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COVID-19: Latest Updates for Businesses and the Self-Employed

UPDATE

 

Job Retention Scheme

The JOB RETENTION SCHEME (Furloughing) has been extended to the end of March, 2021 because of the new lockdown. 

At this point we do not know if  Job Support Scheme as it was originally detailed, will start in April 2021.   However, as you can appreciate, the information changes quickly.  If there are changes to the JSS, we will update our information accordingly.

More details can be found at gov.uk

 

Job Retention Bonus

The Job Retention Bonus –a £1,000 one-off payment to firms that had retained previously-furloughed staff until the end of January 2021 – would be scrapped for now and replaced with a new “retention incentive” that would be deployed at an “appropriate time”.

 

SEISS

On 30th November you will be able to claim a grant for up to 80% of your profits, to cover you for Nov – Jan 2021. This is capped at £7500. They also declared there will be one more grant which will cover the period Feb – Apr 2021. Details are yet unknown of when this will be paid or for how much.

To receive these grants, you need to have received the previous grants.

 

Grants Update

Grants designed to help affected businesses pay other fixed costs of up to £3,000 per month will also be available.  The grant amount will be linked to business rates as follows: 

  • £1,300 per month for small businesses with a rateable value of or below £15,000
  • £2,000 per month for small to medium businesses with rateable values between £15,000 and £51,000
  • The maximum amount of £3,000 per month can be claimed by large businesses

Affected businesses are those which have been required to close (on a national or a local basis), or which have not been legally able to reopen since the first lockdown in March.

 

Mortgage Holiday

Mortgage Payment Holidays have been augmented to accommodate the new lockdown.

  • Borrowers who have been impacted by coronavirus and have not yet had a mortgage payment holiday will be entitled to a six month holiday
  • Those that have already started a mortgage payment holiday will be able to top up to six months without this being recorded on their credit file.

 

Other Grants

Business Grant Schemes Wrapping Up

Local authorities have been instructed to wrap up the Coronavirus Business Grant Schemes and return the remaining funds by August 28th.  If you think you might be eligible for one of these grants and haven’t received one make sure you check this out asap.  Enterprise Nation have supplied a helpful spreadsheet with links to all the local authorities in this post.

Grants to Boost Recovery from Covid-19

Small and medium sized businesses in England can access grants between £1,000 – £5,000 for new equipment and technology and specialist advice the need to adapt, recover and rebuild following coronavirus.

Sustainable Innovation Fund

This fund from Innovate UK is for new projects focusing on sustainable recovery from COVID-19.  More details here.

Future Fund

The Future Fund is designed to support the UK’s innovative businesses affected by Covid-19. These businesses have been unable to access other government business support programmes, such as CBILS, because they are either pre-revenue or pre-profit and typically rely on equity investment. The scheme will deliver an initial commitment of £250m of new government funding which will be unlocked by private investment on a match funded basis.

There is a full overview of the scheme here, investor-specific information and FAQs here and company-specific information and FAQs here..

Cultural Recovery Fund

The kinds of organisations that are eligible to apply include:

  • limited companies registered at Companies House
  • community interest companies (CICs) registered with the CIC regulator
  • charitable incorporated organisations (CIOs) registered with the Charity Commission
  • charitable companies or charitable trusts registered with the Charity Commission
  • limited liability partnerships registered at Companies House
  • partnerships established under a partnership deed/ agreement
  • community benefit and co-operative societies registered with the Financial Conduct Authority
  • Royal Charter bodies
  • statutory bodies and other public bodies including Universities and museum who run or maintain cultural services

The lead organisation must also be able to provide at least one year’s independently certified or audited financial statements.
More information here.


 

 

 

Jobs & Employment Help

 

UPDATE: Job Support Scheme has been postponed, while furloughing has been extended until at least December 2nd, 2020.

Information about the JSS that was scheduled to begin on November 2nd, can be found here.  At this time, we do now know when the JSS will begin, or if the details will stay the same.

Furlough Bonus

As furloughing is being eased out the government will offer a furloughing bonus of £1,000  to businesses for each furloughed employee, that remains in employment with them until at least January 2021.  To qualify for this bonus, you must pay your returning employee at least £520 per month until then.  We will share more details as we have them.

Flexible Furloughing

If you are bringing staff back on flexible furloughing the chances are you have more questions than answers. Our short guide answers some of the most frequently asked.

Kickstart Scheme

  • The government will pay 6 months of the salary of a young person who is being given a new job of at least 25 hours a week at minimum wage.  These jobs must be “good” jobs with training.   Businesses can apply for this from next month, with the hope that some jobs will begin by September. 
  • Firms will receive £2,000 for each apprentice they take on.  £1,500 if they are over 25.
  • Find out more about Apprenticeships, Traineeships and the Kickstart scheme in our Guide.

VAT

VAT will be reduced from 20% to 5% for food, accommodation and attractions until January 2021.

 

Artisan Office Updates

  • We are currently operating a full service.
  • Despite the coronavirus we can still e-meet with you or speak to you on the telephone. Call us or email us in your usual way, though please be patient. We are dealing with more enquiries than usual at the moment, but we will try to come back to your as quickly as possible.
  • We continue to be fully staffed.  This may change and we may have a slower response time if that happens.  
  • We continue to make sure that we meet filing deadlines to complete your accounts, tax returns, VAT, payroll and other requirements.

