• Dunnell Accounting

05.11.2020: Changes Announced On 5th November

Things are definitely changing daily; we apologise for sending so many emails this week, but we want to keep you all as up to date as possible.

Furlough Scheme

The extension of the scheme has now been extended further until 31st March 2021.

80% of employee’s wages for the hours they do not work will be covered up to a maximum of £2,500 per employee per month. There will be a review in January 2021 where the government might reduce the rate they will cover as they did in the summer, we will know more then.

Employers NI and Pension contributions will need to be covered by the employer. All other restrictions and rules will apply as before.

Self-Employment Income Support Scheme

In line with the furlough scheme, the SEISS grant for the November – January period will be paid at 80% of average trading profits. Your grant will therefore be in line with the 1st one received in June 2019.

There will be a review in January 21 along with the furlough scheme where the amount of the 4th grant will be confirmed.

Job Retention Bonus

Previously the government had said they would pay a £1,000 grant to employers per employee keep employed until 31st January. They have now cancelled this grant and an alternative incentive plan will be put in place at the appropriate time.

As ever, please do get in touch if you would like clarification on any of these points or have any further questions.

Have a lovely lockdown weekend!

Very Best

The DA Team x

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