FurloughVATBookkeepingGrantsQuickbooksTax free1.25% national insurance increase1.25% Tax increase5% VATAccountant costAccountsAdd salesAdding sale after customer has paidAdditional salesAppeal a penalty from HMRCBalance sheetBenefit in kindBookkeeping costBookkeeping serviceBounce Back loanBrandBusiness accountsBusiness growth plansBusiness rates cutCan not work due to lock downCash flowCashflowCashflow in businessCBILChancellor announced 26/5/2022Chancellor budgetChristmas BudgetCIS vat reverse chargeCorporation taxCorporation tax ratesCovi 19 loansCovid 19Covid 19 business supportCustomer has paidDifference between partnership and limited companyDirector remunerationDirector salaryDirector wageDirectors loan accountDividend taxEmployment allowanceExportsFiling tax returnFlexi furloughFree consultationFurlough extendedGood AccountantGovernmentGovernment funding for payrollGrants for business ratesHealth & Social Care levyHeating grantsHelp with bookkeepingHelp with heating homesI dont understand business accountsImportsIncome taxIncome tax ratesIncreased living costsIR35IR35 changes from April 2021January 2021 lockdownJob Support SchemeLate tax returnLeaving EULimited companyLoansLockdownLockdown restrictionsLockdown restrictions liftedMileageMinimum wageMoney inMoney outMonthly vatNational insuranceNovember 2020 lock downOff payroll workingOverdrawnOverdrawn directors loan accountP11dPartnershipPartnership and limited companyPay wagesPaying back directors loan accountPaying tax latePayrollPlanning ChristmasProfitProfit & lossQuickbooks tip for vat reverse chargeQuickbooks trainingRenovating propertyRules after leaving EUSales invoiceSales receiptSave for ChristmasSelf employedSelf employed grantsSelf employed supportSelf-employedSelf-employed or employedSelf-employed statusSocial care costStaffStudent loanSubcontractor taxSupport available January 2021 lockdownTaxTax allowancesTax efficientTax efficient wage for a Director 2021 2022Tax increaseTax penaltyTax rate 2021/2022Tax rate 2022/2023Tax return penaltyTax-free allowanceVAT on empty propertyVAT on renovatingVat reverse chargeVat rules after leaving EUWork out if someone is self-employed

What help can I get for the November 2020 lock down?

What help can I get to pay my staff?

The Furlough scheme has been extended for November 2020 to March 2021.

The Furlough scheme was due to finish at the end of October 2020 but is being extended to cover November 2020 to March 2021.  The Employee should still receive a minimum of 80% of their salary for hours not worked and the Employer can top this up to 100% of hours not worked.  The Grant recovered from the Government will be as follows:

MONTH                            GOVERNMENT GRANT            EMPLOYER PAYS

November 2020                80% capped at £2500             20% + NI & Pension

December 2020                80% capped at £2500             20% + NI & Pension

January 2020                     Government will reassess

Employees will qualify for furlough if they were on payroll on 30.10.2020 and all relevant RTI submissions were sent to HMRC showing the employee is on payroll.  Applications open from 11.11.2020 and claims have to be made monthly within 14 days of end of month so claiming for November 2020 will need to be made by 14 December 2020.

You do not need to have used the original furlough scheme to be eligible for the extended scheme.

Can my staff go on Furlough if we are working but the workload is reduced?

Flexi Furlough is still available.  This is where there are short working hours, so staff are put on part time working hours and part time furlough for non-worked hours.  The Government will pay 80% of the hours not worked due to being on flexi furlough.

Will I still get the Job Retention Bonus in February 2021?

As the furlough scheme has been extended, the £1000 job retention grant in February 2021 has been scrapped.  A replacement of this will be considered next year.

Will I still get the Job Support Scheme?

As the furlough scheme has been extended, the job support scheme is now put on hold until Furlough ends in March 2021.  This will then be reviewed based on the economic position of the country and the position of Covid 19.

What help can I get if I cannot work due to lock down?

A 3rd SEISS (Self-employed support scheme) will cover  November 2020 to January 2021:

  • Available to Sole Traders & Partnerships but not Limited Companies
  • Application process will be the same as before
  • Applications open 30 November 2020
  • Grant is 80% of profits on the 5.4.19 tax return making a maximum grant available of up to £7500
  • To qualify your business must have been adversely affected by Covid 19

You can apply for the SEISS no 3 even if you did not apply for the SEISS no 1 & 2 but you did qualify for them.  SEISS has been increased from 55% which was the original figure.  Applications for the 3rd SEISS grant will open on 30th November 2020.

The SEISS is a grant. You do not need to pay it back.  It is taxable though, so it will need including as other income in your bookkeeping. 

There will be a 4th SEISS scheme available for February 2021 to April 202.  Details and the application process will be announced later in January 2021.

The SEISS is available to Sole Traders/Partnerships with profits up to £50000.  Where profits exceeded £50000, or self-employed income made up less than 50% of your total income, you will not be eligible to apply.

Are there any grants available for business rates and premises?

Similar to the £10000 rates grant in the original lock down, there will be grants available from local councils for November to January 2021:

  • Up to £3000 per month for business premises that have to legally close.
  • Up to £2100 per month for business premises where you do not have to legally close, but you have a downturn in income due to Covid 19.

Applications can be made with your local council.

What loans are available to help my business survive Covid 19?

The CBIL and Bounce back loans were due to cease this month, but these loans are now extended and will be available to the end of January 2021.

If any business did not apply for the full 25% of turnover from the original Bounce back loan, you can apply for a top up loan to be added to the original loan so the loan is up to 25% of turnover.   These loans can be applied for at your bank.


Your turnover is          £50000

You applied for a Bounce Back Loan of £10000

As your turnover x 25% = £12500 you could not apply for an extra £2500

Is there any other help available to get through the November 2020 lockdown?

Local councils have been given funding to help local businesses so contacting your local council to see what funding is available would be a good idea.

Banks are once again offering mortgage holidays.

Universal credits are also available where the above grants do not meet the national minimum wage.

What are my next steps?

  • For Furlough – speak to your payroll professional

  • For Grants-applications can be made at your local council

  • For Loans – contact your bank

If you need help with any of the above contact us. We can help you to make a plan.  You are not alone.


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