November 2020 Update

Wednesday 4 November 2020

 When we wrote to you at the end of September, we were entering the second wave of increased Covid-19 cases and the Government had reacted with local lockdowns and other targeted measures.  These didn’t work as planned.

We now find ourselves on the eve of lockdown 2.0 and business planning remains virtually impossible.

This weekend’s announcement from The Chancellor, post Boris

There were two major changes that we need to share:

  • The replacement of the Furlough Scheme has now been set aside until December and been replaced with an extension to the old furlough arrangements, for November, with more support for businesses through the lockdown period.
  • Further financial grants for the self-employed, which have been increased.

 

Furlough November 2020

 Under the scheme, furloughed employees will receive 80% of their current salary for hours not worked, up to a maximum of £2,500.

Businesses will be required only to cover National Insurance and employer pension contributions, making the extended furlough scheme more generous for employers than it was in October.

Payroll Maria will be contacting our payroll clients that have utilised furlough scheme previously as this is slightly more complex that previously experienced and we need you to provide additional information.

Self-employment Income support scheme (extension) – SEISS

There will still be another wave of grants available to traders affected through the winter.  The guidance says this is open to viable traders facing reduced demand.  The grant available will be 80% of average monthly profit for November only (£5,160 Maximum).  Claims can be made from 30 November.  Beyond this lockdown we will see a reduce grant.

The chancellor stressed that this is for those unable to work or with decreased demand.

https://www.gov.uk/government/publications/self-employment-income-support-scheme-grant-extension/self-employment-income-support-scheme-grant-extension

Business Interruption Scheme Loans

Loan applications have been extended to 31 January 2021.

 

 

 

 

 

Mostons news

 

We will be following Government advice and mostly working from home from tomorrow.  We will maintain an office presence throughout November, and we will still be here to keep service levels as high as we can.  Please do be patient if you are trying to call us and your call is not answered immediately.  We are not furloughed we are just busy.

 

Emailing us is always an alternative.

 

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IMPORTANT : Please send us your tax return information as soon as possible.

 

Working conditions have now become more restricted and we will need time to ensure files are in the right place.

 

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So, during November we will be putting the finishing touches to our 2020 Christmas card.  This year’s card is coming together nicely.

 

In this month of lockdown, I have set myself a personal target of no sweets or chocolate, no cake, no biscuits, no alcohol, no snacking of any description and plenty of exercise.  Apologies in advance if I come across as miserable that’s because I won’t be having any fun.

 

Stay safe and well and let us know if you need any help.