The latest announcement from the Government extends the Coronavirus Job Retention Scheme to 31 March 2021 and postpones the Job Retention Bonus previously expected to be paid in February.

To be eligible :

The Employer doesn’t have to have used the CJRS scheme before

The Employee doesn’t have to have been furloughed before – but musthave been included on a payroll submission to HMRC on or before 30th October

Employees can be fully furloughed or flexibly furloughed – so employees can work part of their usual hours and be furloughed for the rest with the grant covering 80% of the hours not worked.

There is no minimum furlough period.

Claims must be for days within one month only.

Claims can be made from 11th November 2020 and claims for November must be made by 14th December.

Claims for later months must be made by 14th of the following month.

The 30th November deadline for filing of furlough claims to 31st October remains in place.

The Job Retention Bonus expected to be paid in February to encourage employers to keep people in work until January has been postponed until considered appropriate.

If you have any queries, or wish to discuss the above, please do not hesitate to contact us.

HMRC is aware of an automated phone call scam which will tell you HMRC is filing a lawsuit against you, and to press 1 to speak to a caseworker to make a payment.

This is a scam and you should end the call immediately.

This scam has been widely reported and often targets elderly and vulnerable people.

As part of the new National Restrictions announcement the Coronavirus Job Support Scheme has been extended until December.

The furlough grant will mirror the levels in August with the Government paying 80% of wages (up to a cap of £2,500) and the Employer paying the Employers’ National Insurance and Pension Contributions.

Flexible furlough is also still possible so employees can work part of their usual hours and be furloughed for the rest.

Employees who have been included on a payroll submission to HMRC on or before 30th October are eligible – they do not have to have been furloughed previously.

The Job Support Scheme which was due to start 1st November has been postponed.

If you have any queries, or wish to discuss the above, please do not hesitate to contact us.

The Government have announced further changes to the Self-Employed Income Support Scheme.

For November 2020, you will be able to claim 80% of average monthly trading profits.

December and January 2021 will still be at 40%, meaning the total claim for the 3 month period will be 55%.

You will be able to apply from 30th November 2020.

The government is extending the BBLS and the CBILS deadline to 31st January 2021 for new applications.

The Bounce Back Loan Scheme (BBLS)
The BBLS provides support to UK-based small businesses.

Loans are between £2,000 and £50,000, capped at 25% of turnover, with a 100% government guarantee to the lender and interest at 2.5% pa after the first 12 months.

The borrower does not have to make any repayments for the first 12 months, with the government covering the first 12 months’ interest payments.

Businesses will have options (under the Pay as you Grow scheme) to:
• repay their BBLS loan over a period of up to ten years
• move temporarily to interest-only payments for periods of up to six months (an option which they can use up to three times)
• pause their repayments entirely for up to six months (an option they can use once and only after having made six payments).
Coronavirus Business Interruption Loan Scheme (CBILS)
The CBILS provides loan facilities to UK-based businesses with turnover under £45 million.

The scheme provides loans of up to £5 million with an 80% government guarantee to the lender.

The government does not charge businesses for this guarantee and also covers the first 12 months of interest payments and fees.

There are no personal guarantees required for loans of up to £250,000.

The government intends to allow CBILS lenders to extend the term of a loan up to ten years.

Please contact us if you have any queries or would like assistance with this.

Kind regards

The Team at Blackthorns