NEWS & UPDATES IN THE ACCOUNTING WORLD

CORONA VIRUS JOB RETENTION SCHEME

10th July

Furlough has now been extended to October 2020. The old scheme closes for claims on 31st July so now is the time to be making that claim.

Part time furlough

Staff will be able to return to work part time from July 1st and employers will be able to claim furlough payments for the period they are not working.

Applicants will only be able to claim from 1st July.

The calculations are tricky particularly if the staff are not coming back on regular hours.

The level of government support is reducing over the next 4 months.

This is the link to HMRC page to begin to calculate the claim:

https://www.gov.uk/guidance/calculate-how-much-you-can-claim-using-the-coronavirus-job-retention-scheme

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SELF EMPLOYED INCOME SUPPORT SCHEME

10th July

This seems to have been very successful and HMRC have said they will be extending this scheme as they have the furlough scheme.

The new application is due to open in August.

If you have not yet received anything and you are self employed, check this link.

You will need a government gateway, your unique tax reference number and your NI number to apply.

https://www.gov.uk/government/news/self-employed-invited-to-get-ready-to-make-their-claims-for-coronavirus-covid-19-support

VAT REDUCTION

July 12th

HMRC have now announced a reduction in VAT for hospitality, hotel and holiday accommodation and certain attractions from 12th July.

The rate will drop to 5%.It is really important to speak to your merchant provider to ensure the VAT rates are amended.

This is the link to the detailed advice.

https://www.gov.uk/guidance/vat-reduced-rate-for-hospitality-holiday-accommodation-and-attractions

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SUPPORTING JOBS

July 12th

The latest announcement for supporting businesses is a grant for employers who retain employees.

If an employer has furloughed staff, retains those staff and they are on your payroll in November, December and January earning more than £520 per month on average, then the business will be able to claim a grant of £1000 per employee.https://www.gov.uk/government/news/rishis-plan-for-jobs-will-help-britain-bounce-back

 

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McCormick Accounting Limited

07814661727

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