Small business news roundup-18th September 2020

Rishi Sunak: New ways to protect jobs ‘my priority’ 

 The Chancellor has said that his number one priority is protecting jobs, due to the unemployment rate hitting the highest level in two years and the approaching end to the Furlough scheme. 

Labour called for furlough scheme to be replaced when it ends in October, over warnings joblessness could spike. 

The unemployment rate has been the hardest hit, with those aged 16-24 suffering the most significant drop in employment compared to other age groups.  

This is due to the hospitality and retail sectors being affected by the pandemic which are primarily jobs that school and Uni leavers start working for. 

For more information click here

Small firms thrown lifeline in insurance test case ruling 

 The Financial Conduct Authority (FCA) wins landmark business interruption insurance case!  

Many business interruption insurance policies included a clause that meant they should have been covered during the pandemic. A total of 370,000, mostly small business, could be affected by this lifeline. 

However, when businesses looked to their insurers to cover their losses but were advised that the policies were never meant to cover such unprecedented restrictions.  

Judges ruled that the disease clauses in some business interruption policies should have meant they were covered. Insurer have lost the first round on this, but they can appeal against the decision.  

For more information on this click here. 

 Claim back Statutory Sick Pay paid to employees due to Coronavirus (COVID-19) 

If youre a business owner, you can now find out if you can use the Coronavirus statutory sick pay (SSP) rebate scheme to claim back Coronavirus related sick pay. 

This scheme allows you to claim back up to 2 weeks of SSP, on the basis that it was Coronavirus related and you had fewer than 250 employees on 28th February 2020 across all PAYE payroll schemes. 

Employees need to provide either an isolation note from 111 or NHS/GP letter telling them to stay at home.  

For more information on this scheme click here. 

 National lockdown could be announced in next week as cases surge 

Speculation has increased that a two-week national lockdown could be announced next week after Coronavirus cases have surged in many parts of the country.  

In government discussion, there have been talks that the October half term would be the best time to reduce the disruption of the schools.  

No firm decisions have been made yet however has been advised by the chief scientist that a significant amount of death could happen if no action is taken in October.  

For the full story, click here. 

The Future Fund Scheme  

The Future Fund scheme will be closing to new applications at 23:59 on the 30th of September.  

Announced on the 20th April, the Future Fund scheme issues convertible loans to innovative UK companies with good potential to do well. These businesses typically rely on equity but are currently affected by COVID.  

The scheme is to help these businesses through the pandemic and back to recoverycontinuing the growth of their business. This scheme is designed by the government and delivered by the British Business Bank.   

For more information on the Future Fund Scheme click here. 

 Accsys Accountants Factsheets Launch 

We have launched several new factsheets, to offer helpful insights, on a range of topics. 

So far, the focus has been on Tax with topics such as:  

  • Taxefficient ways of getting paid from your company 
  • How should I own my car?  
  • Landlord Taxes explained. 

However, we have now added new factsheets, with a focus on Business Growth. 

We will be adding new factsheets regularly so make sure you keep up to date with our website. 

View our factsheet page here. 

By |2020-10-02T12:14:34+01:00September 18th, 2020|News|0 Comments