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Hi <<First Name>> here is this week's updates
 
The Chancellor of the Exchequer, Rishi Sunak, presented his ‘Winter Economy Plan’ to Parliament on Thursday 24 September 2020 outlining additional government support to provide certainty to businesses and workers impacted by coronavirus across the UK. As part of this, the government is introducing a new Job Support Scheme to provide additional support to employers who are facing lower demand in the winter months due to the coronavirus to help keep their employees attached to the workforce.
 
This is a link to the factsheet while we wait to receive the full guidance which is due to be published at the end of the month.
 
Job Support Scheme
The Job Support Scheme is a grant payment, which covers one-third of the cost of unworked hours, up to £697.92 per month for each eligible employee.
 
The scheme will open on 1 November 2020 and run for 6 months, until 30 April 2021. Employers will be able to claim the scheme from 7 December 2020 with payments being made in arrears.
 
Full guidance on the steps employers need to take to calculate and make a claim will be published at the end of October.
  
Employers will continue to pay the wages for the hours staff work. For the hours not worked, the government and the employer will each pay one-third of their usual wages (capped at £697.92 per month). Employers will need to meet their share of the pay for unworked hours, and all employer National Insurance contributions and statutory pension contributions, from their own funds. This means that employees will receive at least two-thirds of their usual wages for the hours not worked.  
 
To be eligible, employees must: 
  • be registered on PAYE payroll on or before 23 September 2020
  •  work at least 33% of their usual hours.
 
The Job Support Scheme will be open to all UK employers, you do not have to be previously registered under the furlough scheme to qualify.
 
The scheme will operate in addition to the Job Retention Bonus. Businesses can benefit from both schemes in order to help protect viable jobs.
 
SEISS Grant Extension
The government is continuing its support for millions of self-employed individuals by extending the Self-Employment Income Support Scheme (SEISS) grant. Self-employed individuals and members of partnerships who are eligible for the SEISS and are actively continuing trading, but are experiencing reduced demand due to Coronavirus, will be eligible for a further SEISS grant to provide support over the winter months.
 
The first grant will cover a three-month period from the start of November 2020 until the end of January 2021. It will be a taxable grant to cover 20% of average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £1,875 in total.
 
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 to the end of April – ensuring our support continues right through to next year.
  
Extension to the reduced rate of VAT for Hospitality and Tourism
The government has extended the temporary reduced rate of VAT (5%) to tourist attractions and goods and services supplied by the hospitality sector. This relief came into effect on 15 July 2020 and will now end on 31 March 2021 across the UK
 
VAT Deferral New Payment Scheme
If you deferred payments that were due between 20 March and 30 June 2020 then these payments need to be made to HMRC by 31 March 2021. Employers can use the New Payment Scheme to spread these payments over equal instalments up to 31 March 2022. Alternatively, they can make payments as normal by 31 March 2021 or make Time To Pay arrangements with HMRC if they need more tailored support. We can contact HMRC on your behalf.
 
Wishing you a great weekend ahead
Disclaimer: Advice shared in this newsletter is intended to inform rather than advise. We will accept no responsibility for any financial loss incurred.
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