This is part of the governments help for the economy to recover from Covid-19. The Kickstart Scheme aims to create thousands of jobs for workers between 16 and 24. The Government will fully fund each “Kickstart” job — paying 100% of the age-relevant National Minimum Wage, National Insurance and pension contributions. The placement must be for a minimum of 25 hours a week. The scheme is set to run until December 2021.
The scheme is set for employers placing 30 youngsters at a time. Smaller employers can club together to make up a group of 30 or more applicants. It is proposed that the local chamber of commerce will help with this. No information as yet (it’s still early days). You can email your enquiry to eastmidlands.kickstart@dwp.gov.uk (East Anglia)
Posted by Jo at Barnowl Bookkeeping – I acan help you with Bookkeeping, VAT, Payroll, Pension administration, CIS and Self Assessment. My specialisms are the building and hospitality industries. I am based near King’s Lynn so close to Wisbech, Swaffham and Downham market and also Fakenham and the North Norfolk Coast. You can contact me on 07771 333324 or look at my website httpss://barnowl-bookkeeping.co.uk/
During the initial phase of the pandemic, lenders were required to offer payment holidays providing mortgage borrowers with immediate and temporary support.
The FCA said the majority of those who have had a payment holiday are expected to resume full repayment, but that many will remain in financial difficulty.
It is publishing additional draft guidance for firms, to ensure further support, both for those who have benefitted from payment deferrals under the current guidance who continue to face financial difficulties, as well as those whose financial situation may be newly affected by coronavirus after the current guidance ends.
The current guidance will continue to provide support for those impacted by coronavirus until 31 October, with consumers able to take a first or second three-month payment deferral. The FCA expects the current guidance to expire on 31 October, but will keep this under review depending on how the wider situation develops.
The newly published draft guidance proposes that firms should consider the appropriateness, and use, of a range of different short and long-term support options to reflect the specific circumstances of their customers.
This could include extending the repayment term or restructuring of the mortgage.
Where consumers need further short-term support, firms should offer arrangements for no or reduced payments for a specified period to give customers time to get back on track.
Christopher Woolard, FCA interim chief executive, said: ‘It is important that consumers who can afford to resume mortgage payments should do so. However, we understand that borrowers facing payment difficulties because of the pandemic will continue to face uncertainty and may also experience temporary interruptions in income.
‘We are proposing that firms contact their borrowers in good time before the end of a payment holiday, and work with them to come up with a tailored plan to help get them back on track.
‘Firms should not take a “one size fits all” approach.’
Under the proposed guidance, firms should prioritise giving tailored support to borrowers who are at most risk of harm, or who face the greatest financial difficulties.
Firms should also provide borrowers with the support they need in managing their finances, including through self-help and money guidance, and refer borrowers to debt advice if this meets their needs and circumstances. They should also be clear about the credit file implications of any forms of support offered.
Barnowl Bookeeping is here to help you with VAT, CIS, Self Assessment, Payroll and Bookkeeping located within easy reach of King’s Lynn, Downham Market, Swaffham and Wisbech. httpsss://barnowl-bookkeeping.co.uk/?page_id=181
Since 2002, around 6.3m Child Trust Fund (CTF) accounts have been set up, roughly 4.5m by parents or guardians and a further 1.8m set up by HMRC where parents or guardians did not open an account.
This means some children do not know there are accounts in their name, so are unaware their money is waiting for them.
From 1 September 2020, the oldest children will turn 18 and be able to access their money. Around 55,000 accounts will mature each month and HMRC has created a simple online tool to help young people find out where their account is held. If a parent or guardian is unsure of where their child’s CTF account is held they can also use this tool.
For those who do not have the identifying information required to access the tool, HMRC will provide alternative, non-digital routes to finding a CTF provider upon request.
HMRC and The Share Foundation are also working together to help children in need of further support.
HMRC will send details of the CTF provider by post within three weeks of receiving their request.
Economic secretary to the Treasury, John Glen, said: ‘We want to make sure all young people can access the money which has been set aside for them, to invest in their future and continue a savings habit, as they turn 18.
‘If you’re unsure if you have an account or where it may be, it’s easy to track down your provider online.’
The accounts were set up to encourage positive financial habits and a saving culture among the young account holders.
HMRC is working with the Money and Pension Service (MaPS) and the CTF providers to continue to provide financial education to the beneficiaries.
CTFs were originally set up for children born between 1st September 2002 and 2nd January 2011, with a live Child Benefit claim. Parents and guardians received a voucher to deposit in a Child Trust Fund (CTF) account on behalf of the child.
At 16 years, the child can choose to operate their account or have their parent continue to operate it, but they cannot withdraw the funds.
