COVID-19 Financial Help
njeary • July 10, 2020
Most recent updates on the financial help available for businesses and the self employed
Here are some of the key points from the recent update announced by the chancellor
JOB RENTENTION SCHEME
- The scheme is still set to run till 31 October, with the new flexible furlough now active allowing employers to bring staff back part time while business picks up and they can be furloughed for the remainder of the time. It has also now been announced that all businesses that bring back employees by 31 October and keep them in continuous employment until 31 January will receive the JOB RETENTION BONUS
of £1000 per employee.
SELF EMPLOYED INCOME SUPPORT SCHEME
- The scheme has been extended to award a second grant to all the self employed still adversely affected on or after 14 July, this can be claimed the same way as the first grant via HMRC online service / government gateway account. Adversely affected is not restricted to those who are unable to work altogether, it can be interpreted in various ways for instance you may be experiencing reduced income due to restrictions of services with new safety measures implemented.
TRAINING AND APPRENTICESHIPS
- The new Kick start scheme is there to provide employers assistance for funding new apprentices that they take on. It will cover 100% of the national minimum wage for each young employee (aged 16-24) for up to 25 hours a week, with firms able to top up any remaining hours for the worker. Businesses will also be offered a grant of £1000 per trainee, capped at 10 grants per business. There is also a grant available for apprentices over the age of 25, of £1500 per apprentice.
HMRC have released the option to defer your second payment on account which would usually be due in July to assist the self employed people.
We know that the impact of COVID 19 has affected many self employed and SME's in a big way, it's been a difficult time for everybody.
