Self-employed income support scheme extended

Self-employed income support scheme (SEISS) extended to eligible self-employed.

The good news for small business, is that a final grant payment can be claimed and is open for application in August 2020.

The grant is slightly less generous than the original grant with a maximum claim capped at £6,570. The grant is worth 70% of the average monthly trading profits, paid out again in a single instalment covering three months. This is a reduction of 10% from the first round of grant claimed.

Any business applying for the second grant must confirm that they intend to trade in the future.

Any business that is trading now but is adversely affected can also continue to claim if they can prove that the coronavirus has impacted their business. There is no single measure to prove this but a good measure could be reduced sales, loss of clients and reduced profits. Other measures may include increased levels of expenditure to help you adjust to a new way of operating your business safely through the pandemic.

Job Retention Scheme changes from 1st July 2020

Are you ready to claim the new Job Retention scheme?

Starting from 1st July 2020 the scheme grant conditions change.

Employers can bring back workers on a part-time basis whilst still claiming from the scheme.
Any new employees starting after the 1st July 2020 will not be eligible for the scheme.
Any employers that have not furloughed their staff by the 10th June 2020, to allow them to complete the minimum three weeks required by the current scheme must furlough to ensure that the second scheme is available to use.

The scheme will operate on it’s current basis until the end of July 2020. The second scheme is due to close on the 31st October 2020.

Employers are expected to pay the employers national insurance and pension contributions from 1st August 2020.

Employers are expected to contribute 10% of the 80% payable to employees from the 1st September 2020 including the employers national insurance and pension contributions.

Employers are expected to contribute 20% of the 80% payable to employees from the 1st October 2020 including the employers national insurance and pension contributions.