PLEASE NOTE THAT THE INFORMATION ON THIS PAGE MAY NO LONGER BE CURRENT. During the coronavirus pandemic, important news and announcements were being made daily. Official advice could change from one day to the next. We are doing our best to keep our COVID-19 information up to date on these two pages - but we recommend you check any information with official government, NHS or other responsible sources before acting on it.

COVID-19 advice and updates for SMEs and the self-employed

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COVID-19 personal finances advice and updates

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Trying to keep on top of the latest news about government funding schemes these days is rather like trying to nail paint to a wall. Now that we have hit the first day of the England-wide lockdown and the Bank of England has announced a fresh £150bn stimulus package, there’s a whole raft of changes to communicate – including the furlough scheme extended to March 2021.

Furlough scheme extended to March 2021

Ignore our post on Monday about the furlough scheme being extended to cover November. It’s now being extended to March 2021. Government will now pay 80% of an employee’s furloughed hours until 31st March 2021, via the Coronavirus Job Retention Scheme.

To qualify, employees need to have been employed and on a payroll on 23rd September 2020. Importantly, anyone who was made redundant or stopped working after this date can be re-employed and claimed for. Employers need to have made an RTI submission to HMRC from 20th March 2020 to 23rd September 2020, notifying payment of earnings for each employee.

Employers will still have to pay employer’s NICs and pension contributions. Flexible furlough is still allowed, meaning employees can work part time – with wages covered by the employer as normal for the worked hours.

Job Support Scheme shelved

This scheme was originally going to replace CJRS, or the furlough scheme, at the beginning of November 2020. It was then supposed to kick in after 2nd December 2020. It has now been shelved indefinitely, although the Chancellor has not ruled out bringing it back at a later point.

Job Retention Bonus scrapped

This was to be a payment of £1,000 per furloughed employee who was kept in employment until the end of January 2021. This has now been scrapped.

Self-Employed Income Support Scheme

Our last post on SEISS explained how the third grant was to be increased to 80% of average monthly profits for November 2020, dropping to 40% for December 2020 and January 2021. This has now been increased to 80% for the period November 2020 to January 2021. However, it is capped at £7,500 for the full three months.

If you are a THP client and would like any advice on the above schemes, please get in touch. Alternatively, if you’re looking for a new accountant, talk to us. We’re open for business as normal, although most of our team is working from home.

Need further advice on any of the topics being discussed? Get in touch and see how we can help.

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About Ben Locker

Ben Locker is a copywriter who specialises in business-to-business marketing, writing about everything from software and accountancy to construction and power tools. He co-founded the Professional Copywriters’ Network, the UK’s association for commercial writers, and is named in Direct Marketing Association research as ‘one of the copywriters who copywriters rate’.

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