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Hi <<First Name>> here are this week's updates

With the country going into a second lockdown it was disappointing to see some of the big retailers, such as Carpet Right, ignoring the restrictions and continuing to trade. I am pleased that the Government has now taken action as it is grossly unfair that the large corporates should be allowed to trade while all the smaller independents suffer.

Extension to the Job Retention Scheme (CJRS)

As we know this scheme has been extended to March 21 and for claim periods running to 31st January 2021, HMRC will pay 80% of employees’ usual wages for hours not worked, up to a cap of £2,500 per month. The Government will review the policy in January 2021 to decide whether the grant will be tapered as before.

Key changes to the scheme:
  • Employers and employees do not need to have used the scheme prior to 1st November 
  • The furlough claim has to be submitted by the 14th of the following month, this is an incredibly tight timeline and is currently being challenged
  • From December, HMRC will publish who has used the scheme so employees will be able to find out if their employer has claimed for them under the scheme.

The method to calculate the furlough claim for an employee on variable hours has been released.  It is based on average hours worked between:
  • the start date of the 2020 to 2021 tax year, (for example, 6 April 2020)
  • the day before their CJRS extension furlough periods begins
Then multiplied by the employees’ hourly rate. 

Job Support Scheme and Job Retention Bonus Withdrawn
A reminder that these schemes have been postponed.

Self-Employment Income Support Scheme (SEISS) Grant Extension
The third SEISS taxable grant, which is based on 80% of three months’ average trading profits, will be paid out in a single instalment and capped at £7,500. 
  • The grant payment will cover the period 1st November to 31st January (3 months)
  • Applications for this third grant will open on 30th November and expected to be open until March 2021
  • You will need to apply for the grant directly as agents will not be able to apply for the grant on behalf of their clients
Bounce Back Loan “Top-Up”

If you already have a Bounce Back Loan but borrowed less than you were entitled to, from 10th November you can top up your existing loan to your maximum amount. You must request the top-up by 31st January 2021

Local Authority Grants

1)    Local Restrictions Support Grant (Closed Businesses)
  • Businesses that are eligible are those that have been mandated to close by the Government and include non-essential retail, leisure, personal care, sports facilities, and hospitality businesses
  • Based on the rateable value of property
  • Grants are between £1,334 & £3,000
  • Claimed online via your Local Authority website
  • Weblinks available in the next few days

2)    Additional Restrictions Grant (Discretionary)
  • Local Authorities are developing discretionary grant schemes to help those businesses which, while not legally forced to close, are nonetheless severely impacted by the restrictions put in place to control the spread of the virus.
  • May not be dependent on occupying a rateable property
  • Claimed online from Local Authority website
  • Weblinks and criteria likely to take some time to be published

Wishing you and your families stay safe and well.
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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