Summary of the main points:
- Job Support Scheme – New grant scheme to operate from 1st November 2020 for 6 Purpose of the scheme is to help businesses retain employees in times of low demand by allowing the employees to recover a percentage (2/3) of the wages that they would otherwise have lost by not working. More details of the scheme will be issued by the Government in due course but in summary of the main points:
- Employees must work at least 33% of normal hours.
- Businesses must pay employees for the time they work and also 2/3 of the time for when they don’t work via payroll.
- The time NOT worked will be funded as follows:
- 1/3 by employee as lost pay.
- 1/3 by employer (2/3 initially via payroll).
- 1/3 by employers claiming the Government grant scheme
- Scheme is separate from CJRS which ends in October, so those who didn’t qualify for CJRS may potentially qualify for this scheme provided RTI submissions were made this tax year before the announcement of the scheme.
- Maximum grant capped at £697.92 per month.
- Self-Employment Income Support Scheme – To be extended from 1st November for 6 To be eligible you must have qualified for the original scheme.
- Tourism & Hospitality Sector – Reduced VAT rate of 15% until March 2021.
- VAT Payment Deferral – As a follow on to the original scheme which provided the option to defer VAT payments due between 20 March 2020 and 30 June 2020 until 5th April 2021. There is now the option to make 11 smaller interest-free payments during the 2021-22 financial year instead of a lump sum payment on 5th
- Self-Assessment Payments on Account Deferral – As a follow on to the original scheme which provided the option to defer self-assessment second payments on account due on 31st July 2020 until 31st January 2021. There is now the option to defer this payment for another 12 months until 31st January 2022.
- Bounce Back Loans / Coronavirus Business Interruption Loans – (With lender agreement) it may now be possible to extend the terms of these loans from 6 to 10 years, and potentially utilise payment holidays / interest free periods.
Self Assessment – Q & A
Self-assessments. We have all heard of them, you maybe even know what they are. However, here at QAccounting some of our most frequently asked questions are about self-assessments. So below we have outline some of the most common questions we get asked, and the answers we get so tired of giving… just kidding.
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