Posted by Tony on Wednesday 19th of August 2020.
Last week, HMRC reported that its support for UK businesses and individuals had been extended with 83,000 businesses signed up for the “Eat Out to Help Out” scheme and 11 million meals discounted in the first week.
While it is great to see people “out and about” again safely, it is worth reminding everyone about the main financial support schemes as they draw to a close.
Self-employment Income Support Scheme
- Applications for the second grant are now open
- You can make a claim for the (second and final) grant if you’re eligible, even if you did not make a claim for the first grant
- It is based on your business being adversely affected on or after 14 July 2020
- You must make your claim for the second grant on or before 19 October 2020
- You claim through your Government Gateway in the same way as the first grant - https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference, and you will require the following:
- Self Assessment Unique Taxpayer Reference (UTR)
- National Insurance number
- Government Gateway user ID and password – if you do not have a user ID, you can create one when you make your claim
- UK bank details (only provide bank account details where a Bacs payment can be accepted) including:
- bank account number
- sort code
- name on the account
- your address linked to your bank account
Coronavirus Job Retention Scheme
- From 1 August 2020, the level of the Coronavirus Job Retention Scheme grant was reduced and gradually reduces each month until the end of October when the Scheme is scheduled to end.
- Regardless of the amount the employer can claim back, employees are still entitled to a minimum 80% of their wages, up to a cap of £2,500 per month for the time they are being furloughed.
- From 1 August, no grant was available for Class 1 employer National Insurance contributions or pension contributions, although these contributions remain payable by the employer.
- From 1 September, the government grant towards the employee wages will be reduced to 70%.
- From 1 October, the government grant will be reduced again to 60%.