Immigration Matters: UK Border Restrictions And Enforced Hotel Quaranti...

Immigration Matters: UK Border Restrictions And Enforced Hotel Quaranti...: The Government is imposing UK border restrictions on travellers, including British residents, arriving in England from Coronavirus hotspots....

Unemployment rises by highest rate since 2009 crisis – what can you do t...

With unemployment soaring, what can you do to survive, thrive and earn extra money after the economic reset?

·        Young people aged 25 to 34 face biggest risk of redundancy

·        Unemployment rate hits 5% with 1.7m jobless according to ONS

·        9 million people forced to borrow to cope with COVID-19 disruption

·        400,000 extra people were jobless in November 2020 compared to previous year

·        Millions of jobs won’t come back after lockdown – how can you survive in new economy?

·        AI and new technology will force millions of workers to retrain and learn new skills

Proposed Leasehold Reforms Could Save You 1000’s Extending Leases Or Buying Freeholds

Click Here For Free Leasehold Reforms Report - https://aw102f27.aweb.page/awlist5290445

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.

Kickstart 2021 - 3 Day Insider Property Secrets Course

CLICK HERE TO JOIN - http://bit.ly/3pnF9al

Supreme Court orders insurers to pay claims to small firms for Covid loc...

Thousands of small businesses are set to receive previously refused insurance claim payments covering losses from the first national lockdown last year, following a court ruling.

Supreme Court judges found in favour of small firms receiving payments from Business Interruption Insurance policies.

The ruling provides a lifeline to thousands of small businesses, allowing them to survive the coronavirus crisis, but could cost the insurance sector hundreds of millions of pounds and lead to higher premiums in the future.

The financial watchdog, the Financial Conduct Authority (FCA), brought the test case, with eight insurers agreeing to take part in proceedings.

The major business insurer Hiscox could see huge losses after being challenged by thousands of its policyholders as part of the case.

Richard Leedham, who represented the Hiscox Action Group - on behalf of small businesses, told the BBC: "This is a landmark victory for a small group of businesses who took on a huge insurance player and have been fully vindicated.

"What is important now is that Hiscox accepts the Supreme Court's verdict and starts paying out to its policy holders, many of whom are in danger of going under".

Among the other insurance companies including in the test case are Arch, Argenta, MS Amlin, QBE and RSA - but over 60 insurers offered similar business insurance policies.

Last year, many small businesses made claims through business interruption insurance policies for loss of earnings when they had to close.

Insurers refused to pay the claims, arguing only the most specialist policies had cover for such unprecedented restrictions. Insurance companies use phrases like an “act of God” to wriggle of of paying claims.

Fortunately for policyholders, it was agreed that a selection of policy wordings should be tested in court, setting the parameters for what would be considered a valid claim.

The court ruling provides guidance for over 700 policies, affecting 370,000 small businesses - although not all will benefit.

Many small businesses paid annual premiums of over £1,000 for business interruption insurance, sometimes as part of a package of cover included with liability cover, and disease was covered.

Many business owners formed a ‘Covid Claims Group’, calling for a quick resolution and settlement.

Recent insurance policies would have been amended for new and renewing customers since Covid, so losses from the latest lockdown measures in different parts of the UK would be specifically stated as included, or not, in the cover of newer business interruption insurance policies.

The advice is to read your policy document.

Other Money News

·        HSBC to close 82 branches in the UK

·        China’s economy grew by 6.5% in last quarter of 2020

·        As London’s populations falls, will City Centres recover?

·        Mastercard may have to pay millions of cardholders compensation following court ruling

See also: Have you applied for the new lockdown grants?

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.

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.

Have you applied for the Self-employed Income Support Scheme (SEISS) grant?

The third Self-employed Income Support Scheme (SEISS) grant, announced by Chancellor Rishi Sunak on 5 November, has opened up for applications. This grant covers up to 80% of lost income between November and January.

If you meet the eligibility criteria the grant will provide a lump sum up to £7,500 to cover up to 80% of your average trading profits.

