Following the announcement that we are entering another lockdown from Thursday this week until 2nd December, the Hunts team will revert to working from home full time, as we did earlier in the year. With the help of Cloud software and internet phones we are able to continue working as if we’re in the office, so there will be no disruption to your service and meetings will continue to be held via Zoom or phone.
The office will be open for a short period on Mondays each week to allow clients to drop off records, for those who are unable to email them or upload to OpenSpace. If you do not yet have an OpenSpace account, please contact the office and we will be able to set one up for you.
Government Changes- Furlough
Due to the new lock down implemented, the Government have reviewed the furlough scheme which is now extended for the month of November.
- The furlough support will be at the previous levels of 80% of salary up to £2,500 rather than the reduced rates seen in September and October.
- Flexible furlough will also be in place, allowing businesses to bring back employees for part of November.
- You can use the scheme for November even if the employer/employee has not used it previously.
- To be eligible, employees must have been on an employer’s PAYE payroll submitted before 23:59 on 30th October 2020.
The previously announced job support scheme will now be postponed until the furlough scheme ends.
Please see the link below for more details:
https://www.gov.uk/government/news/furlough-scheme-extended-and-further-economic-support-announced
Self employed Income Support Scheme
Clients eligible for the previous grants will be eligible for the extended grants if they’re still affected by COVID. According to the government website (updated Friday 30th October) grants will cover 40% of average monthly trading profits, paid in a single instalment and capped at £3,750. We haven’t yet heard of any increase to the 40%.
For full details see https://www.gov.uk/government/publications/self-employment-income-support-scheme-grant-extension/self-employment-income-support-scheme-grant-extension
Other Support
Local restrictions support grant – Business premises forced to close will receive grants of up to £3,000 under the local restrictions support grant.
- Properties with a rateable value under £15,000 will receive a monthly grant of £1,334 or £667 per two weeks.
- Rateable values between £15,000 – £51,000, the grants will be £2,000 for the month or £1,000 per two weeks,
- Properties with a rateable value of £51,000 or over will receive grants of £3,000 per month or £1,500 per two weeks.
We are yet to receive guidance on how to claim these grants.
Mortgage Holidays
Mortgage holidays will be extended. Borrowers who have not yet taken a mortgage holiday will be entitled to a six month holiday, those who have previously had a mortgage holiday will be entitled to extend it to 6 months.
Bounce Back Loans
If you haven’t yet applied for your bounce back loan, we would still encourage you to do this now to create a reserve. For further details about the loans:
https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-schemes/bounce-back-loans/
Main high street bank links:
https://www.lloydsbank.com/business/coronavirus/bbls.html
https://www.business.natwest.com/business/support-centre/service-status/coronavirus/bounce-back-loan.html
https://www.barclays.co.uk/business-banking/borrow/bounce-back-loan-scheme/
https://www.business.hsbc.uk/en-gb/finance-and-borrowing/credit-and-lending/bounce-back-loan-scheme
As always, please do contact us if you have any further queries.