The Office for National Statistics has announced its latest experimental data on the economy which shows nearly half (48%) of currently trading businesses reported that their turnover had decreased below what is normally expected for this time of year. This is not a surprise given the Pandemic.
The government guidance explains how employers and businesses can support NHS Test and Trace and play their part to slow the spread of the virus, protect the health and the care system.
On 5 November the Chancellor announced increased financial support and made policy announcements summarised in this article, full details can be found on the economic support factsheet.
The Government has issued Information on the new national restrictions, including what they mean for working from home and business closures and the financial support available.
We are excited to introduce you to our new financial management service, DPC Financial Management (DPC FM). Created in association with IronMarket, a trusted partner of DPC, our comprehensive financial management service gives you a clear and detailed insight into your business, and your personal finances; which will enable you to make proactive decisions that enhance your overall financial wellbeing.
Approximately 11 million self-assessment taxpayers will be able to benefit from a separate additional 12-month extension from HMRC on the “Time to Pay” self-service facility, meaning payments deferred from July 2020, and those due in January 2021, will now not need to be paid until January 2022.
People will be required by law to self-isolate from 28 September, supported by payment of £500 for those on lower incomes who cannot work from home and have lost income as a result. New fines for those breaching self-isolation rules will start at £1,000 – bringing this in line with the penalty for breaking quarantine after international travel.
The Kickstart Scheme provides funding to employers to create new 6-month job placements for young people who are currently on Universal Credit and at risk of long-term unemployment.
Up to half a million businesses who deferred their VAT bills will be given more breathing space through the New Payment Scheme, which gives them the option to pay back in smaller instalments. Rather than paying a lump sum in full at the end March next year, they will be able to make 11 smaller interest-free payments during the 2021-22 financial year.
Today Chancellor Rishi Sunak announced a new job scheme starting 1 November 2020 to replace the current Job retention (“furlough”) scheme which ends 31 October 2020.
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