It's the last day of September 2021, and, as publicised, the Government are ending all their COVID-19 support schemes they made available for businesses and individuals during the pandemic ...
I've included a short list below of the schemes which end today:
The Coronavirus Job Retention Scheme (CJRS)
A lot of employees benefitted from what was commonly called Furlough. The grants the Government was paying for employees to remain on the payroll, but stay at home helped a lot of businesses of all sizes. However, from the 1st of October, all businesses must now pay full wages to their staff. Any outstanding claims for September must be submitted by the 14th of October.
The Self-Employment Income Support Scheme (SEISS)
Many self-employed people had a feeling of dread as the pandemic hit, with customers and clients pulling their horns in and stopping contracts and other business activity with them. Thankfully, SEISS came along and helped a lot of self-employed people, and this was extended to a maximum of five grants. The online portal for the final SEISS grant closes today, so if you were thinking about making a claim, don't leave it any longer.
Stamp Duty Land Tax in England and Northern Ireland
On the 1st of October, SDLT in England and Northern Ireland return to pre-pandemic levels. Following on from the initial holiday of no duties due on the first £500,000, the rate changes on the 1st of July 2021, which reduced it to just £250,000. The equivalent duties in Scotland and Wales have already reverted back to pre-pandemic levels.
The COVID Sick Pay Rebate Scheme
During the pandemic, some employers were able to claim some, if not all, the Statutory Sick Pay (SSP) of employees. Again, the scheme ends today with the employer having to take on the full burden of SSP again, and any outstanding claims must be made by the 31st of December this year.
Hospitality reduced VAT rate
The 5% VAT rate for hospitality changes to 12.5% from the 1st of October and reverts back to 20% on the 1st of April 2022.
The Universal Credit uplift
A great deal of angst has been created by the possible removal of the £20 Universal Credit uplift, but the Government have confirmed that from the 1st of October 2021, payments will revert to pre-pandemic levels, so without the £20 uplift.
Until next time ...
ROGER EDDOWES Business Godparent
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Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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