New lockdown restrictions have been implemented, and the furlough period has been prolonged, among other things:
For all the wrong reasons, this was one of the scariest Halloweens in recent memory. Boris has announced a second lockdown as well as changes to the business support offered.
CJRS scheme extended to 31 March 2020, as announced by the chancellor on 5 November 2020.
More information on the extension will be released in a policy document.
With only hours until the start of the Job Support Scheme (JSS) on November 1st, the Prime Minister announced a one-month extension to the Coronavirus Job Retention Scheme (CJRS) – the furlough scheme – to ensure furloughed employees continue to receive 80% of their wages for hours not worked, and businesses only have to pay National Insurance and employer pension contributions.
Only a few days later, the Chancellor announced that the plan would be extended until March 31, 2021, while also canceling the previously promised Job Retention Bonus.
Employers will benefit from the extended furlough plan more than they did in October. An employer can also rehire an employee who has been laid off or ceased working.
With the number of Covid infections growing, England was placed under additional lockdown from Thursday, November 5 to the end of Wednesday, December 2; however, if the Covid R rate does not decrease below one, the lockdown may be extended in some form.
(So far!) The new regulations:
- From Thursday, November 5, 2020, until Tuesday, December 2, 2020, there will be a lockdown.
- If the R (infection) rate does not fall below 1, this might be continued.
You should not leave the house except:
- For education.
- If you are unable to work from home, for employment.
- Outdoors, with your family, in a support bubble, or alone with one person from another home for exercise and enjoyment.
- To avoid injury or harm, for all medical reasons, appointments, and to avoid injury or harm.
- To get groceries and other necessities.
- Also, as a volunteer or to offer care for vulnerable individuals.
Businesses who have to close include:
- Pubs, restaurants, and bars can still provide takeout and delivery services.
- Gyms and recreational amenities are available.
- Facilities for personal care (beauty salons etc.).
- Non-essential retail (electronics, clothing, etc.) can provide delivery and click-and-collect services.
Businesses who can continue to operate:
- Only guests traveling for work are allowed in hotels and accommodation
- Childcare, nurseries, schools, and universities are all places where children can be cared for.
- Manufacturing and construction
Furlough scheme extended:
- Furloughs have been prolonged and the new Job Support Scheme has been postponed.
- Employees who were on a payroll submitted with HMRC by 23:59 on October 30, 2020, maybe furloughed.
- Up to £2,500, the government will continue to cover 80% of employees’ salaries.
- Employers will be responsible for paying their employees’ national insurance and pension contributions.
- Furlough can still be used on a flexible basis.
Grants for businesses:
- Available to firms who have been forced to shut.
- Grants are computed depending on your ratable value for each two-week period that has ended:
- The award is £667 every two weeks up to £15,000.
- £1,000 per two weeks between £15,001 and £50,999
- Every two weeks, anybody earning more than £51,000 should receive a £1,500 stipend.
- You will need your company postcode to find your rateable value.
There are currently no updates on the third self-employment income assistance plan (SEISS):
- For the three months beginning November 1, 2020, this is now 40% of your average profits.
- From February 1, 2021, a fourth grant should be due for the next three months.
- We do not know whether this support will be reviewed now that a new lockdown has been implemented.
The Mortgage Holiday Has Been Extended:
- It was supposed to terminate on October 31, 2020.
- You can request a 6-month mortgage repayment holiday.
Check out our services and transition for further information:
Keep in touch with CBM Accounting for further information on how to deal with the pandemic. If you are having trouble, please contact us; we can assist with cash flow planning, grant applications, and even just a general discussion of the many types of government assistance available.