 

Coronavirus Uncertainty: Ways We Can Help

We are committed to being available to support you to the best of our ability. In times like this, we all need to pull together. If you need anything, please let us know. For example, here are some of the ways we can help:

  • Help with cashflow forecasting to see when the pinch-points will happen for your business
  • Help you find cost-effective finance to see you through this difficult trading period
  • Support you to negotiate time to pay agreements with HMRC for your tax bill
  • Do your bookkeeping to help you get your records straight so you can take an informed decision for what to do for your business. (If you can scan and email your documents, we can process them for you)
  • Help you access tax rebates you may have been putting off, such as R&D Tax Credits.
  • A sounding board – we know that being a business owner in tough, uncertain times is not easy. So remember, we are there to listen and where appropriate, give advice. Call us or email at team@artisan-accounts.co.uk to book an appointment.
  • When you’re ready we can discuss ways to make your business more resilient going forward.

 



We really are all in this together and if there is any way that we can help, please get in touch. Equally, we’d love to hear your stories of creative and innovative ways you are responding to the crisis.

Email us or give us a call on 020 8819 8762

 

Archived Information & Documents


The chancellor’s Summer Statement (July 2020)

Download our brief guide to the chancellor’s Summer Statement

 

Exactly What is Available: A Brief Guide (March 2020)

For a clear overview of all support available, who is eligible and what you have to do, see A Brief Guide to Support for Businesses and Self-Employed Affected by the Coronavirus Crisis

 

Richmond Council has said they will not take enforcement action if residents are temporarily unable to pay their council tax. If that is your situation, contact your local council to come to an agreement.

The government has introduced extra protection for businesses with a ban on eviction for commercial tenants who miss rent payments. You must agree this with your landlord and you will still be expected to pay all rent due at a later date.

Financial assistance for employers unable to pay statutory redundancy payments

 


 

UPDATE: Job Support Scheme has been postponed, while furloughing has been extended until at least December 2nd, 2020.

Information about the JSS that was scheduled to begin on November 2nd, can be found here.  At this time, we do now know when the JSS will begin, or if the details will stay the same.

Furlough Bonus

As furloughing is being eased out the government will offer a furloughing bonus of £1,000  to businesses for each furloughed employee, that remains in employment with them until at least January 2021.  To qualify for this bonus, you must pay your returning employee at least £520 per month until then.  We will share more details as we have them.

Flexible Furloughing

If you are bringing staff back on flexible furloughing the chances are you have more questions than answers. Our short guide answers some of the most frequently asked.

Kickstart Scheme

  • The government will pay 6 months of the salary of a young person who is being given a new job of at least 25 hours a week at minimum wage.  These jobs must be “good” jobs with training.   Businesses can apply for this from next month, with the hope that some jobs will begin by September. 
  • Firms will receive £2,000 for each apprentice they take on.  £1,500 if they are over 25.
  • Find out more about Apprenticeships, Traineeships and the Kickstart scheme in our Guide.

VAT

VAT will be reduced from 20% to 5% for food, accommodation and attractions until January 2021.

 

Artisan Office Updates

  • We are currently operating a full service.
  • Despite the coronavirus we can still e-meet with you or speak to you on the telephone. Call us or email us in your usual way, though please be patient. We are dealing with more enquiries than usual at the moment, but we will try to come back to your as quickly as possible.
  • We continue to be fully staffed.  This may change and we may have a slower response time if that happens.  
  • We continue to make sure that we meet filing deadlines to complete your accounts, tax returns, VAT, payroll and other requirements.

 

Coronavirus Uncertainty: Ways We Can Help

We are committed to being available to support you to the best of our ability. In times like this, we all need to pull together. If you need anything, please let us know. For example, here are some of the ways we can help:

  • Help with cashflow forecasting to see when the pinch-points will happen for your business
  • Help you find cost-effective finance to see you through this difficult trading period
  • Support you to negotiate time to pay agreements with HMRC for your tax bill
  • Do your bookkeeping to help you get your records straight so you can take an informed decision for what to do for your business. (If you can scan and email your documents, we can process them for you)
  • Help you access tax rebates you may have been putting off, such as R&D Tax Credits.
  • A sounding board – we know that being a business owner in tough, uncertain times is not easy. So remember, we are there to listen and where appropriate, give advice. Call us or email at team@artisan-accounts.co.uk to book an appointment.
  • When you’re ready we can discuss ways to make your business more resilient going forward.

 



We really are all in this together and if there is any way that we can help, please get in touch. Equally, we’d love to hear your stories of creative and innovative ways you are responding to the crisis.

Email us or give us a call on 020 8819 8762

 

Archived Information & Documents


The chancellor’s Summer Statement (July 2020)

Download our brief guide to the chancellor’s Summer Statement

 

Exactly What is Available: A Brief Guide (March 2020)

For a clear overview of all support available, who is eligible and what you have to do, see A Brief Guide to Support for Businesses and Self-Employed Affected by the Coronavirus Crisis

 

Richmond Council has said they will not take enforcement action if residents are temporarily unable to pay their council tax. If that is your situation, contact your local council to come to an agreement.

The government has introduced extra protection for businesses with a ban on eviction for commercial tenants who miss rent payments. You must agree this with your landlord and you will still be expected to pay all rent due at a later date.

Financial assistance for employers unable to pay statutory redundancy payments