Coronavirus News Update
Bounce Back loans still available
The Bounce Back Loan Scheme (BBLS) enables smaller businesses to quickly access finance during the Covid-19 pandemic. The scheme allows businesses to borrow between £2,000 and £50,000 with no interest charged or repayments needed in the first 12 months. There is still time to apply for a bounce-back loan as the scheme is open to applications until 31 January 2021. For those businesses that have already applied for a bounce-back loan but didn’t borrow the maximum amount permitted under the scheme (25% of total turnover), you can also now ‘top-up’ your loan. You are able to top-up once and this must be from your existing lender. Find out more.
Coronavirus Job Retention Scheme Deadline
The Coronavirus Job Retention Scheme (CJRS) has been extended until 31 March 2021 and the government will review the scheme in January 2021. Claims for furlough days in November 2020 must be submitted by 14 December 2020. You are no longer able to submit claims for periods ending on or before 31 October 2020.
Please be assured that we are here to provide you with support, so please contact us if you have any queries on the extension of the CJRS. Find out more.
Spending Review 2021/22
On 25 November, the Chancellor, Rishi Sunak delivered the 2020 Spending Review. The review detailed how much money will be spent on hospitals, schools and other public services over the next financial year, starting in April 2021. Highlights include:
- Billions of pounds to help tackle Covid-19 next year
- Increased funding to deliver stronger public services
- £100 billion capital spending including infrastructure to drive UK’s recovery and support jobs
- Those workers on The National Living Wage (23+) will see a pay increase of 2.2%, from £8.72 to £8.91
Reasonable excuses for making a late furlough claim
The government recently updated the guidance for making claims through the Coronavirus Job Retention Scheme. The updated guidance now includes a list of examples in which HMRC may accept a claim made after the deadline. Here are the examples of reasonable excuses listed:
- your partner or another close relative died shortly before the claim deadline
- you had an unexpected stay in hospital that prevented you from dealing with your claim
- you had a serious or life-threatening illness, including Coronavirus related illnesses, which prevented you from making your claim (and no one else could claim for you)
- a period of self-isolation prevented you from making your claim. View the full list here.
Tax relief for working from home
Those working from home may be able to claim tax relief for additional household costs. If you have to work, you may be able to claim for; heating, metered water bills, home contents insurance, business calls and a new broadband connection. How much you are able to claim:
- £6 a week from 6 April 2020 (for previous tax years the rate is £4 a week) - you will not need to keep evidence of your extra costs
- the exact amount of extra costs you’ve incurred above the weekly amount - you’ll need evidence such as receipts, bills or contracts.
Speak to us today to see if you’re eligible for tax relief. Find out more.
Mental Health and working from home
The Covid-19 pandemic has changed our way of life and we’ve had to adjust to new ways of working. For some working from home will come with some obvious benefits such as no commute and increased time with the family. Some may struggle with the lack of human interaction or may be juggling work alongside looking after children.
The NHS has published some tips to help improve our mental health as well as our work/life balance: Create a routine - keep to your usual workday routine. Wake at the same time and log off at the end of the day. Try not to check emails outside of work hours to allow yourself to switch off. A dedicated workspace - this will help create some separation from work at the end of the day. A quiet area away from the tv or washing machine will also aid concentration.
Regular breaks - when working from home it’s easy to feel like you need to be available at all times. Regular breaks will help improve your focus and productivity. Stay connected - human interaction is so important for our mental health.
Remember to check with colleagues regularly and stay connected with friends outside of work. More tips can be found here.
