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UK COVID-19 UPDATE - Further Support Announcement

The Chancellor has today announced further financial support updates for the self-employed and employers impacted as a result of COVID-19 as follows:-

  • CORONAVIRUS JOB RETENTION SCHEME (CJRS) – Further extended to the end of March 2021, HMRC to pay 80% of employees normal wages for hours not worked up to a max. £2,500 p/m (subject to review in January). Employers do not need to have previously used the scheme. Any employees claimed for must have been included on the RTI submission to HMRC by 30 October 2020 notifying payment.

  • JOB RETENTION BONUS – The Job Retention Bonus will no longer be paid in February 2021 and will “fall away” as a result of the extension to the CJRS scheme. It is not clear whether an alternative retention incentive may be available at a later date.

  • SELF EMPLOYED INCOME SUPPORT SCHEME (SEISS) – Increase to the grant available covering November 2020 – January 2021 to 80% of average monthly trading profits up to a max £7,500.

Detailed guidance on the above measures to follow.

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Farrell & Farrell CA Limited (trading as Farrell & Farrell) is registered in NI with registration number NI 639336. Registered with The Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry on audit work and regulated for a range of investment business activities by Chartered Accountants Ireland (CAI). Details about our audit registration can be viewed at www.auditregister.org.uk under reference number 3044856.