Please note, this article is applicable to self-employed people only. If you trade through a Limited company you cannot claim this grant. However, you may know people for whom this may be relevant. Here at Kirkwood Wilson, we want to keep you fully updated on all coronavirus support schemes.
The UK Government has extended the support available under the Self-Employment Income Support Scheme (SEISS) for self-employed people affected by coronavirus (COVID-19). A third grant will cover the period from 1 November 2020 to 29 January 2021. If you’re eligible, you’ll be able to claim the third grant at any time from 4 December 2020 to 29 January 2021.
The rules on who is eligible to claim are different to those for the previous SEISS grants. However, you still need to have submitted a Self Assessment tax return for the tax year 2018 to 2019 showing self-employment income in order to claim (unless one of the existing exceptions applies).
This article informs you all about claiming the third grant. A fourth grant will also be available from February 2021 to April 2021. We’ll tell you more about that nearer the time, including how much it will be and the rules for claiming.
How much is the third grant?
The third grant will be based on 80% of three months’ average trading profits, paid out in a single taxable instalment capped at £7,500.
Am I eligible to claim?
To make a claim for the third grant, you must meet a number of conditions, and make an honest assessment about whether you reasonably believe your trading profits will be significantly reduced due to coronavirus.
As previously, the third grant will also be subject to Income Tax and self-employed National Insurance and must also be reported on 2020 to 2021 Self Assessment tax returns.
As before, to make a claim for the third grant, you must:
- Be self-employed or a member of a partnership. You cannot claim the grant if you trade through a limited company or a trust
- Have traded in both the tax years 2018 to 2019 and 2019 to 2020.
- Either be currently trading but are impacted by reduced demand, or have been previously trading but are temporarily unable to do so due to coronavirus
- Declare that you intend to continue to trade, or restart trading, and reasonably believe that the impact on your business will cause a significant reduction in trading profits
- Only claim if the reduction in profits is caused by reduced business activity, capacity or demand, or inability to trade due to coronavirus. Reduction in profits due to increased costs (such as having to buy masks) does not make a business eligible for the third SEISS grant.
When deciding whether the reduction is significant, you’ll need to consider your wider business circumstances.
HMRC expects you to make an honest assessment about whether you reasonably believe that your trading profits will be significantly reduced compared to what you would otherwise expect to achieve during this period.
Your business must have been impacted on or after 1 November 2020, and you must keep evidence that shows how your business has been impacted by coronavirus, resulting in reduced activity, capacity or demand, or a temporary inability to trade.
How do I claim?
If you’re eligible for the third grant, you can claim on GOV.UK at any time from 4 December 2020 to 29 January 2021, by searching ‘Self-Employment Income Support Scheme Grant Extension’.
Making a claim online is easy using your Government Gateway account. You can do it on a smartphone and it only takes five minutes. If you’re unable to claim online, or feel you would like more support, you can call the HMRC helpline on 0800 024 1222. It may take longer to complete your claim over the phone.
You don’t need to work out your grant, HMRC will do that for you. Once you’ve submitted your claim (confirming that you meet the eligibility criteria) HMRC will use the information in your previous tax returns to calculate the grant you’re entitled to. They will then pay the money directly into your bank account within six working days.
As always, if you need any help at all, please don’t hesitate to get in touch and contact our Tax Department on 01704 546000, and we will help wherever we can. Please be aware though that you must make this claim yourself, we are unable to do this for you.
Introduced in April 2020, there is a new requirement for UK residents to report and pay capital gains tax (CGT) on disposals of UK residential properties. This is a new requirement for UK residents as non-residents have had an obligation to pay this since 2015. In our latest article, the team at Kirkwood Wilson provide some guidance on reporting disposals to HMRC, specifically through their online system.
More information on the CGT 30-day reporting period
As of the 6th April 2020, HMRC introduced new rules regarding the reporting of CGT, Capital Gains Tax. These new rules were regarding the disposals of UK residential property and required both UK and non-UK residents to comply. As of the 6th April 2020, any gains of residential properties should be reported within 30 days.
As part of these new rules, individuals are required to register for their own Government Gateway account and set up an online account.
UK residents are now required to report gains on UK residential property, only in circumstances where tax is due. This can include:
A deemed disposal
A gift of a residential property
Or a disposal of a principal private residence that does not qualify for full relief.
It is important to note that the requirements for non-residents are wider and apply even where no tax is due.
On 19 August 2020, HMRC upgraded the system to allow gains on second and subsequent disposals to be reported online.