Beware of scams and only apply via the official Government claims portal, which you can do at any time until 29 January 2021. Once you apply, HMRC will check your claim and pay your grant into your bank account within six working days. You will get an email when your payment is on its way.

https://www.gov.uk/guidance/claim-a-grant-through-the-self-employment-income-support-scheme

To apply, or check eligibility, you will need the following official government information:

·        Self-assessment unique taxpayer reference (UTR) – if you do not have this, find out how to get your lost UTR.

·        National insurance (NI) number – if you do not have this, find out how to get your lost NI number.

·        Government Gateway user ID and password – if you do not have a user ID, you can create one when you make your claim.

·        UK bank details (only provide bank account details where a Bacs payment can be accepted) including the bank account number, sort code, name on the account and address linked to your bank account.

·        You must make the claim yourself. Your tax agent or financial adviser must not claim on your behalf as this will trigger a fraud alert.

We are expecting a fourth grant covering a percentage of average income from February to April 2021.

Employees can still benefit from the ‘furlough’ Coronavirus Job Retention Scheme, paying 80% of a furloughed employee’s salary up to £2,500, which is being extended until the end of March 2021.

Many self-employed people are slipping through the net and getting no support. Small business owners I speak to complain that they do not qualify for grants or even bounce back loans because they have recently set up their business or their profits are too low.

Whilst there is always the option claiming income support benefits through Universal Credit, many self-employed people are still trying to keep their businesses going through the lockdown and are not technically unemployed.

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.

Travellers to UK will need negative COVID-19 test from next week

The Transport Minister has announced that all international travellers will shortly have to provide proof of a test negative for Covid-19 before departing to the UK.

Passengers arriving by plane, train or boat, including UK nationals, must take a test up to 72 hours before leaving the country they are in.

Passengers arriving from countries which not on the government's travel corridor list must still self-isolate for 10 days, regardless of their test result.

Mr Shapps told LBC the testing rule will come into force "likely on Wednesday or Thursday next week", and details of how to get tests abroad will be published on the gov.uk website.

Under the new rules - which are expected to come in from next week - anyone who arrives in the UK and has not got proof of a negative test could face an immediate £500 fine.

But there will be exemptions for:

·        children under 11

·        hauliers

·        those travelling from countries without the infrastructure to deliver tests - although details of those have not been released yet

·        arrivals from the CTA Common Travel Area with Ireland.

The rule will be UK-wide, although Northern Ireland said it had only "agreed in principle" and was working to solve any policy and operational issues.

Non-essential travel abroad is not currently allowed in the UK, after lockdowns were brought in.

Source: BBC News

For further information and updates see:

Mandatory COVID-19 testing introduced to bolster border measures - GOV.UK (www.gov.uk)

https://www.gov.uk/government/news/mandatory-covid-19-testing-introduced-to-bolster-border-measures

Virgin Media jacking up prices again – Richard Branson must need the cash to bail out his airline?

How I saved £200 with one phone call!

Are you claiming your self-employed coronavirus relief aid?

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.

 

Lockdown 3 The Sequel: 5 Quick Tips To Help Your Business Survive in 2021

Lockdown 3 The Sequel: 5 Quick Tips To Help Your Business Survive in 2021

It’s not the strongest and fittest, but the most adaptable and flexible that survive a crisis

5 Quick Tips To Help Your Business Survive in 2021:

1.      If you haven’t done so already, get online and learn how to sell your goods and services to billions of people buying stuff on the internet every minute of every day.

2.      Stay open for business as much as legally possible when others close up.

3.      Increase your level of service instead of reducing it like most people do!

4.      Look for new opportunities which are always out there, especially in recessions.

5.      Check .gov website for any grants, support or relief available for your business.

6.      Lastly, hang in there and don’t despair!

See also episode - 7 Steps to Transform Your Finances in 2021

Whatever New Year’s resolutions you make, set realistic, achievable goals and write them down!

Here are my 7 steps to transform your 2021:

1.      Review your finances and start saving

2.      Review your consumer debts and credit cards

3.      Review you spending habits – Use the 3 R’s

4.      Review your utility suppliers – energy and mobile phone

5.      Review ISA and Pensions and use tax allowance

6.      Review your Will and inheritance tax liability

7.      Review Tax – have you submitted your tax return yet?

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.