Archive 2020
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At the beginning of the lockdown, borrowers who had been severely impacted by coronavirus had the opportunity to defer their mortgage payments. This was introduced as a new package to help out lenders in the current pandemic. It was due to end on Saturday 31st October. During this period interest was still accruing, however it was introduced as a part of the new financial support measures that it will be extended for a further six months. The extension will not…
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The Kickstart Scheme provides funding to create new Universal Credit job placements for 16 to 24-year-olds who are at long-term unemployment risk. Employers of all sizes can apply for funding covering the following: 100 percent of the national minimum wage (or the national living wage, depending on the participant’s age) for a total of 6 months for 25 hours per week. National Insurance contributions from related employers Minimum automatic enrolment contributions for employers Employers can spread the start date of…
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On 31st October the Prime Minister announced throughout the crisis the government’s priority has been to protect the livelihoods of businesses and people. The government’s plan for the current coronavirus outbreak includes a financial plan in regards to the extended furlough scheme. The Coronavirus Job Retention Scheme (CJRS) will extend to December. It will be similar to the conditions set under the CJRS in August, so the government will pay 80% of wages up to a cap of £2,500 and…
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If you are working at a reduced business activity due to coronavirus, then from 1 November 2020 you can agree a Job Support Scheme (JSS) temporary working agreement with any eligible employees. You must pay your employees on their payment date, you will be able to claim a scheme grant in arrears to cover some of the wage costs. It was announced on 22nd October that the JSS will be revised which will benefit employers in the grand scheme of…
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On 31st October the Prime Minister announced throughout the crisis the government’s priority has been to protect the livelihoods of businesses and people. The government’s plan for the current coronavirus outbreak includes a financial plan in regards to the extended furlough scheme. The Coronavirus Job Retention Scheme (CJRS) will extend to December. It will be similar to the conditions set under the CJRS in August, so the government will pay 80% of wages up to a cap of £2,500 and…
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The government has acknowledged the continuous effect that coronavirus (COVID-19) has had on the self-employed and has taken appropriate action to make changes to the scheme to accommodate as the virus continues to pose a threat to the economy. Who is entitled to the extended support for SEISS? To be entitled for the extension self-employed individuals, including members of partnerships, you: Must have been formerly entitled for the Self-Employment Income Support Scheme first and second grant though you do not…
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Businesses that have been constantly affected due to local lockdown and targeted restrictions will now be able to receive grants worth up to £1,500 every three weeks. This is a fund to provide financial aid for businesses that are facing operating and economic challenges caused by the local restrictions levied in their local area as a result of COVID-19. Each payment will be made for a 3 week lockdown period. These grants provide businesses with a safety net as they…
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Job Support Scheme The Coronavirus Job Retention Scheme is due to end on 31 October 2020, which will be replaced by the Job Support Scheme (JSS) set out to support businesses that had to temporarily close due to coronavirus restrictions. The scheme will open on 1 November 2020 and run for 6 months. The (JSS) will provide businesses with additional wage support provided that the employer will contribute to ensure employees receive at least 77% of their salary. The employee…
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Many employers help employees with childcare costs, often by providing childcare vouchers by way of salary sacrifice. Following the roll out of Tax-Free Childcare (TFC), the new government scheme to help working parents, existing Employer-Supported Childcare (ESC) schemes were expected to close to new joiners from April 2018. However following the Chancellor’s Spring Statement, Education Secretary Damian Hinds, made a concession to delay scrapping the scheme by six-months. The childcare choices website which provides useful guidance to parents on the…
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National Living Wage Rise The national living wage has increased from April 2018, therefore employers need to make sure that they are up to date with the current rates. The rate applicable will depend on the worker’s age and if they are an apprentice. If HMRC find the employer has not paid they will send them a notice for the arrears plus a fine for not paying the minimum wage. Personal Allowance on the up We all have a ‘personal…
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