Following on from the Prime Ministers announcement over the weekend everything that was on our last post, dated 30th October, is currently unaffected except for the ‘Job Support Scheme’ and an amendment to the ‘Self-Employed Income Support Scheme’.
Coronavirus Job Retention Scheme (CJRS) / Job Support Scheme (JJS)
Originally the CJRS was due to cease on 31st October, this will now remain open until December. The Government will pay 80% of wages not worked up to a cap of £2,500 and the grant must be paid to the employee in full. Employers will continue to pay PAYE, NIC and pension contributions as normal. As previously employers can choose to top up employees wages above the grant to 100% if wished.
Employees must have been on employer’s PAYE payroll on or before 30th October 2020 to qualify for this round of the CJRS.
The JJS has been postponed until the furlough scheme ends.
Self-Employed Income Support Scheme (SEISS) Extension Grant
The SEISS will be increased from 40% of average trading profits to 55% of average trading profits for the 3 months in November, December and January, this will now be capped at £5,160.
In addition the opening of the service has been brought forward and will now be from 30th November 2020.
Where your business has had to close due to the national restrictions and you have a premises you will be able to claim a business grant as follows –
- Properties with a rateable value of £15,000 or under, grants to be £1,334 per month or £667 per two weeks.
- Properties with a rateable value between £15,000 and £51,000, grants to be £2,000 per month or £1,000 per two weeks.
- Properties with a rateable value of over £51,000, grants to be £3,000 per month or £1,500 per two weeks.
For the full guidance on the above changes please go on the following link https://www.gov.uk/government/news/furlough-scheme-extended-and-further-economic-support-announced
If you require further information on any of the above government schemes then please do not hesitate to contact the partner that looks after you for more information.