Hopefully, Government help available during these unprecedented times has supported you through the storm. If you haven’t managed to yet obtain any assistance and want to run through your situation, please do get in touch just to check you haven’t missed out.
The Chancellor presented the Winter Economy plan at the end of September.
During his speech in Parliament, the Chancellor announced measures to continue to protect jobs and help businesses through the uncertain months ahead. This includes a new Jobs Support Scheme to protect millions of returning workers, extending the Self Employment Income Support Scheme and 15% VAT cut for the hospitality and tourism sectors, and help for businesses in repaying government-backed loans.
This effectively tweaked the previous furlough scheme and self-employment grants, which are ongoing at reduced rates now, but still out there to benefit from! If you require any further information regarding the new Job Support Scheme, which begins on 1st November 2020, please contact Jen.Ashton@mendiphrandpayroll.co.uk
For those self-employed and currently eligible for SEISS, an initial taxable grant to cover three months’ worth of profits for the period from November to the end of January next year will soon be released. This is worth 20% of average monthly profits, up to a total of £1,875. An additional second grant, which may be adjusted to respond to changing circumstances, will be available for self-employed individuals to cover the period from February 2021 to the end of April.
Bounce back loans are readily available and HMRC does have spontaneous flash grants available for different industries so always worth keeping an eye out for updates on the HMRC website.
VAT remains at 5% for the hospitality and tourism sectors until March 2021.
Apprenticeship schemes are very generous currently to encourage companies to entrust and train up young people. The Job retention bonus of £1,000 will also be available to Companies faithfully retaining their staff. There is only a 6 week window to claim this from 15th February 2021 – 31st March 2021 so please don’t forget! Here’s the link to check eligibility for this bonus:
Please contact Jen on the above email for any questions regarding HR or payroll related matters.