Here are the highlights from the Chancellors update, including the new Job Support Scheme. More details will follow as they emerge. Click Here For More Details
Job Support Scheme
Assistance to help with ongoing employee’s wages to keep people in work over the winter. Staff can work shorter hours:
- Viable jobs – (jobs that can genuinely continue) – employee must work and get paid at least 1/3 of their time/wage and the government & employer will pay 1/3 of wages each. Therefore in relation to the 66% not paid, the employer & government will pay 1/3 (22%) each and therefore the employee will receive 77%of their wage if they work 33% of their time.
- Strength-This will help more employees to keep their job and more employers to retain more key staff for when things pick up . (Good staff are hard to come by)
- Weakness– more costly to keep several employees on this scheme than to keep a fulltime employee without the scheme.
- small and medium firms & larger firms if their turnover is affected.
- firms even if they have not previously used the furlough scheme.
- 6 months from November 2020.
Self Employed Income Support Scheme (SEISS)
This scheme will be extended on the same terms (2-4 above) as the job support scheme.
Click Here for more Details
- Bounce back loans – You can take advantage of ‘pay as you grow’ without affecting your credit rating. You can extend the repayment terms to 10 years and can even suspend payments if your company is in serious difficult times.
- CBILS – The government guarantee can be extended to 10 years.
- The deadline has been extend so you can now apply for CBBL & CBILS to 31.12.2020.
- Deferred VAT liabilities were currently due to be paid in March 2021, but you can now pay this over 11 months interest free.
- Income tax bills can be paid over a 12 month period.
- Hospitality & Tourism – lower 5% VAT rate will stay in place until 31.3.2021.
Kick Start Scheme
We have heard that Pembrokeshire college is acting as an intermediary for the Kickstart Scheme. Hopefully other organisations will step forward soon. We will let you know when we hear something. We would be grateful if you let us know anything you hear about so we can share the information.
For Details of the Pembrokeshire Scheme Click Here
We’re here to help, just give us a call!
Protecting You and Us
With lockdowns across most of Wales we’re are tightening our procedures further. Some of our team are aiming to be in the office next week, but we are considering closing as the risk increases.
We will be continuing to hold virtual meetings for the foreseeable future. These have proved very successful during lock-down. For the time being we ask that you avoid coming to our offices unless absolutely necessary.
To limit unnecessary journeys for you and potential cross infection, we also ask you to send your records electronically . Please give us ring if you need any help with this.
To maintain safe numbers of people in reception, please ring in advance to arrange safe time.
To attend an appointment you must complete our online health assessment before you arrive and then use the hand sanatiser, record your temperature and follow our H&S procedures. If your temperature exceeds 37.5 we will unfortunately need to rearrange your appointment as a zoom call.
If you do turn up unannounced please ring from your car to see if it is safe to come in.
We thank you for your patience and understanding.
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