CJRS Update

This week, the UK Government announced the extension of the furlough scheme until the end of March 2021. 

The Government will cover 80% of hours not worked up to a maximum of £2,500 per person per month. 

• Any grants paid must be passed on to the relevant employee in full.
• The previous flexibility to allow employees back part-time will continue until December.
• Employers will only be requested to cover National Insurance and pension costs and wages for time worked. Importantly, they will NOT be required to contribute to hours not worked but they are free to make top-up payment.

Which employers/employees can claim or be eligible for this extended support?

• All employers with a UK bank account and a UK PAYE scheme can make a claim.
• There is no requirement that employers or employees have made previous claims for CJRS support.
• Employees must be on the employer’s payroll before midnight 30 October 2020.

SEISS Update

This week the UK Government also announced an extension and increase of the Self Employed Income Support Scheme to cover November, December 2020 and January 2021. On November 2^nd 2020 Chancellor Rishi Sunak announced that the 3^rd stage of the SEISS would be available earlier than initially expected and will now be available from the 30^th November 2020. 

The grant will be offered to those who are self-employed and will provide up to 80% of average monthly trading profits to help support those who are unable to work due to COVID-19. The increase means that £4.5bn worth of support grants will be paid out to the self-employed between December 2020 and January 2021.

The SEISS grants are calculated over three months, with the initial uplift for November up to 80%, along with 40% of trading profits for December and January. This increases the total level of the third grant to 55% of trading profits with the maximum grant available increasing to £5,160.

Am I eligible for the grant?

• To be eligible for the 3rd SEISS grant you have to have been previously eligible for the 1^st and 2^ndgrants, although you do not have to have claimed.
• Individuals must declare that they intend to continue to trade and are either:
• Actively trading but are impacted by reduced demand due to coronavirus.
• Are currently trading but are temporarily unable to do so due to coronavirus.

There is due to be a 4^th claim available to cover February, March and April 2021, however no details have been disclosed on this yet.

If you have any questions on the above then please contact us on the details below

(E) enquiries@advaloremgroup.uk or (T) 01908 219100 (W) advaloremgroup.uk