Previously the system could only be used for the first disposal in any tax year and subsequent disposals had to be reported on a paper return.
The system now also allows capacitors (those holding power of attorney) and personal representatives to report gains.
HMRC and CGT 30-day reporting
As stated by HMRC, due to coronavirus (Covid-19), they did not issue late penalties to any transactions completed between 6 April and 30 June 2020, provided the gain was reported and any tax due paid by 31 July 2020. Anyone who completes the sale of a property from 1 July 2020 onwards has 30 calendar days to report and pay the tax due.
Transactions completed from 1 July 2020 will receive a late filing penalty if they are not reported within 30 calendar days. Interest will be charged if the tax remains unpaid after 30 days for all transactions from 6 April 2020.
Kirkwood Wilson and financial advice
So, to sum up, any gains of residential properties since 6.4.20 should be reported within 30 days.
Here at Kirkwood Wilson, we are happy to help with any financial worries or concerns. If the announcement of the 30-day CGT reporting has confused you or is something you require some support with, do not hesitate to get in touch with us.
In May 2020 the UK government launched a roadmap and campaign advocating that office workers should return to the office. Yet we are now being advised to work from home ‘if we can’. Guidance for returning to work is now rather conflicting.
Here at Kirkwood Wilson Accountants, we believe that having a ‘return to workplace’ plan (for whenever reason it is needed – of course) is important. As remote working is the new normal, we’ve detailed some ideas about how to make your return to workplace plan inclusive for all.
Return to the workplace
As of 22 September, the government made a U-turn with its statement regarding returning to the office. Michael Gove made a statement that if it is possible to work from home, people should. This could leave you understandably confused about the right steps to take for your employees. The question is whether you should continue with your return to work plan or put it on hold.
At Kirkwood Wilson accountants in Ormskirk, we’re here to provide peace of mind during these worrying times and have some guidance for completing your return to workplace plan. Additionally, if you’re worried about the state your business is travelling in, we are always here to offer a friendly face and a helping hand with your business worries.
What your return to workplace plan should involve
As the health and safety risks from Covid-19 are primarily concerned with person-to-person contact in the office, there are a lot of considerations for employers regarding the virus entering the building and spreading to staff members.
At Kirkwood Wilson, we recommend that your return to workplace plan should involve the following:
- Risk assessments
- Consider your employees’ wants and needs
- Continuously update policies and practice.
Return to workplace plan – risk assessments
Risk assessments, risk assessments, risk assessments. The words on everyone’s lips when the UK gradually started lifting restrictions. You must consider health and safety measures aiming to mitigate risks and also reduce uncertainty amongst employees. Once the risk assessment has been completed, you must share it with members of your team to familiarise themselves with the measures you have put in place.
We recommend the following when carrying out your risk assessment and assigning preventative measures:
- Cleaning protocols – Table cleaning procedures should be put in place, as well as consideration about the main touchpoint areas within the office.
- Social distancing procedures – You could have markers on the floor detailing how the workforce travels around the office.
- Hand sanitiser, hygiene stations – Hygiene and washing hands regularly are some of the most important things to stop the virus from spreading.
- Protect your bubble – Minimise non-workers from entering the office environment.
Return to workplace plan – Consider your employees’ wants and needs
As many employees were told to shield due to health reasons when we first went into lockdown, as an employer it is important to consider your employees’ worries. If you have been continuing to work from home throughout the pandemic, it might be worthwhile including more flexible working.
We recommend considering the following:
- Keep a record of your staff work patterns for 21 days
- Consider how many people should be in the workplace at any given time
- Adjust working hours and break times.
Return to workplace plan – Continuously update policies
When government guidelines change, it is important to familiarise yourself with new rules. As new measures are introduced for businesses and day-to-day life regularly, at times it can be overwhelming.
Here at Kirkwood Wilson Accountants, we’re here for you if you need professional business advice or a helping hand planning your finances.
If you’re interested in hearing more about our services, simply get in touch today and the team will be more than happy to help. Call us on 01704 546000 or contact us.
In your personal life, having someone around that you can confide in and talk to during difficult times is incredibly important. You might have not thought about it before but this is similar in regards to businesses. When you’re undergoing testing times with your finances and business processes, having a support base, like your accountants, on hand to listen and advise can provide great peace of mind and some relief from some of your stresses. Read on to hear how, at Kirkwood Wilson, our accountants are always on hand to support you during the difficult times and the good.
