Change is very much in the air with shorter days and cooler temperatures confirming the annual transition from summer to autumn. Indeed, according to the astronomical calendar, last Wednesday marked the official first day of autumn - Although those of a meteorological persuasion may beg to differ!
It's not all about the seasons though. This week will see notable changes to a number of the key support schemes introduced by the government to help businesses affected by the COVID-19 pandemic.
Accordingly, we've put together a useful snapshot of what's changing from 1st October to save you trawling through Google. So, without further ado . . .
Self Employment Income Support Scheme
The Self Employment Income Support Scheme or 'SEISS' has enabled self-employed people, who have been affected financially by the COVID-19 pandemic, to claim support in the form of taxable grant payments.
The 5th and final application window for the SEISS opened in July and is due to close on 30th September. As a result, business owners looking to claim under the scheme must do so on, or before, this coming Thursday - From 1st October onwards, business owners will no longer be able to claim financial support using the SEISS.
For further information, please click here.
Coronavirus Job Retention Scheme
More widely known as the furlough scheme, the 'JRS' allows employers to reclaim a percentage of an employees’ wages if they've been placed on furlough, or 'flexi-furlough', as a direct result of the COVID-19 pandemic.
The JRS will effectively close on 30th September. However, employers will still be able to submit claims throughout October for employees who were furloughed during the final month of the scheme.
Importantly, employers must submit claims for September on, or before, 14th October and must make any amendments on, or before, 28th October. After this date, the JRS will be closed entirely with employers unable to make any further claims.
For further information, please click here.
Hospitality & Tourism VAT Rate Reduction
Last year the government announced a reduced VAT rate of 5% would apply to supplies of food and non-alcoholic drinks sold by cafes, pubs, bars, restaurants and other similar establishments. The reduction also applied to businesses supplying accommodation and admission to attractions.
This VAT reduction came into effect on 15th July 2020 and will end on 30th September 2021.
Importantly, from 1st October, the government will introduce a new VAT rate of 12.5% for the above mentioned operators with the revised rate to remain in place until 31st March 2022.
For further information, please click here.
Coronavirus Statutory Sick Pay Rebate Scheme
The Coronavirus Statutory Sick Pay Rebate Scheme is designed to reimburse employers with any Statutory Sick Pay (SSP) they have paid to current, or former employees, because of coronavirus.
This scheme is due to close on 30th September. However, employers will still be able to claim for any employee who was off sick during the final month of the scheme, provided they do so on, or before, 31st December.
For further information, please click here.
Plenty to take in hey! As always, should you wish to learn more about these changes, get in touch with the team at KeySME today - We'd be delighted to assist!
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