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Chancellor increases financial support for businesses and workers

Increased financial support
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    The government yesterday announced it will significantly increase the generosity and reach of its winter support schemes to ensure livelihoods and jobs across the UK continue to be protected in the difficult months to come, supporting jobs and helping to contain the virus.

    We are disappointed that Chancellor Rishi Sunak, yet again failed to acknowledge the significant contributions contractors make to the UK economy and did not offer any meaningful solutions to impacted Limited company Directors.

    Below are the key changes announced today:

    Changes to Job Support Scheme (JSS)

    • Reduce employer contribution to those unworked hours to just 5%,
    • Reduces the minimum hours requirements to 20%, so those working just one day a week will be eligible.
    • Employers will continue to receive the £1,000 Job Retention Bonus. The Job Support Scheme Closed for businesses legally required to close remains unchanged.
    • New entrants are allowed for this scheme.

    Self-employed grant

    • Increased the amount of profits covered by the two forthcoming self-employed grants from 20 per cent to 40 per cent, meaning the maximum grant will increase from £1,875 to £3,750.
    • Contractors/Freelancers who work via Limited companies are NOT eligible for this grant.

    Business Grants

    • Additional funding to support cash grants of up to £2,100 per month primarily for businesses in the hospitality, accommodation and leisure sector who may be adversely impacted by the restrictions in high-alert level areas (available retrospectively for areas who have already been subject to restrictions)
    • This is administered by local councils.


    How can I claim on Job Support Scheme (JSS)?

    • The scheme will run for six months from 1 November 2020.
    • Employers will be able to make a claim online through from 8 December
      2020. They will be paid on a monthly basis.
    • Grants will be payable in arrears meaning that a claim can only be submitted in
      respect of a given pay period, after payment to the employee, has been made
      and that payment has been reported to HMRC via an RTI return.

    How can I claim business grants?

    Grants will be administered by Local Authorities, and businesses are likely to need to apply to their
    local authority for support. It is up to local authorities to determine the payment schedule and
    timings for these grants.

    What if I have more questions?

    Please contact us if you have any questions and we’ll be happy to answer them.

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