How a certified accountant can support you in testing times
Over the past few months, the Covid-19 pandemic hit businesses in unimaginable ways. With many businesses being forced shut, with no cash flow, it has been a crucial period of time for accountants to support their clients.
Here at Kirkwood Wilson, Accountants in Ormskirk, we specialise in digital accounting and during the Covid pandemic, with many forced to work remotely, we have supported each and every one of our clients.
Here are our top reasons how certified accountants, specifically Kirkwood Wilson Accountants, can support you during testing times:
- Help you to understand governmental business support packages
- Bring you up-to-date with digital accounting software
- Advice on cash flow management
- Point you in the right direction for gaining finance
- Support you by having a general chat and listening to your worries.
1. Help you understand governmental business support packages
It has recently been announced that GDP tumbled 20.4% in April to June 2020, with the UK now in a recession. To limit the burden on the economy during Covid-19, the UK government put in place a number of business support measures, such as; the job retention scheme, deferral of VAT payments, and more.
During testing times like the Coronavirus pandemic, as a business owner or manager trying to keep on track with the schemes, managing workload, and trying to maintain business, is rather a handful. So here at Kirkwood Wilson Accountants in Ormskirk, we’ve been helping our clients every step of the way advising on financial steps to take.
2. Bringing you up-to-date with digital accounting software
If you didn’t already know, Kirkwood Wilson Accountants specialises in digital accounting. As digitising your business is now more important than ever, Kirkwood Wilson are on hand to help streamline your bookkeeping processes and get stuck right into the world of digital.
3. Advice on cash flow management
Keeping the cash ticking in has been one of the biggest worries for businesses over the past few months. As business survival is the top priority for most and ultimately cash flow being king, at Kirkwood Wilson, we’ve been supporting our clients as much as possible to feel more in-control of their finances. Whether that is cash flow forecasting or advice on possible finance options, we’ve been on hand to help with any worries!
4. Point you in the right direction for gaining finance
By applying for R&D tax credits, grants and other finance offerings, this could be crucial to survival. Here at Kirkwood Wilson, we are up-to-date and always aware of best practice and ways you can claim back. We are more than happy to talk you through anything!
5. Support you by having a general chat and listen to your worries
Having accountants you can trust, and are there for you on a rainy day, can provide you with security and peace of mind. The team at Kirkwood Wilson are here to listen to any and every worry you might have and offer you advice to point you in the right direction.
Get in-touch today via our contact form or on 01704 546 000 if you require a local accountants in Ormskirk to help your business during these testing times.
Whether your business suffered catastrophic effects as a result of the economic and social changes wrought by COVID-19, or you are simply looking for a little reassurance and a nudge back onto the right path, there are some key areas that you can address to get your business – and yourself – back to some sense of normality. Here are some of the things we would recommend:
Before you can successfully get your business back on track, you need to make sure you have the energy and mindset to focus – that means making sure you’re at your best. The months of lockdown affected many people in different ways, but increased levels of anxiety were reported throughout as an extremely common experience.
Anxiety itself can be helpful; a low level of fear ensures that we take action to protect ourselves and our loved ones. Panic, however, has a detrimental effect; it causes us to lose focus, become immobilised and unable to make decisions, and results in poor judgement.
Some of the most effective steps you can take in looking after yourself and keeping your anxiety levels in check will not only ensure you are well-prepared to deal with your work life, but will make you feel much better all round:
- Self-reflection – Take some time each day to consider how the day has impacted you and to think about your responses to the events that occurred. Self-awareness can help us to recognise our fears and nip them in the bud so that we can refocus our energy
- Find the positive – Whilst we can’t control events, we can control how we choose to perceive them. Look for the good in situations and where your reaction to an event is automatically negative, take some time to work out whether there might be an opportunity there rather than a threat. If you have had a bad day, focus on one thing that you are grateful for
- Eat well – Healthy eating not only helps to build your immune system but will also give you more energy and help you to concentrate
- Take time out – It is down to you to find your own way to create a sense of calm and allow yourself the head space for clear judgement. Some great ways to give yourself downtime for reflection are:
– Exercise – Whether it is walking your dog, ten minutes of sit-ups, or an hour of cardio, this can be a great way to relieve stress and promote those feel-good hormones
– Contact with others – Try to make time to engage with those who make you smile or laugh, the people in your life who are supportive and have similar interests. Whether a quick message, a video call or a socially distanced coffee, a chat with someone you care about will give you a boost
– Relaxation – We each have our own preferences for powering down. Yours might be a long, hot bath, a cuppa in the garden or some meditation; whichever one allows you to exhale, make the time for it.
