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2 weeks ago

Markfield Accountancy

New Job Support Scheme

– Starts 1 November 2020, as a replacement to Furlough scheme
– An employee must work and be paid for a MINIMUM 1/3rd normal hours.
– For the normal hours that they aren’t working, the cost is split three ways
– Government pays 1/3 towards their wage
– Employer pays 1/3 towards their wage
– Employee loses 1/3

Example:
So if earning £2,000 working 50% of hours.
– Employer pays 50% (£1,000) + 1/3 of unworked 50%(£333) = £1,333
– Government pays (1/3 of unworked 50%) = £333
– Employee sees pay reduced by (1/3 of unworked 50%) = £333

Rounding means this doesn’t quite add up to 100%

Contact us to see how this affects your business 01530 654 540

#WinterEconomyPlan #COVID19 #coronavirus #payroll #wages See MoreSee Less

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2 weeks ago

Markfield Accountancy

Winter Economy Plan

Today the chancellor has confirmed there will be no autumn budget, and has announced his Winter Economy Plan, including furlough extension details. Main details are:

– New Job Support Scheme, starting in November
– The existing grant for self-employed people is being extended on similar terms to the Jobs Support Scheme
– The hospitality and tourism VAT cut from 20% to 5%, extended to 31 March 2021
– Government backed loans taken during the crisis, can be repaid over a longer period
– Companies that deferred their VAT bill will no longer have to pay a lump sum in March, but can pay interest free over 11 months
– Self assessment tax debts up to £30,000 to be offered 12 month payment plan to 31 January 2022

More details on all the above to come in the next few days

#WinterEconomyPlan #COVID19 #coronavirus #finance #tax See MoreSee Less

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2 months ago

Markfield Accountancy

🌟 Self-employed income support scheme (SEISS) 🌟

The second and final grant will open for applications on Monday 17 August 2020 and will close 19 October 2020. (Link will be posted when live).

It will be worth up to 70% of your trading profits. It’s capped at £2,190 a month and is taxable at a total of £6,570. As it’s a grant, you do not need to pay it back.

The eligibility criteria is the same as the first grant, so if you got the first, you are eligible for the second. You can still be eligible for the second grant, even if you did not claim the first grant.

You need to have been adversely affected by coronavirus on or after 14 July 2020 to claim it.

You CAN keep working

Contact us to discuss if you are unsure if you qualify or not

#SEISS #grants #COVID19 #coronavirus #selfemployed See MoreSee Less

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2 months ago

Markfield Accountancy

What you need to know about changes to the furlough scheme for August :

The government will pay 80% of furloughed wages up to a cap of £2,500 for the hours an employee is on furlough and EMPLOYERS will need to pay the total National insurance and pension costs for the employee.
Employees can still be working part time and furlough grant is available for the furloughed hours.

Contact us if you have any questions – 01530 654 540 See MoreSee Less

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