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How the Coronavirus Job Retention Scheme (CJRS) changed from 1 November 2020

Courtesy of the Institute of Chartered Accountants in England and Wales (ICAEW) Last updated: 17 November 2020 Seven things you may not have realised about the latest version of the Coronavirus Job Retention Scheme (CJRS), the UK government’s furlough scheme which provides financial support to employers during the coronavirus pandemic. Contents: Eligibility Employment agreements What…Read More

Chancellor extends furlough scheme and bolsters self-employment support

Courtesy of the Institute of Chartered Accountants in England and Wales (ICAEW) 6 November 2020: The Chancellor, Rishi Sunak, has announced a five-month extension to the current Coronavirus Job Retention Scheme and increased the level of the next self-employed income support grant. The Chancellor told the House of Commons that the Coronavirus Job Retention Scheme (CJRS) will…Read More

Furlough Scheme Extended and Further Economic Support announced

Courtesy of GOV.UK 31 October 2020 The Coronavirus Job Retention Scheme has been extended for a month with employees receiving 80% of their current salary for hours not worked and further economic support announced. People and businesses across the UK are being provided with additional financial support as part of the government’s plan for the…Read More

Chancellor reveals changes to Job Support Scheme

Courtesy of the Institute of Chartered Accountants in England and Wales (ICAEW) 22 October: Changes announced by The Chancellor today will bring more flexibility to the JSS and reduce costs to employers for employees working fewer hours due to the coronavirus pandemic. The Job Support Scheme (JSS), the next phase of UK government support for business…Read More

Changes to the third and fourth SEISS grants

Courtesy of the Institute of Chartered Accountants in England and Wales (ICAEW) 22 October 2020: The Chancellor has announced that the third SEISS grant will now be based on 40% of average trading profits and businesses temporarily unable to trade due to coronavirus will be eligible. In his third economic statement within the last month,…Read More

CORONAVIRUS Received an SEISS grant? Check your inbox to avoid a penalty

HMRC is contacting businesses which claimed a grant under the Self-Employment Income Support Scheme to check whether they have stopped trading. What do you need to do? Action required. HMRC has contacted some businesses which received a grant under the Self-Employment Income Support Scheme (SEISS), asking them to confirm whether they are still trading. If your…Read More

Details of enhanced time-to-pay for self assessment bills

Courtesy of the Institute of Chartered Accountants in England and Wales (ICAEW) 5 October 2020: The ICAEW has issued an explanation of the enhanced payment arrangements announced by the Chancellor for those paying income and capital gains tax via self assessment. HMRC has increased the upper threshold for online applications for time-to-pay to £30,000.  As…Read More

New Business Support Schemes

Courtesy of HMRC, 25 September 2020 Additional government support has been announced this week for businesses and employees impacted by coronavirus (COVID-19) across the UK. This includes a new Job Support Scheme to protect the jobs of millions of people returning to work, extending the Self-Employment Income Support Scheme, extending the VAT cut (from 20%…Read More

Winter economy plan: round-up of key points

Courtesy of the Institute of Chartered Accountants in England and Wales (ICAEW) 25 September: The Chancellor has unveiled a range of measures to stave off the threat of mass unemployment, including a new Job Support Scheme which will contribute to some workers’ wages from November. Speaking in the House of Commons, the Chancellor announced a…Read More

VAT cut in bid to support hospitality sector

Courtesy of the Institute of Chartered Accountants in England and Wales (ICAEW) 8 July: VAT on eating out, accommodation and tourist attractions will be cut to 5% to help the UK’s hospitality sector recover from the impacts of the coronavirus pandemic.  In his Summer Statement, the Chancellor announced a six-month reduction in the VAT rate on…Read More

Summer Statement serves up jobs-first package

Courtesy of the Institute of Chartered Accountants in England and Wales (ICAEW) 9 July 2020: the Chancellor’s Summer Statement put forward a plan for jobs, green investment and a variety of targeted tax cuts, but also signalled a clear intention to wean businesses off government support. Billed as the second part of a three-phase plan…Read More

HMRC Self Assessment Statements – Payment Date Clarification

HMRC are starting to send out the statements for the July Self Assessment payment, but they state that the amount is due on 31 January 2021. As the Government have made the payment in July, non-compulsory, as part of their COVID-19 measures, they have amended the due dates so that the computer does not calculate…Read More

Expanded guidance on SEISS eligibility

Courtesy of the Institute of Chartered Accountants in England and Wales (ICAEW) 15 June: HMRC has updated its guidance on whether a business has been “adversely affected” by coronavirus and therefore able to claim for the two Self-employed Income Support Scheme (SEISS) grants. On 12 June HMRC published examples to show when the “adversely affected” criteria for…Read More

CJRS V2 – grant calculations

Courtesy of the Institute of Chartered Accountants in England and Wales (ICAEW) From 1 July the Coronavirus Job Retention Scheme is changing to allow flexible furlough and part-time work. The ICAEW has written a series of example calculations to support organisations making claims. This is based on a simple, but common scenario. CJRS from 1…Read More