New COVID-19 support schemes announced

New COVID-19 support schemes announced

The government have announced new COVID-19 support schemes for businesses and employees impacted by coronavirus (COVID-19) across the UK.

This includes:

  • a new Job Support Scheme
  • extending the Self-Employment Income Support Scheme
  • extending the VAT cut (from 20% to 5%) for the hospitality and tourism sectors,
  • and help for businesses in repaying government-backed loans.

I’ll be posting more detailed information on these new schemes next week but in the meantime you can head over to GOV.UK to find out more now.

Job Support Scheme

A new Job Support Scheme is being introduced from the 1st of‌‌ November where the government will contribute towards the wages of employees who are working fewer than normal hours due to decreased demand.

More information will be published later but in the meantime search ‘Job Support Scheme factsheet’ on GOV‌.UK.

If you need any help with this or any other aspect of your Payroll contact me now.

SEISS Grant Extension

The government is extending the Self-Employment Income Support Scheme (SEISS) grant.

The first grant will start from November 2020 until the end of January 2021. A second grant, which may be adjusted, will be available from February to the end of April

More information will be published in due course but in the meantime search ‘SEISS Grant Extension factsheet’ on GOV‌.UK.

If you need any help with this or any other aspect of Self Employment including Self Assessment Tax contact me now.

Extension to the reduced rate of VAT for Hospitality and Tourism

The government has extended the temporary reduced rate of VAT (5%) to tourist attractions and goods and services supplied by the hospitality sector. This relief came into effect on 15 July 2020 and will now end on 3‌1‌‌ March 2021 across the UK.

If you need any help with this or any other aspect of VAT contact me now.

Further support

Guidance and live webinars offering you more support on changes to the scheme and how they impact you are available to book online – go to GOV‌.UK and search ‘help and support if your business is affected by coronavirus’.