Fuller Spurling

Call us:

01932 564098

Menu
  • Home
  • About us
    • People
      • Mark-Harvey-200×200Mark Harvey FCA – Partner
      • sue-keane-200×200Sue Keane FCA – Partner
      • Portrait of Amy Robins Fuller SpurlingAmy Robins LLB CTA ADIT – Partner
      • Consultant
      • Senior managers
        • David HodgsonDavid Hodgson FCCA
        • Photo of Philip Crowther-Green of Fuller Spurling Chartered AccountantsPhilip Crowther-Green
        • lana-ward-apr-2019-200×200Lana Ward
    • Offices
      • Fuller Spurling Chertsey officeChertsey Office
      • Fuller Spurling Sandhurst officeSandhurst Office
    • News
      • What are the recent tax changes and how do they affect me?
      • Corporation tax changes, super deductions, MTD penalties, frozen bands… Our 2021 budget tax briefing explains all
      • Budget 2021: live coverage and video review
    • About us
      General

      We give practical help and guidance whether you need help with your tax return or whether you run a business and need accounts, tax or VAT help and advice.

      Limited Companies and LLPs

      Whatever your size or industry sector we have the experience to be able to help and advise you. If you are a larger Limited Company or LLP then we can also carry out the statutory audit.

      FCA regulated entities

      If you run a business which is regulated by the Financial Conduct Authority we can help lodge reports to the FCA (typically via “Gabrielle”) and carry out the statutory audit if required.

      Charities

      We help charities prepare accounts and carry out Independent Examinations of Charity accounts or audits of the accounts of larger Charities.

      Solicitors

      We help prepare accounts and carry out Audits as required by the Law Society

    • Close
  • Accounting
    • Accounts & Auditing
    • Bookkeeping
    • Our Online Accounting Services
    • Close
  • Tax
    • Tax Compliance
    • Tax & VAT Enquiry Fee Protection Service
    • Tax Investigations and enquiries
    • Tax Planning
    • VAT
    • Reverse Charge Rules for Builders and Related Trades
    • Close
  • Specialist
    • Business Advisory
    • Charities
    • Company Secretarial
    • Contracts for self employed
    • ICAEW Business Advice Service
    • IR35 Contractors
    • Payroll
    • Tax & VAT Enquiry Fee Protection Service
    • Close
  • Land & Property
    • Inheritance Tax
      • Family Investment Company
      • Inheritance Tax and the Family Home
      • Property Trading Companies and Business Property Relief Case Law
    • Buying a property
      • Property Incorporation vs Ownership
    • Selling a property (Capital Gains Tax)
      • Capital Gains Tax – new payment deadline for residential sales
      • Changes to CGT, PPR and lettings relief – April 2020
      • CGT and Rebasing Explained
      • CGT Dates for Different Property Sales
    • Close
  • Making Tax Digital
    • MTD for VAT
    • Close
  • News
  • Contact Us
Home » News » Updates » Autumn 2020 Business Support Guide

5th October 2020 by Mark Harvey

Autumn 2020 Business Support Guide

The Chancellor’s Winter Economic PlanCoronavirus cell and Fuller Spurling Chartered Accountants logo

  • Our original October 2020 Business Support Guide (published 5 October) – available here
  • Our subsequent version of 13 October, with added content covering additional announcements – read it in full here
  • Our current version (26 October), with updated content including information specific to England, Wales, Scotland & Northern Ireland – read it in full here

Chancellor Sunak received widespread praise for his business support measures introduced following the onset of the coronavirus pandemic.

Many businesses and individuals have benefited from a range of schemes, including furlough grants for staff unable to work, grants for the self-employed, deferral of VAT and Income Tax payments and cheap, government-backed business loans.

With the second wave of coronavirus infections upon us, many areas of the UK are entering a form of lockdown, forcing some businesses to close partially or completely.

To help these businesses survive, the Chancellor has introduced two forms of Job Support Scheme: JSS Open and JSS Closed, both of which start from 1 November 2020.

The JSS Open (for ’employers facing decreased demands’)requires the employee to work at least 20% of their normal hours, but government will fund 61.67% of the remaining hours when they are not working, capped at £1,541.75 per month. The employer will bear the cost of 5% of the value of the employees’ furloughed time (capped at £125 per month) plus the employer’s National Insurance Contributions (NIC) and minimum pension contributions on all the wages paid.