Just as with self care, whilst some level of concern about the future of your business is both healthy and helpful, panic is not. Now is not the time for knee-jerk reactions; dramatic changes in direction, for some businesses, have been both necessary and fruitful – but decisions should be taken objectively and with a clear mind.
We have found ourselves launched very suddenly into a low-touch economy, where person-to-person engagement has been minimised, payments are contactless, purchases are delivered to our doorstep and video calls have become the norm.
These changes are widely considered to have been inevitable – COVID 19 has simply accelerated them greatly. There are some things you can do, with this in mind, to ensure the future of your business:
- Look at your customers’ needs – What are your customers struggling with? What are their challenges? If you can find that out – through listening to them, asking them questions or engaging on social media – you can adjust your offering to gain some competitive advantage. It doesn’t necessarily mean a product change, it might be as simple as taking card payments rather than cash; being able to support them with finance or staged payments to spread their financial outlay; or supporting them with advice on your specific area of knowledge or expertise through an online chat platform.
- Consider your long-term objectives – Does your strategy still work in light of COVID 19? Review what you set out to achieve within the next 6-12 months. If your marketplace has changed so dramatically that you need to steer in a new direction, look at your options and set some alternative strategic goals and break these down into tactics and then bite-sized actions. If your long-term goals are achievable but not within the time frame you set, then review your plans for the coming year; perhaps hold off on larger investments, or look at reducing overhead costs in line with a more realistic projection. If you are lucky enough to be in a position of opportunity, then now is the time to get ahead; experienced and highly skilled personnel have become available as a result of the unfortunate staff cuts some businesses have had to make – you might scoop up someone who can take your business to the next level.
- Give yourself a break – The past 6 months have been extremely challenging. Whether you have been at the heart of sudden demand for your service or whether your business levels nosedived, the pressure will have taken its toll. Both you and your team deserve some collective recognition for what you have achieved together, as well as some down time.
COVID-19 has created very sudden and unforeseen challenges; some of those leading to opportunity, some leading to the collapse of both businesses and peoples’ lives. Most of us have spent the time somewhere in between, trying to make the best of things and waiting for the economic and social landscape to improve.
As things stand, this may be as normal as we get for a while, so if you are looking for financial support or business advice, we can help with that. Ease a little of your load and talk to us – you never know, it might be one more step back to normality for you and your business.
Here at Kirkwood Wilson, we’re a ‘glass half-full’ bunch. We focus on the positives, regardless of what life might throw at us or our clients, we always search for every positive where we can. However, since the outbreak of Covid-19, there’s no denying that we’re living in unprecedented times. Factor in Britain’s departure from the EU and the future for many UK businesses is looking a little scary.
The importance of planning
Now, more than ever, it’s imperative to plan for the future of your business. We’re not suggesting that we get out a crystal ball – no one can know exactly what’s around the corner – but what we can do is plan for most eventualities.
There are 2 main considerations for this:
- Business continuation
- Cash flow.
By now, with the nudge-along from Covid-19, a lot of businesses have taken a large part of their operations into the cloud, which we’re very proud to say we’ve helped many clients get stuck into the digital world. This means that for a lot of businesses, say hypothetically if a total lockdown were imposed again, some of these businesses could continue as normal (or as much as possible) throughout this next period. Apps and digital accounting software have enabled so many people to be unleashed from the power of paper – hurrah!
The importance of cash flow management
The other important consideration is cash flow. It’s one of the things that we, as accountants, live for (and go on and on about – a lot).
Think of cash flow as a lovely plant. Get it right and your business will flourish. Get it wrong and your once lovely plant will wither and die – how dramatic! Your business grows, you grow. You’re happy, we’re happy!
In the most basic sense, you need to make sure that you have more money coming in that you have going out. This is the crucial point of cash flow management. Understanding how your cash flow is doing can help prevent issues like buying in too much stock, general overspends, and long payment terms. By getting on top of your outgoings means you will naturally have more money available should the worst happen.
Here are some of the positives of staying on top of your cash flow:
- You will be able to make informed decisions about your business
- There will be funds available if you encounter any unexpected glitches (like say, a pandemic!)
- You will naturally feel more in control of your finances, which in turn will make you happier and more positive
- You will be able to spot any issues in cash flow, i.e. when you might have cash in abundance or when cash might be a bit tight.
