With tax payments and deadlines deferred until January 2021, not to mention the lockdown, January could prove to be the perfect storm for many businesses struggling with the pandemic.
Last Christmas, HMRC gave employers updated guidance on reporting payroll information in real-time for the Christmas pay. With December fast approaching, we have provided some guidance on what dates should be included on your Full Payment Submission (FPS) during the festive period.
With Christmas surprisingly just around the corner, and Christmas parties looking to be out of the question, many employers are asking how they can reward their staff for their effort throughout the year. Whilst there have been calls for HMRC to allow employers to make a tax free gift to employers instead of a Christmas Party there has been no official word on this, but there are still ways to provide gifts to your employees.
In the current climate, many businesses are filing financials more slowly but credit agencies decrease scores as the last filed accounts become older, meaning that any businesses which are yet to file December 2019 accounts will be seeing their scores and credit limits decrease significantly.
Following the announcement, over the weekend, of the second full lockdown the government has made further grants available for businesses forced to close in England due to local or national restrictions.
Over the weekend the Government announced that the Coronavirus Job Retention Scheme (Furlough ) has been extended and will remain open until December in light of the lockdown. Employees will now receive 80% of their current salary for hours not worked, up to a maximum of £2,500. Under the extended scheme, the cost for employers of retaining workers will be reduced compared to the previous scheme, which ended on 31 October.
Many businesses are currently facing significant challenges or opportunities so Cummins Mellor have launched their fully funded, pioneering Peer Networks Programme for SME business leaders in Lancashire. Designed for SME directors and senior managers, the programme focuses on navigating the changing world of work in response to COVID-19 and its impact on business.
As with the job support scheme, the Government has also extended the Self Employed Income Support Scheme. The extension will see the addition of two further grants available which should help provide critical support to the self-employed. Each grant will be available for three month periods covering November 2020 to January 2021 and February 2021 to April 2021.