{"id":20401,"date":"2020-10-15T10:18:35","date_gmt":"2020-10-15T10:18:35","guid":{"rendered":"https:\/\/smh.group\/?p=20401"},"modified":"2023-02-15T13:51:47","modified_gmt":"2023-02-15T13:51:47","slug":"the-chancellors-winter-economy-plan","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/the-chancellors-winter-economy-plan\/","title":{"rendered":"The Chancellor\u2019s Winter Economy Plan"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><strong>The latest pandemic support measures are much less generous than before.<\/strong><\/h3>\n\n\n\n<p>Even though the Chancellor cancelled this year\u2019s Autumn Budget, he still made an early autumn appearance before the House of Commons to announce his \u2018Winter Economy Plan\u2019. He announced new employment support and amendments to existing schemes.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Job Support Scheme (JSS)<\/strong><\/h4>\n\n\n\n<p>The JSS is the next stage of the furlough scheme (strictly the Coronavirus Job Retention Scheme (CJRS)), which comes to an end on 31 October. The JSS, which will run until 30 April 2021, is aimed primarily at small and medium-sized employers and will only apply to employees who work at least one third of their normal hours. For the hours that are <em>not <\/em>worked, the government and the employer will each pay one third of lost pay. The net results in terms of employee income and employer cost are shown in the table.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Hours Worked<\/strong> <strong>As<\/strong> <strong>%<\/strong> <strong>Normal Hours<\/strong><\/td><td><strong>Employee Income Earned<\/strong> <br><strong>% Full Pay<\/strong><\/td><td><strong>Employer Non-working Contribution<\/strong><br><strong>% Full Pay<\/strong><\/td><td><strong>Government Non-working Contribution*<\/strong><br><strong>% Full Pay<\/strong><\/td><td><strong>Total Employee Income<\/strong> <br><strong>% Full Pay<\/strong><\/td><td><strong>Total Employer Outlay\u00a0<\/strong><br><strong>% Full Pay<\/strong><\/td><\/tr><tr><td>25.00<\/td><td>25.00<\/td><td>0.00<\/td><td>0.00<\/td><td>25.00<\/td><td>25.00<\/td><\/tr><tr><td>33.33<\/td><td>33.33<\/td><td>22.22<\/td><td>22.22<\/td><td>77.77<\/td><td>55.55<\/td><\/tr><tr><td>50.00<\/td><td>50.00<\/td><td>16.67<\/td><td>16.67<\/td><td>83.34<\/td><td>66.67<\/td><\/tr><tr><td>75.00<\/td><td>75.00<\/td><td>8.33<\/td><td>8.33<\/td><td>91.66<\/td><td>83.33<\/td><\/tr><tr><td>100.00<\/td><td>100.00<\/td><td>\u2013<\/td><td>\u2013<\/td><td>100.00<\/td><td>100.00<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>*Capped at \u00a3697.92 per month.<\/p>\n\n\n\n<p>Payments under the JSS will not affect an employer\u2019s entitlement to the \u00a31,000 Job Retention Bonus.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Self-Employed Income Support Scheme (SEISS)<\/strong><\/h4>\n\n\n\n<p>The existing scheme has been restructured and extended to April 2021. Only those already eligible will be entitled to claim. The first grant, covering the three months to 31 January 2021, will cover 20% of average monthly trading profits and is capped at \u00a31,875. The terms of the grant for the next three months will be set \u2018in due course\u2019.<\/p>\n\n\n\n<p>Both the JSS and revised SEISS are considerably less generous than the existing CJRS and SEISS, which have so far (to 20 September) cost the Treasury over \u00a352 billion. This cut to support is understandable from the government\u2019s financial viewpoint, but it is also a reminder of the importance that your personal financial planning makes provision for an adequate cash reserve.<\/p>\n\n\n\n<p>If you need any advice, please contact us on <strong>0114 266 4432<\/strong> or <strong><span style=\"text-decoration: underline;\"><a href=\"mailto:info@smhca.co.uk\">info@smhca.co.uk<\/a><\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Even though the Chancellor cancelled this year\u2019s Autumn Budget, he still made an early autumn appearance before the House of Commons to announce his \u2018Winter Economy Plan\u2019. He announced new employment support and amendments to existing schemes.<\/p>\n","protected":false},"author":4,"featured_media":17103,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3,16],"tags":[527,498,77,506,649,507,187,646],"class_list":["post-20401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","category-financial-services","tag-cjrs","tag-covid19","tag-financial-planning","tag-income-support","tag-job-support-scheme","tag-seiss","tag-self-employed","tag-winter-economy-plan"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Chancellor\u2019s Winter Economy Plan - SMH Group Accounting &amp; Business Advisory<\/title>\n<meta name=\"description\" content=\"Even though the Chancellor cancelled this year\u2019s Autumn Budget, he still made an early autumn appearance before the House of Commons to announce his \u2018Winter Economy Plan\u2019. 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