Good cash flow management will help you future-proof your business, making it crucial for helping you to nurture your business.
How WE can help YOU
At Kirkwood Wilson, we help our clients take back control of their business. We don’t just work for you, we work with you and help you thrive. We are providing cash flow forecasts more and more, enabling business owners to put the right plans in place for them (taking away all guessing and not just what they can afford today).
We want to help businesses better manage their cash flow – do you need help? We want to help people grow, raise their ambitions and realise their potential. It’s what we do, it’s what we’re good at, and it’s what we’re passionate about.
Don’t look at where you’ve been, look at where you’re going, and we’ll help you every step of the way. Get in touch with us today to learn more about how we can help you.
Since the outbreak of Covid-19, business owners have worked harder on their businesses than ever before. Whether that involves hard work to keep up with demand, or hard work trying to keep afloat, everyone has definitely worked to their limit. Throughout the Covid-19 pandemic, we have all been thrown into unprecedented circumstances, meaning that we have had to adjust our processes and business procedures like never before.
The new normal
And now that ‘normality’ is slowly returning, here at Kirkwood Wilson, we are speaking to more and more people who are feeling burnt out with the stress of the last few months. We have been advising people to slow down and take stock.
As we have all been through very unusual circumstances in recent months, it is important to slow down our thought processes, limit our stress levels, and pause for a moment. As many of us know, some of our best ‘light bulb’ moments often happen when on a walk or in the shower, usually when you are away from your desk or laptop and having a moment of rest.
Whether you’ve been busier than ever before or your business has been so quiet that you may have thought about closing down, now is the time to hit pause and take a look at everything that has happened, what could happen again, and ways in which we, your accountants, can help.
Kirkwood Wilson are here to help
We are proud to say that we have helped so many clients to get their business fully set up in the cloud, with Xero, ReceiptBank for bookkeeping, stock systems, appointment software, invoice chasing software, virtual meeting software – you name it, we’ve done.
We recommend to our customers that by building up your bank of business apps, the easier it is to stay on top of all your accounting requirements. All of these types of apps and software help with the day to day running of your business online, sometimes eliminating the need for any extra staff, sometimes even eliminating the need for a business premises. What a saving that would be!
The biggest addition to our own ‘app stack’ is Futrli, which helps to manage cash flow which in turn helps you to better manage your business and do what you love.
In these new ‘different’ times, automation of so many simple tasks is one of the main priorities for many business owners. Without doubt, these are difficult times, for many different reasons. We recognise this, and we are here to help.
If you would like help putting together your own digital support please just get in touch with us today. We can help and advise on the best software and apps available. Call the team today on 01704 546000.
It is important to bear in mind that choosing an accountant that is right for your business is not always an easy process; after all, as you will be handing over your finances to this accountancy firm, it is essential you choose a company you can trust. Here at Kirkwood Wilson, we thought we would help you with this process and advise on some things to consider when you are choosing an accountant.
A famous adage that never goes out of fashion: ‘word of mouth’. This still stands as one of the most popular forms of referral in various industries. Many people rely on word of mouth recommendations as it is thought to be one of the most trustworthy sources of information, so ask your business connections.
If your business contacts are happy with their accountancy firm, they are likely to place you in the right direction. Some people find it easier to follow recommendations from people they know, so be sure to keep your eyes and ears open and see if any of your contacts can recommend any accountancy firms.
Do some detective work
No matter how many glowing recommendations you receive about certain accountancy firms, when you are choosing an accountant, you should be doing some detective work of your own. Hop onto Google and find their website. You want to look at the accounting services that a firm offers and see if it is suitable for you and your business needs.
For example, if your business operates through digital accounting software, you won’t want to pick a firm that hasn’t branched out into this service yet, as you will just end up back at square one.
When you are choosing an accountant, you want to think about locational factors.
Picture this: you’re sitting at your desk and suddenly you have a huge accounting issue and don’t know how to fix it. What do you do? Pick up the phone and try to solve it?
This kind of example is exactly why having a local accountant comes in very useful. You can just quickly pop round the corner and have your problem solved with a click of your fingers. By choosing an accountancy firm that is local to you, for example an accountants in Lancashire, you can rest assured that your needs will always be met and any worries will be eased immediately.
Here at Kirkwood Wilson, we are happy to say that we strive as local accountants in Lancashire. Many of our clients are situated close to us and always comment on the assurance that they get knowing that their accountants are a mere few miles away.
