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The Accountants for Growth
Pre-November CJRS claims deadline
• All CJRS furlough claims for the period 1st July 2020 to 31st October 2020 must be submitted no later than 30th November
2020.
The objective
• To provide funding to businesses that do not directly pay business rates.
Job Retention Scheme (JRS) Extension
- The JRS which was due to come to an end on 31st October 2020 has now been extended until at least the beginning of December 2020.
- The Job Support Scheme, which was due to replace the JRS, has been put on a back burner.
What are changes announced?
The Chancellor has announced
- an extension to the new Job Support Scheme for businesses required to close due to COVID restrictions.
- Cash grants for businesses required to close in local lockdowns.
The Chancellor has been under pressure to help businesses more and has now announced further support.
What is the Scheme aim?
- To assist eligible businesses as regards preparatory costs associated with the UK leaving the transition arrangement with the EU on 31st December 2020.
The Chancellor has been under pressure to help businesses more and has now announced further support.
A new Job Support Scheme (JSS)
From 1st November 2020 for 6 months the government will top up wages for those employees working shorter hours than their ‘normal hours’ for businesses facing lower demand due to COVID-19.
- job support scheme
- self-employed grant scheme extension.
- repay bounce back loans over a period of up to 10 years
- keep VAT at 5% for hospitality and tourism industry until 31 March 2021.
What is the Objective?
- To support businesses, based in a high Covid-19 incidence area, forced to close as a result of a Government decision.
What is the level of support?
- Large businesses will receive £1,500 per property for every 3 week period of lockdown.
- Small businesses will receive £1,000 per property for every 3 week period of lockdown.
Watch out if selling residential property
Thinking of selling a residential property?
A number of new rules could see an increase in tax burden for many, early payment of tax
for some, and extra red tape in the form of a new Tax Return purely for the property sale.
Significant red tape and costs
Many of you will be aware that the first self-employed grant closed on 13 July, however a second and final grant is available and will open for applications on Monday 17th August 2020 and will close on Monday 19th October 2020
Employer Update
What does the emp[oyer receive?
The temporary 5% VAT rate
Basic outline
• The Government are reducing certain VAT rated supplies down from the 20% standard rate down to a 5% temporary rate.
• It covers the period from 15th July 2020 to 12th January 2021.
• Aimed at the hospitality, hotel and holiday accommodation sectors as well as admissions to certain attractions.
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The information contained in this site is of a general nature and is not a substitute for professional advice. You are recommended to obtain specific professional advice before taking
any action.