Welcome to the New Year. Unfortunately we are still facing the challenges of the Coronavirus, but at least we have seen the start of the vaccination programme rollout, so things are beginning to look up.
With the introduction of further restrictions in January, due to the increased spread of Coronavirus, it is increasingly likely that those of us who are self-employed will be looking to make claims for financial support. With this in mind we at Synergy thought it might be helpful to remind you of the help that is available.
Self-Employed Income Support Scheme grant (SEISS)
the third grant is available between the 30th November and the 29th January. If you were eligible for the first two grants it is more than likely you will be eligible for the third one. The only change in criteria, and which may preclude you from being eligible, is the clause ‘only claim if reduction in profits is caused by reduced business activity, capacity or demand, or inability to trade due to Coronavirus’. You will find a link below with examples of what would determine whether your business qualifies under this new clause or not.
The Job Retention Scheme has been extended to the 30th April 2021. The grant will be 80% of the employees usual pay. Employees must be on the PAYE payroll on 31st October 2020 and an RTI submission made for that employee before 30th October 2020. Which means that some employees will be eligible who weren’t before. Neither the employee nor the employer needs to have previously used the Furlough Scheme, so employees can be put on furlough who have not previously been on furlough. The employee can be on Flexi-Furlough or full Furlough.
What this effectively means for Synergy Payroll Clients is that the Furlough Scheme will be paid to employees through the payroll during the extended period and 80% of the amount paid to the employee will be claimed via the grant in the same way as has been done previously.
Business Rates Grants – retail, hospitality and leisure
Grants of £1334 per month are available for those whose business has a rateable value of £15,000 or less where the business has been forced to close – this includes cafes and restaurants as well as non-essential shops.
The Treasury has said there would be an additional £4,000 grant for businesses with a rateable value of £15,000 or under, £6,000 for businesses with a rateable value of between £15,000 and £51,000, and £9,000 for businesses with a rateable value of more than £51,000. The new one-off grants are in addition to the existing business support on offer.
These will be paid through the local authority as was the initial £10,000. You can check how to apply by contacting your local authority or by checking their website.
Should you require any further information or wish to check information in relation to your own specific circumstances you can ring Koreen on 07531741287 or e-mail firstname.lastname@example.orgShare