The relationship with your accountant
As with any encounter or partnership in life, when choosing your accountants, you want to feel comfortable with them. When you make the decision to commit to an accounting firm, it is a decision that should not be taken lightly. You should be sure that you feel comfortable with the firm and feel at ease that your finances will be handled in the best possible way.
This is why it is important to ensure, when choosing your accountants, that you pick a firm that sets you at ease and stands out from the crowd. Here at Kirkwood Wilson, we are proud to say that we work hard to ensure that each relationship we have with our clients is a deep and meaningful one. We want our clients to feel comfortable picking up the phone at any time and just giving us a call. After all, their commitment to us is what makes us strong.
To learn more about Kirkwood Wilson and the services that we offer, just get in touch with us today and see how we can help you.
Many of our clients await the details of the furlough extension and on Friday we received an update from the Chancellor. Please find below the government updates, it is important to note that from August onward the government scheme will slowly be tapered.
June and July
- The government will continue to pay 80% of wages up to a cap of £2,500, plus the employer National Insurance and the minimum pension contributions. This is very similar to the scheme since it commenced, however from 1 July the scheme has enhanced flexibility
- The flexibility of the scheme from 1 July onward allows employers to bring previously furloughed employees back to work part-time, with the government continuing to pay 80% of wages for any of their normal hours they do not work up until the end of August. This flexibility has come in one month earlier than planned as it aims to get people back into work.
- You can decide the hours and shift patterns that your employees will work on their return and you will be responsible for paying their wages in full while working. This means that employees can work as much or as little as your business needs, with no minimum time that you can furlough staff for.
- Any working hours arrangement that you agree with your employee must cover at least one week and be confirmed to the employee in writing. We will need you to keep a track of these hours and arrangement as this information is needed for the furlough claim
- Do not worry if your employees cannot return to work or you have no work for them as you can continue to claim as you have in prior months.
- The government will continue to pay 80% of wages up to a cap of £2,500.
- But, employers will pay ER NICs and pension contributions – for the average claim, this represents 5% of the gross employment costs that they would have incurred if the employee had not been furloughed.
- The government will pay 70% of wages up to a cap of £2,187.50 for the hours the employee does not work
- Employers will pay ER NICs, pension contributions and 10% of wages to make up 80% of the total up to a cap of £2,500.
- The government will pay 60% of wages up to a cap of £1,875 for the hours the employee does not work
- Employers will pay ER NICs, pension contributions and 20% of wages to make up 80% of the total up to a cap of £2,500.
It is also important to note the cap on the furlough grant will be proportional to the hours not worked.
We will continue to support you during this crisis, and we will calculate all of the claims for you over the period of time. Whether this means your employees remain fully or partially furloughed we will handle this for you. We just wanted you to be aware of the scheme changes over the coming months as the employers contribution towards wages commences in August and increases gradually until the scheme is expected to cease in October 2020.
Late last week we were informed that the government are making changes to the furlough scheme one month earlier than originally planned.
From 1 July, employers can bring back to work employees that have previously been furloughed for any amount of time and any shift pattern, while still being able to claim the furlough grant for their normal hours not worked.
We feel this new flexibility of the scheme can significantly benefit our clients as we have had many clients furlough employees and some that have been reluctant to do so as their business cannot run without them employees.
Are you one of those businesses that have struggled to pay your staffs wages but have not yet furloughed any of your employees because of the strict criteria that ‘your employee cannot conduct ANY work if on furlough’? If so, please do get in touch!
The scheme flexibility from 1 July, allows your staff members to work per your agreed shift pattern and the remaining hours not worked would be subsidised via the furlough scheme. This means that you would only pay out the hours you can afford for your staff to work, rather than running your business into the ground.
The government have launched this flexible scheme to support businesses and to protect the UK economy and we therefore advise where possible to use this scheme if your operations have been severely affected by the coronavirus crisis.
There are key dates to be aware of as the scheme closes to new entrants from 30 June. This means the latest date your employee can first become furloughed is 10 June.
Our clients that have previously made a claim through the furlough scheme will remain entitled to the reclaim from HMRC. This information is only crucial to the employers that have not yet furloughed any employees but do expect this crisis to continue to negatively impact the business operations.
We will be creating a separate blog based on the changes to the scheme as from August to October 2020, but for now please do get in touch if you feel the above applies to you and your business.
Here at Kirkwood Wilson, we do not want any clients to suffer financially any more than they already have, and this scheme could just be that extra support you need to get through these challenging months ahead.