Are you still following all the changes from the government updates, have a quick look at the latest news.
Self employed income support scheme (SEISS)
This scheme is extended from the 1st November 2020 – 31st March 2021 and the level of grant has changed from 55% to 80% of average trading profits. The date for claiming the first grant from November – January has also changed from the 14th December to 30th November 2020. This will be paid in one instalment to a named bank account.
The furlough scheme has been extended from the 1st November 2020 – 31st March 2021 and the government will pay 80% of an employees usual salary for hours not worked. The scheme will operate as before and the employer will pay any employer national insurance and employer pension contributions.
The employer has the flexibility to furlough employees full-time and the employer is not obliged to pay any wages for hours not worked.
Employees who were never involved in previous claims can operate the scheme as long as they are on the payroll at the 30th October 2020. A PAYE Real Time Information (RTI) submission to HMRC must have been made by the 30th October 2020.
Job Retention Bonus
The job retention bonus will now not be paid in February 2021 and the treasury will redeploy a retention incentive at the appropriate time.
Local authority grants
Local authorities have received additional funding to help business, please phone your local authority to see if you can obtain some help.
Mortgage and consumer credit payment holiday extension
Borrowers are entitled to a 6 month holiday, if you haven’t taken one then you can ask for a 6 month holiday. If you used the scheme previously then top up to the maximum with no record on your credit file. If you have personal loans and car finance then ask for the holiday extension as well.