Updated Job Support Scheme

Are you aware of the new government support available for your business and employees?

A newly updated Job Support Scheme will replace the furlough scheme on 1 November, in an attempt to help business owners retain their staff.

If you have to close your business, your staff could receive 67% of their wages, up to a maximum of £2,100 a month. The employee must be off work for a minimum of seven days to be eligible. You won’t have to pay towards their salary.

What if your business is open but not busy?

If your business can stay open but your employees have less work available, they can work part-time and still receive extra support. This is regardless of which tier you’re in.

You will have to pay your staff to work at least 20% of their usual hours per month. You must pay an extra 4% of total wages, and the government will pay 49% of their total salary.

In total, the employee would receive at least 73% of their salary for working 20% of their contracted hours. The maximum contribution the government will make is £1,541.75. To qualify, you must have been on your work’s payroll since 23 September.

You can be moved on and off the scheme, or work different hours, but each working arrangement must cover at least seven days. The scheme will run for six months from 1 November, and then be reviewed.

A grant available to self-employed people affected by coronavirus has also been doubled to 40% of profits, with a maximum grant of £3,750 over a three-month period.

At Integrity Accountancy Services, we are more than happy to help more businesses receive these support payments and grants. Even if you would just like to know more information about this, please don’t hesitate to contact us on 0121 777 5361

Brexit- EORI Number

EORI Number

Is your business ready for Brexit?

EORI Number Application:

An EORI (Economic Operators Registration and Identification number) is a code required when dealing with international customs when moving goods.

If you plan to, or currently, export goods then from the 1st of January 2021 you will need an EORI Number to avoid incurring extra costs and delays.

At present, you don’t need one to move goods to EU countries but still need one to export goods from countries outside of the EU, until the UK’s Brexit transition period is over.

Do you already have an EORI Number? Ensure it starts with ‘GB’- if it doesn’t then we can help you receive a new code as required from the 1 January 2021.

It’s best to get your code sorted before next year, and we can get this to you within 1 week of application. If you are interested in this service, or have any questions at all regarding the EORI number, please feel free to contact us on 0121 777 5361.

Green Home Energy Grant

If you’re a homeowner or residential landlord you can apply for a Green Homes Grant voucher towards the cost of installing energy efficient improvements to your home. These vouchers are available now! Apply here.

Improvements could include insulating your home to reduce your energy use or installing low-carbon heating to lower the amount of carbon dioxide your home produces.

You must redeem the voucher and ensure improvements are completed by 31 March 2021.

Vouchers will cover two-thirds of the cost of eligible improvements, up to a maximum government contribution of £5,000. Additionally, if you receive certain benefits, you may be eligible for a voucher covering 100% of the cost of the improvements. The maximum value is £10,000.

The voucher must be used to install at least 1 primary measure (insulation or low-carbon heating) and secondary measures (including window glazing, draught proofing etc).

For more information on the specific measures, please see the government’s website.

The voucher will cover any labour, material and VAT costs.

You must receive at least 1 quote from a Green Homes Grant registered installer in order to apply for a voucher.

Once your voucher has been issued, the installer can begin the work.

To redeem your voucher you’ll need to confirm that:

the installation was completed satisfactorily before the voucher expiry date
you have received the necessary documents from the installer
you have paid your share of the costs to the installer (if applicable)
you meet the relevant eligibility requirements

You will need to provide a dated copy of the invoice issued by the installer.

If you would like any help with applying for this voucher, or information on any other government support available, please feel free to contact us for a free meeting with a Chartered Management Accountant.

0121 777 5361

Covid-19 Self Isolation Grant

New £500 Self Isolation Grant

Amid the recent announcement of tougher restrictions across the UK, the Government has set up a new self isolation grant to help support those who need financial help while they self-isolate. We are now told to go into a 14-day quarantine if we have been notified by the NHS Test and Trace system that we have come into contact with someone who has tested positive for coronavirus.
Boris Johnson said earlier this week: “I don’t want to see a situation where people don’t feel they are financially able to self-isolate. That’s why we’re also introducing a new £500 Test and Trace Support payment for those on low incomes who are required by NHS Test and Trace to remain at home to help stop the spread of the virus.”

When will the grant be available?
The new grant will be released on October 12 once local authorities have set up the scheme. Anyone who is told by the NHS they must self-isolate from September 28 onwards will be able to claim this grant if they are eligible.

Who is eligible for the self isolation grant?
The grant will be available to those who are:
• Told by NHS Track and Trace to self-isolate
• Unable to work from home and will receive less income as a result
• Employed or self-employed
• Currently receiving Universal Credit, Working Tax Credit, Income-Based -Employment and Support Allowance, Income-Based Jobseeker’s Allowance, -Income Support, Housing Benefit and/or Pension Credit.

If you have any questions regarding this matter, or on any other government schemes currently available, feel free to contact us on 0121 777 5361 to arrange a free meeting with a Chartered Management Accountant.

VAT Payment Deferrals

The Chancellor, Rishi Sunak, announced a VAT payments deferral on 20 March to support businesses suffering with cash flow problems during the COVID-19 pandemic.

If you’re a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020, you have the option to:

• defer the payment until a later date

• pay the VAT due as normal

By cancelling your Direct Debit to HMRC with your bank, you will opt in for the deferral. However, if you do not cancel this, HMRC may attempt to automatically charge VAT on receipt of your VAT return. There is no need to inform HMRC if you wish to defer your payment. If you wish to, you can continue to make payments as normal during the deferral period.

HMRC will also carry on paying repayment claims as normal. You must continue to submit VAT returns as normal. VAT payments due following the end of the deferral period will have to be paid.

Further information about how to repay the VAT you’ve deferred will be available soon.

If you would like free advice from a Chartered Management Accountant during this period, please do not hesitate to contact us– we would be more than happy to support small businesses in any way we can!