New Grants Available for UK Businesses and Workers Affected by Lockdown

Following the third Covid-19 lockdown, which started 5 January 2021, the UK Chancellor, Rishi Sunak, announced a further £4.6 billion in grants to the retail, hospitality and leisure sectors. This new round of support follows extensions to the job retention and loan schemes revealed on 17 December 2020. There may be more to come with the Budget on Wednesday 3 March 2021.

New lockdown 3.0 grants

An extra £4.6 billion in lockdown grants has been directed at the worst affected sectors.

New grants for closed retail, hospitality and leisure businesses have been introduced. The new grants are in addition to all other forms of support, such as the Lockdown Restrictions Support Grant (LRSG (Closed) Addendum) which applied to businesses that were forced to close between 5 November  and 2 December 2020.

The new grants in England will be:

·       £4,000 for businesses with a rateable value of £15,000 or under;

 

·       £6,000 for businesses with a rateable value between £15,000 and £51,000; and

 

·       £9,000 for businesses with a rateable value of over £51,000.

In addition, £594 million is being made available for Local Authorities and the Devolved Administrations to support other businesses not eligible for the above grants, that might be affected by the latest restrictions. Businesses should apply to their Local Authorities.

The Devolved Administrations will be receiving additional funding in line with the English measures, with £375 million for Scotland, £227 million for Wales and £127 million for Northern Ireland.

The announcement of the new grants talks of helping business “through to the Spring”, with the Chancellor hinting that additional support measures are to come in the Budget on 3 March 2021.

Coronavirus Job Retention Scheme (CJRS)

The CJRS “job furlough” scheme is now running through to April 2021.

According to Statistica.com, as of December 13, 2020, approximately 9.9 million jobs, from 1.2 million different employers were furloughed in the United Kingdom as part of the government's job retention scheme. The overall cost in 2020 exceeded £43 billion and continues to rise with more businesses forced to close in lockdown 3.

On 17 December 2020 the Chancellor announced a further one-month extension of financial support under the Coronavirus Job Retention Scheme (CJRS) to the end of April 2021. As currently, the government will pay 80% of the salary of employees for hours not worked up to a maximum of £2,500. Employers will only be required to pay wages, National Insurance Contributions (NICs) and pensions for hours worked; and NICs and pensions for hours not worked.

Claims for furloughed employees can only be made for those who were employed and on payroll on 30 October 2020. The employer must have made a PAYE RTI submission to HMRC between 20 March and 30 October 2020, notifying a payment of earnings for that employee. This may differ where an employee has been made redundant, or they stopped working on or after 23 September 2020 and have subsequently been re-employed.

Self-employed Income Support Scheme (SEISS)

SEISS Continues.

No changes to the SEISS were announced alongside the CJRS extension, as the SEISS already runs through to the end of April 2021. Details of the fourth SEISS grant that will cover the three months from February to April have not yet been released. How to apply for SEISS.

Loan schemes

Most schemes extended to 31 March 2021.

On 17 December the Chancellor extended access to the Bounce Back Loan Scheme (BBLS), Coronavirus Business Interruption Loan Scheme (CBILS), and the Coronavirus Large Business Interruption Loan Scheme (CLBILS) until the end of March.

Additional support measures

In November 2020 the Financial Conduct Authority (FCA) published fresh guidance across a range of issues including mortgages and consumer credit and loans. The thrust of these was to limit the maximum payment holiday to six months, which had to be agreed three months at a time.

Source: Tax Briefs.

As the government hints at even tougher lockdown action, the Federation of Small Business estimates that 250,000 small businesses will go under this year.

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast. See more articles at www.moneytipsdaily.com

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

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·        Tourist tax plan will wipe out jobs

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·        Will stamp duty holiday be extended?

·        Biggest economic decline in 300 years

·        UK national debt now exceeds £2 Trillion

·        Government borrowing will reach £394bn

·        Average house prices reach an all time high

·        Thousands trapped in unsellable leasehold flats

·        Government extends ban on landlords evicting tenants

·        Why UK Property prices rising after stamp duty cut, despite the downturn?

·        New planning rules will open up more opportunities to make money in property

·        You can create a second income during the lockdown…and come out stronger

·        Learn how to make money from property without deposits, mortgages or cash

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at Charles@CharlesKelly.net or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Should the government extend Stamp Duty holiday?

