Updates

There are changes to the Coronavirus Job Retention Scheme (CJRS) from today

From 1‌‌st September 2020 HMRC will now pay 70% of usual wages up to a cap of £2,187.50 per month for the hours furloughed employees do not work.

 

DELAY TO DIGITAL LINKS MANDATE:

Its good news for customers and technology providers. The delay will hopefully buy time for many businesses that were looking at MTD compliance only, enabling them to take a breath and review how they approach Phase 2 of MTD.

Government preparing to issue guidelines on returning to work

The government will release a series of papers next week outlining its approach on how to safely and gradually restart the economy.

Automatic enrolment and pension contributions: COVID-19 guidance for employers

The Pension Regulator has published the following statement

Change of qualifying date to claim Employers Support (CJRS)

HM Government have today updated the qualification date for claiming assistance with employees' wages through the Coronavirus Job Retention Scheme

Director shareholders of small companies and COVID 19 assistance

COVID-19: Company Directors & Shareholders. Many small companies are run by just one or two directors and have no other employees. Such directors particularly sole directors may have issues with claiming government assistance.

Business Loan Scheme Changes

The Chanceller has, overnight, announced measures to make it easier for Businesses to get Coronavirus Business Interruption Loans,

  • No longer any need to have aplied for "ordinary" loan first
  • Banks told not to ask for personal guarntees for loans under £250,000

Directors may still be at risk

An update from the Government refers to  an impending change to the current insolvency regime to assist businesses during the ongoing COVID19 outbreak. Whilst he was not specific on the extent of the changes, he did refer to a moratorium on Wrongful Trading against directors. The changes will be applied retrospectively to 1st March 2020 and will be in force for three months.

Details of 80% Employer support calculation

The Coronavirus Job Retention Scheme is a temporary scheme open to all UK employers for at least three months starting from 1 March 2020. HMRC expect the scheme to be up and running by the end of April.

COVID-19 Self-employment Income Support Scheme

The income support scheme will cover the three months to May. Grants will be paid in a single lump sum instalment covering all 3 months, and will start to be paid at the beginning of June.