All the latest news, events and information from the Smyth & Co. team.
Please see attached a summary of the measures announced in the recent budget.
Please find attached an update which highlights changes in two areas:
- Bounce Back Loans – delays to repayments, and
- VAT deferral payment scheme – how to apply (opens on 23 February 2021)
Please find attached an update about the new grants available during this new lockdown.
Please find attached information about the extension of the Self-employment Income Support Scheme grants covering the periods from 1 November 2020 to 31 January 2021 and then from 1 February 2021 to 30 April 2021. There are no further details, as yet, of when the application process will open.
Please find attached information about the new Job Support Scheme that commences on 1 November 2020.
If you are considering using the JSS Open then please read the following below, which comes from HMRCs guidance:
JSS Open temporary working agreements
To be eligible for the grant, employers must have reached written agreement with their employee (or reached written collective agreement with a trade union where the relevant terms are determined by collective agreement) that they have been offered a temporary working agreement. The agreement must be available for view by HMRC on request.
This temporary working agreement must cover at least seven consecutive days.
Employers should discuss with their staff and make any changes to their employment contract by written agreement. When employers are making decisions, including deciding to whom they should offer reduced hours, equality and discrimination laws will apply in the usual way.
Employers must maintain records relating to the terms of the temporary working agreements for each employee, and:
- make sure that the agreement is consistent with employment, equality and discrimination laws
- keep a written record of the agreement for 5 years
- keep records of how many hours employees work and the number of usual hours they are not working
- this agreement must be made available to HMRC on request
The Chancellor announced a variety of measures yesterday to support businesses. Please see attached document for the highlights.
The government have recently announced that they are providing some more grant funding for small and medium sized businesses. The grants will be between £1,000 and £5,000 and will be for accessing new technology and other equipment as well as professional, legal, financial and other advice. Please see the document attached.
Please find attached our summary of the “Summer Economic Update” announcements made by the Chancellor yesterday.
Please find attached more detailed guidance on the CJRS which is changing from 1 July 2020.
Please find attached a briefing note on the proposed changes to the Coronavirus Job Retention Scheme (CJRS) from 1 July 2020. These changes were originally being proposed for 1 August 2020 but have now been brought forward to 1 July.
It is important to note that that the scheme will close to new entrants from 30 June so, given the 3 week minimum furlough period, an employer must have furloughed an employee by 10 June to be able to claim for them on the CJRS post 1 July 2020.