At 18 years of age, the CTF account matures and the child is able to withdraw money from the fund or move it to a different savings account. Over 700,000 accounts will mature each year.
The accounts are not held by HMRC, but by a number of CTF providers who are financial services firms. Anyone can pay into the account, with an annual limit of £9,000 and there is no tax to pay on the CTF savings interest or profit.
If you need any help with your accounts please do not hesitate to contact me. My services include bookkeeping, payroll, VAT, CIS and Self Assessment I cover King’s Lynn, Downham Market, Wisbech, Swaffham and North Norfolk as well as having clients further afield.
HMRC are opening their online portal for the second grant for the self employed on 17th August 2020
They are currently writing to self-employed people who may be eligible so you may receive a letter giving you a date to make a claim. They can claim any time between the allocated date and the 19 October 2020.
The eligibility criteria for the second grant is exactly the same as the first grant – so self-employed people who were eligible for the first SEISS grant will be eligible for the second grant, so long as their business has been adversely affected since 14 July 2020. This typically means that their business has experienced lower income and / or higher costs because of coronavirus (COVID-19) since 14 July. There is no minimum threshold over which a business’s income, costs or activity need to have changed by, but your clients will be asked to keep appropriate records as evidence of how their business has been adversely affected.
The second taxable grant is 10% less than the first being worth 70% of average monthly trading profits. This will be paid out in a single instalment and will be based on three months’ worth of trading profits and capped at a maximum of £6,570.
Self-employed parents whose income may have been affected if they took time out to have children will also now be able to claim if they meet the eligibility criteria. There’s more information for new parents, including an online form on GOV.UK
Once you have completed a claim, you will receive payment within 6 working days.
If you need help please do not hesitate to contact me. I mainly cover King’s Lynn, Swaffham, Downham Market, Fakenham and North Norfolk and with some clients further afield
Just a quick one about your VAT…As you are aware you can claim 50% of the clients food and non-alchoholic beverages bill up to £10 per customer on Mondays, Tuesday and Wednesdays.
Be aware that you must pay the VAT on the full bill and it is due in the quarter that the client’s bill is created (i.e. the refund does not affect the VAT due in any way).
The 5% VAT rate does still apply to food and non-alchoholic when using this scheme.
If you have any further queries please contact me. I am a registred bookkeeper here to help you with your bookkeeping, VAT, CIS, Payroll and Self Assessment. I am within easy reach Wisbech, King’s Lynn, Swaffham, Fakenham, Dowhnam Market and the North Norfolk Coast with clients further afield too.
All claims for the period on or before 30 June 2020 must be submitted by 31 July 2020. This is the last date to make those claims.
No new claims can be can be made after this point. To claim for an employee after 31st July the employee must have already been claimed for in the furlough scheme at any point on or before 31 July.
From 1 August 2020 the scheme will no longer fund employers’ National Insurance (NI) and pensions contributions for furloughed employees. Employers will have to make these payments from their own resources.
If you need help please do not hesitate to contact me. Barnowl Bookkeeping provides services for payroll, bookkeeping, VAT, CIS and Self Assessment in and around King’s Lynn, Wisbech, Swaffham and Downham Market and the North Norfolk Coast.
On 10th July 2020 the Chancellor announced the introduction of the Job Retention Bonus.
This is a one-off payment of £1,000 to employers that have used
the Coronavirus Job Retention Scheme (CJRS) for each furloughed employee who
remains continuously employed until 31 January 2021. The bonus will provide
additional support to retain employees.
To be eligible, employees will need to:
earn at least £520 per month on average for November, December and January
have been furloughed at any point and legitimately claimed for under the Coronavirus Job Retention Scheme
have been continuously employed up until at least 31 January 2021.
Employers will be able to claim the bonus from February 2021 once accurate RTI data to 31 January has been received. More information about this scheme will be available by 31 July and full guidance will be published in the Autumn.
If you need help please do not hesitate to contact me. Barnowl Bookkeeping provides services for payroll, bookkeeping, VAT, CIS and Self Assessment in and around King’s Lynn, Wisbech, Swaffham and Downham Market and the North Norfolk Coast.
Chancellor Rishi Sunak is to deliver a ‘summer economic update’ tomorrow, 8 July, outlining the government’s plans to support the economy through the first phase of recovery from the coronavirus crisis, with likely options including temporary tax cuts, funding for green projects, and job creation schemes.
If you need help please do not hesitate to contact me. Barnowl Bookkeeping provides services for payroll, bookkeeping, VAT, CIS and Self Assessment in and around King’s Lynn, Wisbech, Swaffham and Downham Market and the North Norfolk Coast.