Should the government extend Stamp Duty holiday?

Pressure is mounting on the UK government Chancellor Rishi Sunak to extend the stamp duty holiday in order to avoid thousands of property purchases falling out of bed because they cannot meet the 31 March deadline.

·        Experts warn thousands of property transactions will run out of time and collapse

·        Thousands of Mortgages approved on the basis that no stamp duty is payable 

·        Tens of thousands will miss the 31 March stamp duty holiday deadline

·        Borrowers could have to find up to £15,000 more to fund their purchase

·        Lenders were may withdraw mortgage offers, causing thousands of transactions to collapse

·        Not enough man power in the market to get these transactions through before 31 March 2021 

·        Mortgage processing delays, shortage of surveyors and solicitors available to complete legal work 

·        Bank of England figures published this morning reveal a spike mortgages approved in October

·        Mortgages up 5.9% on previous month to 97,532 and 51% up on the same period last year. 

·        HMRC figures showed housing transactions hit 105,630 last month, up 9.8% on September 2020

·        Transaction completions generally follow mortgage approvals by between three and five months

·        Zoopla is predicting transactions in December to hit 140,000, the highest December since 2006

·        Mortgage rates rising despite record low Bank of England base near zero lending rates

·        Mortgage lenders hiking rates amid the scramble taking advantage of borrowers’ panic

Anthony Codling of property analysis firm Twindig said: 'The average rate for a new 95 per cent 2 year-fixed rate mortgage was 4.09 per cent in October 2020, an increase of 35 per cent since the start of 2020, according to the Bank of England.

House prices shrugged off the Covid economic hit from Covid-19 have risen by about 6% this year.

Andrew Wishart, UK economist at the research house said: 'The usual channels through which a recession hits the housing market, of rising unemployment and mortgage payment difficulties, have been mitigated by the furlough scheme, mortgage payment holidays, and a moratorium on repossessions. 

'Meanwhile, the market has been boosted by pent up demand from the first lockdown, a revaluation of space needs due to working from home, and an extra kick from the stamp duty holiday. 

'But the policy support that has protected and boosted the market this year is due to be withdrawn in 2021, just when we expect the unemployment rate to peak at 7%.

'The housing market has never escaped unscathed from a drop in employment of the scale we forecast. 

'In fact, in isolation the historical relationship between employment and house prices suggests a 25 per cent house price crash is in the offing. Our view, however, is that an annual fall closer to 5 per cent in Q4 2021 is more likely.' 

Tombs added: 'The outlook remains exceptionally unclear, given that government policies might change; the stamp duty holiday could be extended, or the government might follow through on plans to introduce a new mortgage guarantee scheme.' Source: This is Money.co.uk

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·        UK national debt now exceeds £2 Trillion

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·        Average house prices reach an all time high

·        Property marketing slows down in London

·        How a crash will affect your pension plan

·        Why live in expensive town centres anymore?

·        Thousands trapped in unsellable leasehold flats

·        Government extends ban on landlords evicting tenants

·        Self-employed, have you claimed your government grant?

·        Why UK Property prices rising after stamp duty cut, despite the downturn?

·        New planning rules will open up more opportunities to make money in property

·        You can create a second income during the lockdown…and come out stronger

·        Learn how to make money from property without deposits, mortgages or cash

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at Charles@CharlesKelly.net or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Someone will make a fortune from the collapse of Debenhams and Arcadia…

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·        The 10 strategies and tactics which have CHANGED as a result of lockdown

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Should the Government bailout Richard Branson’s Virgin Atlantic?

By Charles Kelly, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

In this Money Tips Podcast episode:

1.      Should the Government bailout Richard Branson’s Virgin Atlantic?

2.      Branson does not personally own the airline – Delta, KLM and others

3.      Branson is asking Government for a loan offering his Necker Island as security

4.      Burger King withholds rent on 500 stores as private rental demand drops by 42%

5.      Crude Oil prices reaches and 18 year low as demand collapse and storages runs out

6.      Learn insider secrets on buying and selling in auctions from leading experts

7.      See full interview with auction expert https://www.facebook.com/CharlesKellyUK

8.      10 things you can do to thrive during Covid 19 isolation

Can you afford to retire?

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See more articles at www.moneytipsdaily.com