MTS Accountants, Belfast

NEWS & RESOURCES

COVID-19 Financial Support Update

On 29 May, the Chancellor announced extension to the Self-Employment Income Support Scheme (SEISS) and further details on the Coronavirus Job Retention Scheme (CJRS).

Self-Employment Income Support Scheme

The SEISS has been extended to allow those eligible to claim a second grant.

The following details have been announced:

  • Application will open in August
  • Grant will be for 70% of average monthly trading profits, will cover 3 months of profits and will be paid in a single installment.
  • Grant will be capped at £6,570.
  • Eligibility criteria remains the same.

Further guidance is due to be published on 12 June.

Coronavirus Job Retention Scheme

The following details were announced for the CJRS:

  • From 1 July, businesses can bring furloughed staff back part time, the employer will decided the hours and shift patterns and will be responsible for the wages while in work.
  • In June and July the government will pay 80% of wages, up to a cap of £2,500, as well as ER NICS and pension contributions.
  • In August the government will pay 80% of wages, up to a cap of £2,500 but employers must pay ER NICS and pension contributions.
  • In September the government will pay 70% of wages, up to a cap of £2,187.50.  Employers must pay ER NICS, pension contributions and 10% of wages.
  • In October the government will pay 60% of wages up to a cap of £1,875.  Employers must pay ER NICS, pension contributions and 20% of wages.
  • Employers will be required to submit data on the usual hours an employer would be expected to work and the actual hours worked.