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Updated: 12 November 2020
Rishi Sunak has confirmed the Job Support Scheme (JSS), which was due to replace furlough from 1 November 2020, will be postponed until further notice. Instead furlough will continue until March 2021. If the JSS scheme becomes operational we will update our articles accordingly.
Under the proposed JSS scheme, employer contributions will decrease and employees can be working for fewer hours to qualify. The subsidy provided by the treasury has doubled, in an attempt to support businesses suffering due to the new restrictions.
The change was introduced after hospitality businesses in tier 2 regions declared they would be financially better off if under tier 3 restrictions and were forced to close. Below are details of the new scheme and we will provide examples of how the contributions will be calculated in our next update.
Old scheme:
New scheme:
Any UK registered small business and any UK registered larger businesses with evidence of revenues being impacted by Coronavirus.
It is available across the UK, primarily for businesses impacted by tier two restrictions but other businesses may still apply.
More specific help is also being offered to hospitality and leisure businesses in tier two areas. Monthly grants of up to £2,100 are being made available through local councils for hotels, restaurants and B&Bs.
The self-employment scheme has also been enhanced. Now, a first taxable grant available from the start of November will cover 40% of average monthly trading profits, with a limit of £3,750 in total. This will be paid out as a single instalment covering three months' worth of profits. The second grant, with the same terms, will cover a three-month period from the start of February 2021 until the end of April 2021.
Please contact us via partners@rjp.co.uk for further help.
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