The Government has provided support for business in the form of an extension to the CJRSS for employers, and to the SEISS for the Self Employed.
CJRSS – The 80% Job support scheme has now been extended to the end of March for employees that were included in a payroll submission at 30th October.
SEISS – Grant Extension provides support to the self-employed in the form of two grants, each covering a three-month period.
November to January – 80% of average earnings capped at £7,500
February to April – The amount has not yet been published.
Don’t forget that these grants are taxable and will need to go onto your next self-assessment tax return!
Bounce Back Loans and Business Interruption Loans are still available via your bank or other loan providers at very low rates of interest backed by the Government – Be careful, however, that you don’t pay yourself Dividends out of this loan money but only out of earned or brought forward profits.
Check the HMRC website for other forms of support if you have lost personal income or are having to self-isolate.
Having just received a highly dubious recorded phone message supposedly form HMRC, it prompts me to remind all of you to be AWARE – If you receive a communication from HMRC that seems in any way dodgy then delete it without clicking on any links in emails or pressing any buttons on your phone. If you are uncertain, and need reassurance, get in touch and we will take a look at it for you free of charge.
Almost lost in the mire of COVID, businesses also need to be keeping an eye on the new rules for trading in Europe after Dec 31st. There is really too much to be said to write about it here, but I can recommend the Bucks Business First EU Transition Support Hub for lots of really useful information.
There is light at the end of the tunnel with the announcement of an effective vaccine, and for me the personal highlight that students will be allowed home for Christmas.
Let’s hope that 2021 is a better year!!!