The JSS Closed (for ‘Employers who are legally required to close their premises’) only covers situations where the business has been legally required to close its premises to customers due to coronavirus regulations. The employee will receive two-thirds of their normal pay, funded by the government, subject to a cap of £2,083.33 per month. The employer must pay employer’s NIC and pension contributions due on those wages.

Businesses in the hospitality and leisure sectors, which have been adversely affected by coronavirus, can also apply for cash grants from their local authority of up to £3,000 per month, where the premises is required to close.

In addition, under the Job Retention Bonus, employers will be able to apply for a £1,000 per head bonus for each staff member who was previously furloughed, if they continue to employ them from 31 October to 31 January 2021 and pay them an average of at least £520 per month over this period.

Employers will also be able to use the Kickstart Scheme to give young people six months’ government-paid work experience.

There are to be further grants for the self-employed. For those who qualified, the first two grants were based on 80% and 70% of previously reported profits, but the third grant will be based on 40% of profits. Details of the fourth grant have not yet been announced.

Further VAT and Income Tax deferrals will also be available in 2021, to help the cashflow of businesses and individuals.

In this 3rd edition of our autumn newsletter we explain not just what was announced initially by the Chancellor as part of his Winter Economic Plan, but also include updates on many of these new COVID-19 business support measures, including those specific to England, Wales, Scotland or Northern Ireland  –

  • Job Support Scheme for open businesses (JSS Open)
  • Job Support Scheme for closed businesses (JSS Closed)
  • Job Retention Bonus
  • Self-Employed Income Support Scheme (SEISS)
  • Kickstart Scheme
  • Tax deferrals
  • Statutory Sick Pay refunds
  • Reduced VAT rate
  • Business Support loans

Plus, England only:

  • Test and Trace Support Payment Scheme
  • Fines for breaking isolation
  • Local authority grants for businesses

Plus, Scotland only:

  • Self-isolation grant
  • Local authority grants for businesses

Plus, Wales only:

  • Self-isolation payments
  • Local Business Fund grants
  • Economic Resilience Fund for businesses

Plus, Northern Ireland only:

  • Local Restrictions Support Scheme for businesses
  • Discretionary support during the COVID-19 pandemic

To access or read this updated edition of our Coronavirus Business Support Guide in full, click here.

We also publish links to new information or guides as we become aware of them on our Coronavirus (COVID-19) business updates page here. And you can easily stay up to date by following us on Twitter or Facebook

Follow @Fuller_Spurling

Should you require them for reference, previous editions of our special Coronavirus Business Support Guides can be accessed below:

  • Number 4B, 13 October 2020 (updated version, pre 16 Oct)
  • Number 4A, 05 October 2020 (original version)
  • Number 3, 23 July 2020
  • Number 2, 02 June 2020
  • Number 1, 07 April 2020

Filed Under: Updates Tagged With: Coronavirus, COVID-19, furlough, Kickstart, SEISS, SSP, VAT

« Tax reductions, grants, redundancy, MTD, car or van? Our Tax Briefing explains all.
Are you one of the 63% of UK residents without a will? »

What’s your question?

Call 01932 564098

Recent News

  • What are the recent tax changes and how do they affect me?
  • Corporation tax changes, super deductions, MTD penalties, frozen bands… Our 2021 budget tax briefing explains all
  • Budget 2021: live coverage and video review
  • Protected: Will IR35 be postponed again?
  • IR35 – where are we now?

News Categories

  • Articles
  • Case Study
  • Company Law
  • Opinion
  • Tax
  • Tax Q&As
  • Testimonial
  • Updates
  • VAT Q&As

Follow us

Client Zone

Latest news & posts

  • What are the recent tax changes and how do they affect me? 31st March 2021
  • Corporation tax changes, super deductions, MTD penalties, frozen bands… Our 2021 budget tax briefing explains all 11th March 2021
  • Budget 2021: live coverage and video review 1st March 2021
  • Protected: Will IR35 be postponed again? 18th February 2021
  • IR35 – where are we now? 5th February 2021

Legal etc

  • Privacy Policy
  • Terms and Conditions
Fuller Harvey Ltd
Registered in England No: 3881540

© 2010–2021 Fuller Spurling - Chartered Accountants · Site by Powerhut · Built on the Genesis Framework