As we approach the end of September, we are heading towards the end of the COVID support schemes which have been available to help businesses and individuals through the coronavirus pandemic.
30 September 2021 will see the Self-Employment Income Support Scheme (SEISS), the Job Retention Scheme and the Statutory Sick Rebate Scheme come to an end; many businesses have relied on this support through the pandemic.
Coronavirus Job Retention Scheme (CJRS)
After numerous extensions since the start of the Job Retention Scheme in March 2020, the scheme’s final grant period ends on 30 September. You can claim 60% of furloughed employees’ usual wages for the hours not worked (up to £1,875 per month), up until the end date. From 1 October businesses must resume paying the full wages of their employees.
Final date to make a claim – 14 October 2021.
Statutory Sick Pay (SSP) Rebate Scheme
To support employers during the pandemic, the government created a SSP rebate scheme. This was to financially support businesses who were suffering from the knock on impacts of Coronavirus; as employers are obliged to pay eligible employees Statutory Sick Pay for any Coronavirus related absence.
The scheme claim period ends on 30 September, however employers have up to 31 December 2021 to make any outstanding claims. After 30 September, SSP will revert to being an expense to the employer.
Get in touch with our payroll team on 01724 848343 or at payroll@ssmithaccountants.co.uk, to make your final CJRS and SSP claims.
Self-Employment Income Support Scheme (SEISS)
Since March 2020, in total, the government have offered a total of five possible grants. The final grant period under SEISS covers 1 May – 30 September, the online portal to make a claim for the fifth and final grant closes on 30 September 2021.
Please be advised the fourth and fifth SEISS grant will be declared on your 5 April 2022 Self-Assessment Tax Return.
Reduced VAT rates for hospitality
The government announced in July 2020 that VAT for food, non-alcoholic drinks, accommodation and entry fees to attractions would be reduced from 20% to 5%.
As of 1 October, the temporary VAT rate will increase from 5% to 12.5%, this will apply until 31 March 2022. Then the standard rate of 20% VAT will resume.
Stamp Duty Land Tax (SDLT) Rates
At the start of the pandemic the government issued an initial SDLT Holiday, where no tax was payable on the first £500,00 of a residential property’s value. Since then, rates have changed, and we have seen the NIL rate band reduce to £250,000.
After 30 September stamp duty land tax rates in England will return to pre-COVID levels. They are as per below:
Up to £125,000 0%
£125,001 – £250,000 2%
£250,001 – £925,000 5%
£925,001 – £1.5m 10%
Above £1.5m 12%
Universal Credit Uplift
The £20-a-week uplift to universal credit which has been in place since the start of the pandemic, is due to come to an end as of 30 September.
If you are unsure of how any of the changes to the Coronavirus Support Schemes will affect you or your business; please do not hesitate to contact one of team at S Smith & Co on 01724 848343 or at accounts@ssmithaccountants.co.uk.