November Government Support Packages

CJRS Furlough 80% for November

•     To be eligible to be claimed for under this extension, employees must be on an employer’s PAYE payroll by 23:59 30th October 2020. This means a Real Time Information (RTI) submission notifying payment for that employee to HMRC must have been made on or before 30th October 2020.


CJRS claims will be able to be made for the period starting on or after 1 November 2020 to 31 January 2021. Full guidance for the CJRS extension will be published on 10 November. The guidance for claim periods from February onwards will be published following the government’s review.

As under the current CJRS rules:

•     Employees can be on any type of contract. Employers will be able to agree any working arrangements with employees.

•     Employers can claim the grant for the hours their employees are not working, calculated by reference to their usual hours worked in a claim period. Such calculations will broadly follow the same methodology as currently under the CJRS.

•     When claiming the CJRS grant for furloughed hours, employers will need to report and claim for a minimum period of 7 consecutive calendar days.

•     Employers will need to report hours worked and the usual hours an employee would be expected to work in a claim period.

•     For worked hours, employees will be paid by their employer subject to their employment contract and employers will be responsible for paying the tax and NICs due on those amounts.

Self Employed Income Support Scheme

To reflect the recent changes to the furlough scheme, the UK-wide Self-Employment Income Support Scheme (SEISS) will be made more generous – with self-employed individuals receiving 80% of their average trading profits for November. 

 

To ensure those who need support get it as soon as possible, payments will also be made more quickly with the claims window being brought forward from 14 December to 30 November.

 

As SEISS grants are calculated over three months, the uplift for November to 80 percent, along with the 40 percent level of trading profits for December and January, increases the total level of the third grant to 55 percent of trading profits. The maximum grant will increase to £5,160.

 

To be eligible for the Grant Extension self-employed individuals, including members of partnerships, must:

•     have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants)

•     declare that they intend to continue to trade and either:

•     are currently actively trading but are impacted by reduced demand due to coronavirus

•     were previously trading but are temporarily unable to do so due to coronavirus

Business Grants

Businesses required to close in England due to local or national restrictions will be eligible for the following:

 

•     For properties with a rateable value of £15k or under, grants to be £1,334 per month, or £667 per two weeks;

•     For properties with a rateable value of between £15k-£51k grants to be £2,000 per month, or £1,000 per two weeks;

•     For properties with a rateable value of £51k or over grants to be £3,000 per month, or £1,500 per two weeks.

 

Business grant policy is fully devolved. Devolved Administrations will receive UK Government financial support which they could use to establish similar schemes.

Business Recovery Grant

SMEs in England can apply for a grant to cover the cost of specialist professional advice such as accountancy. 

The new £20m scheme, underpinned by the England European Regional Development Fund, gives grants of between £1,000 and £5,000 to small and medium-sized businesses to help access professional advice from accountants, HR experts, lawyers and IT support. The assistance will be fully funded by the government (up to the grant limit) with no obligation for businesses to contribute financially.

Apply at

Dorset https://www.dorsetgrowthhub.co.uk/recovery-grant

Or find your local LEP https://www.lepnetwork.net/local-growth-hub-contacts/

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We are a Chartered Management Accountant Practice with a Full Practising Certificate from CIMA.

Progressive Property Network (PPN) - Progressive Approved Accountants.

Our Directors are Steve & Kate Bicknell and Alice Kerley.

We are members of Bournemouth Chamber of Trade and Commerce, Dorset Chamber of Commerce and Industry, Assoc. of UK Accountants (Business Accountants),  Institute of Certified Practising Accountants and the Federation of Small Businesses. Steve is a Fellow of the Chartered Institute of Management Accountants, the Institute of Directors, and Chartered Management Institute.

We are Property and Construction Accounting and Tax Specialists. Steve is a Founder Member of Progressive Property Bournemouth.  

Steve is a presenter of MBL Seminars and UK Training Seminars and mainly presents on Making Tax Digital.

Steve holds the ACCA certificate in Business Valuations.

Steve is a member of Sage Accountants Advisory Board.

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