is to wait). Although putting extra strain on gov resources may be a negative.

23rd March 19:45

Layout changes to make it easier to read. Answers to questions about grants and self employed help.
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Covid-19: What can I do now? Plus useful links and numbers:

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Published: 18th March 2020

Last updated: 20th March 2020 (morning amendments in italics – text in blue is as at 18:30 (which is mainly a summary of the press conference – we’ll know more as information is released early next week) re: government support – this is one of those unusual situations where we only know info as it’s officially released – which you can also follow using the gov link below

22nd March 2020: Layout changes and amendments.

Remember, we’re all in this together. We can help each other get through it. If you need to talk, just call 01392927647

Top links

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COVID-19 Government pledged support

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Government Finance and Support:

Read this page, but note it was last updated 22nd March 2020. There have been new Government support announcements since this date, so please see our FAQ pages for the more detail.


The Government’s official page has been updated with new information on who is eligible and when/how to apply – it’s still a bit of a waiting game, but we can still be taking action. The best advice for now is speak to your bank (find out what information they’ll need from you as we can help prepare this). See the “what can I do now” page. Or give us a call.

All the latest information on the Governments support packages can be found on the link below (it should be updated as new support or developments are made) – the advice (for business premises grants) at present is to wait for your local authority to contact you, but if you need to you can get their contact details here: find my local authority/council

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses Read More

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