Coronavirus

This update is to summarise the end of the Furlough scheme at the end of this month, and the start of the new Job Support Scheme on the 1st November. After Friday's announcement it is clear the hospitality trade have a tough fight ahead to recover from what is likely to be a fatal blow for many, there is some guidance on businesses affected by the latest restrictions specifically, and I have outlined this below. When the pubs, restaurants, entertainment venues, etc, do open back up, please give them your business where you can, the business owners with the fight to keep going throughout all of this, really deserve our custom, loyalty and support. 

I hope you are all keeping busy, and not being affected too much by the heightened restrictions of late.  We are still working from the office, as most of you will know we have a lot of space at our disposal and it is easy for us to respect all social distancing guidelines at our current staffing levels.  We will obviously review things as we go, and thank all clients for their understanding on us not hosting face to face appointments at the moment. The Chancellor released the Winter Economy Plan yesterday, which brings in further support for employees, self employed individuals, VAT registered businesses and anyone in receipt of a Bounceback Loan.  I am going to summarise the main points below.  If you don't already, please follow us on Instagram, where I often give live updates on the information as it is released. @B_able_ltd

You may have already seen the update on Friday, but I thought I would summarise the main points, and hopefully this can give you all some foundation to base any decisions on for the immediate future.  Many of our clients return to some form of trading this week, and others now have some idea of how the route back to trading looks for them over the coming weeks and months.  Whatever this looks like for you, we hope that things can return to some level of normality for us all as quickly as possible, and businesses are back to full strength soon.  If you need any assistance with planning for the road ahead, please get in touch.

I am getting in touch today to summarise some of the support that is currently available.  The reason we are putting out so many updates, is to furnish you with enough information to get access to the funds and support that you are entitled to, however you then need to act on this if you want to receive the support.  The support WILL NOT be paid automatically and you are required to submit applications for every one of the schemes, unfortunately we have been told that we ARE NOT able to assist with the application directly, which is why we are trying our best to point you in the right direction and give you as much information to hopefully make it a little easier for you to get access to these funds.  

As promised, we are sending over an update on the guidance update released today, both the Eligibility Test for the Self Employment Support Scheme and the Business Bounce Back Loan Scheme Application Process have went live today, and details are featured below.

Just a quick update on some information we were sent tonight by our Regulatory Body, the Certified Public Accountants Association on what is to be expected when the Self Employed Income Support Scheme goes live and we have detailed this below.

Today the Scottish Government announced the eligibility criteria and launched the application process for the additional funding support.  I have summarised the details below, as always you can get in touch if you have any questions about your specific situation.

Tonight Rishi Sunak announced further measures to support the self employed earners, who have previously been told Universal Credit or Employment Support Allowance would be their only option of support.  He has tonight promised to provide grant funding to any self employed earners to reimburse 80% of their NET monthly profits, for the next 3 months up to a value of £2,500 per month, and the option to extend this if required.  This would mean in order to get the full £2,500 you would need to be earning £3,125 per month (80% of which, is £2,500).

I picked up on another couple of bits of information today, which I have outlined below in relation to VAT and Limited Company Year End filing requirements.
There was also a bill proposed to Parliament on Monday to provide a more comprehensive benefit scheme for self employed sole traders and freelancers.  It is proposed to reimburse upto 80% of your NET monthly income.  This will be assessed by taking an average of the last 3 years tax calculations (SA302s).