Government Support Update

(Last updated 30th November 2020)

Following the news of a second lockdown in England, we have summarised the latest updates from the Government.

Third Self Employment Income Support Scheme Grant

The SEISS claims portal reopens today, but taxpayers must declare their trade has been impacted by reduced demand before they claim the third grant.

Find out if you fit the criteria by taking a look at our fact sheet here.

Job Retention Scheme

The Coronavirus Job Retention Scheme (known as furlough) has been extended.

The Government will pay 80% of the earnings for the hours that an employee is furloughed.

The employer pays the National Insurance and pension contributions on those earnings.

Employers can utilise full-time or part-time furlough.

To be eligible, the employee must have been on the payroll and reported to HMRC by close of play on Friday 30th October.

The scheme will close on 31 March 2021.

Mortgage Payment Holidays

Mortgage payment holidays are being extended. Borrowers who have been impacted by Coronavirus and have not yet had a mortgage holiday, will be entitled to a six-month holiday. And anyone that has already commenced a mortgage holiday will be able to top up to the full six-month period without this being recorded on their credit file.

Business Grants

Further grants are available for businesses forced to close due to the second lockdown.

If your business property’s rateable value is under £15,000 then the grant is available is £1334 for the month or £667 for two weeks.

If your rateable value is between £15,000 and £51,000 the grant is £2000 per month or £1000 per two weeks.

For rateable values above £51,000 the grant is £3000 per month or £1500 per two weeks.

Enhanced Payment Scheme Personal Tax

Additional Restrictions Grants

VAT Payment Plan

Self Employed Income Support Scheme (SEISS)

 

Changes have been made to the SEISS. The three-month period of November, December and January will now work as follows…

A self-employed person can claim 80% of current trading profits.

The maximum claim value is £7500.

The scheme has been brought forward to November 30th to provide support to people sooner.

The same eligibility criteria as previously. You must have a 2018/19 tax return with the majority of your income from self-employment. You must be adversely impacted by Coronavirus. Either you have stopped trading or your trade has reduced.

If you have any questions regarding the above. Please don’t hesitate to give us a call on 01952 292729. We’d be happy to help.

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The Hangar
Hadley Park East
Telford 
Shropshire 
TF1 6QJ
Phone: 01952 292729 
Email: info@chadstonegroup.com