Tynemouth MP has thanked One North Shields for the work they do to support local businesses, including the following useful summary of the support available following recent government announcements and changes:
𝗝𝗼𝗯 𝗦𝘂𝗽𝗽𝗼𝗿𝘁 𝗦𝗰𝗵𝗲𝗺𝗲: a new 6 month scheme from 1st November.
-The furlough scheme ends at the end of October.
-Under the new scheme, the government will contribute towards the wages of employees who are working fewer than normal hours due to decreased demand. Employees must be on the payroll before the 24th of September.
-SMEs do not have to show that they have been adversely affected by Covid.
-Employers will continue to pay the wages of staff for the hours they work – but for the hours not worked, the government and the employer will each pay one third of their equivalent salary.
This means employees who can only go back to work on shorter time will still be paid two thirds of the hours for those hours they can’t work.
-In order to support only ‘viable’ jobs, employees must be working at least 33% of their usual hours. The level of grant will be calculated based on employee’s usual salary, capped at £697.92 per month.
-Zero hours contract employees are not excluded.
NICs and pension contributions will not be covered by the government.
-The job retention bonus is not affected.
𝗣𝗮𝘆 𝗮𝘀 𝘆𝗼𝘂 𝗚𝗿𝗼𝘄 𝘀𝗰𝗵𝗲𝗺𝗲 for businesses which took out Bounce Back loans
– Applies to new and old BB loans. Deadline for applying for a new loan now 30th November.
-Loans can now be extended from six to ten years nearly halving the average monthly repayment.
-Options for interest-only payments and payment holidays.
𝗦𝗲𝗹𝗳-𝗘𝗺𝗽𝗹𝗼𝘆𝗺𝗲𝗻𝘁 𝗜𝗻𝗰𝗼𝗺𝗲 𝗦𝘂𝗽𝗽𝗼𝗿𝘁 𝗦𝗰𝗵𝗲𝗺𝗲
Extension, which starts in November and lasts six months, will support viable traders who face reduced demand over the winter covering 20% of average monthly trading profits.
You must be eligible for the current SISS, eg with a tax return for 2018/19.
Payable in two taxable grants.
Still no inclusion for owner-managed companies who use dividends; nor for traders who started after the SISS date
Here is the official factsheet
– 5% rate for Hospitality & Tourism will be extended to 31 March 2021
– Businesses who deferred their VAT will no longer have to pay a lump sum at the end of March next year. They will have the option of splitting it into smaller, interest-free payments over the course of 11 months
𝗧𝗵𝗼𝘀𝗲 𝘄𝗵𝗼 𝗽𝗮𝘆 𝘀𝗲𝗹𝗳-𝗮𝘀𝘀𝗲𝘀𝘀𝗲𝗱 𝘁𝗮𝘅
– Previously were able to defer the July 2020 payment to January 2021.
– Many will now be able to defer further until January 2022
𝗢𝘁𝗵𝗲𝗿 𝘀𝘂𝗽𝗽𝗼𝗿𝘁 𝗹𝗼𝗮𝗻 𝘀𝗰𝗵𝗲𝗺𝗲𝘀
– The 30th of November is now the deadline for applications