June 2020 News Update – featuring additional news developments from our newsletter series
Welcome to Prestige Business Management’s monthly newsletter. We will help keep you informed of the latest news, developments and issues relating to tax and financial affairs.
This month, Chancellor Rishi Sunak announced updates to the coronavirus retention scheme, on 1st July, employers have the flexibility to bring previously furloughed employees back to work part-time. Individuals can continue to apply for the first SEISS Grant until 13th July. Those eligible for the first grant will also be eligible for the second grant, which is due to open in August. Prestige Business Management has been chosen to feature in the Revolut Business June Blog, and as lockdown starts to ‘open up’ we prepare to launch our new sub-brand MLMAccountants.
Chancellor Announces Updates to the Furlough Scheme
At the start of June Chancellor Rishi Sunak announced updates to the coronavirus retention scheme, including improved flexibility to bring furloughed employees back part time in July and a new taper requiring employees to contribute modestly to furloughed salaries. He confirmed that the scheme will run until October. On 30th June the scheme closes to anyone who has not already been furloughed before the 10th June. On 1st July, employers have the flexibility to bring previously furloughed employees back to work part-time. From August the level of government grant provided through the CJRS will slowly taper to reflect that people will be returning to work Mr Sunak said “now as we begin to reopen the country and kickstart our economy these schemes will adjust to ensure those who are able to work and do so while remaining amongst the most generous in the world.” [Click here to read more]
Individuals can continue to apply for the first SEISS Grant until 13th July. Under the first Grant, eligible individuals can claim a taxable grant with 80% of the average monthly trading profits, paid out in a single instalment covering three months worth of profits, and capped at £7500 in total. Those eligible for the first grant will also be eligible for the second grant, which is due to open in August. The criteria states that the first grant is for the self-employed whose business was adversely affected by Coronavirus previous to 13th July, and the second grant is for those affected from 14th July. The second taxable grant will be equivalent to 70% of the average monthly trading profits and capped at £6570 in total. [Click here to read more]
Check out our June feature on Revolt Business
Making life easier for the client is a key principle at Prestige Business Management. CEO Sam Bondarenko started his accounting firm four years ago, keen to be anything but traditional, and use the best and latest technology to enhance their processing power. Choosing Revolut Business means they’re using the latest integrated tech to save their clients time and money, while handling their finance needs. [Click here to read more]
Launch of MLM Accountants website, you heard it here first.
Here’s a sneaky peek at what else we have been up to this month. We have been very much looking forward to launching our new sub-brand MLM Accountants. MLM Accountants is a specialist branch providing accounting expertise for Multi Level Marketing business owners. Here at Prestige Business Management we use the latest technology to work for our clients in a way that is simple, fast and responsive and our accounting for modern business appeals to MLM business owners. We’ve developed specialist knowledge in this industry and the success of our accounting for MLM became its own department and has grown into our sub-brand MLM accountants. [Click here to read more]
Prestige Business Management Referral Programme
Our simple referral programme has been designed to reward loyal customers who, thanks to the power of word-of-mouth, introduce new clients to Prestige Business Management.
All you need to do is tell everyone about Prestige Business Management (reminding them to tell them your name). Once they’ve signed-up to one of our packages, depending on what type of business they are, you could get up to £100. Even more if you refer more than one individual.
If you’d like to read more about our scheme please please get in touch.
What You Missed From Our Blog – Summary
Productive Home Working
As the coronavirus pandemic sweeps the globe, we have seen millions of workers shift their offices and working practices, to working from home, but what does it take to achieve productive home working? We examine the top tips of the trade and the best software to help you succeed in productive homeworking. From ‘digital nomads’ two teams distributed globally, working remotely is nothing new, but we have never witnessed anything on this scale before. As offices lie empty and HR departments wrestle with incoming social distancing measures for workspaces, some managers are realising that the landscape of productive homeworking could be revolutionised forever. [Click here to read more]
June’s Top Tips from Prestige Business Management
With lockdown set to ‘open up’ in 4 days time, we take a look at what the new guidelines tell us.
Here are some of the places that will reopen on 4th July.
- From 4 July you will be able to go to a pub, cafe or restaurant, visit a museum, library or theme park, watch a film at a cinema, or stay in a hotel or on a campsite – as long as the venue can open safely. You can also be part of a group meeting at a place of worship. If you need to sort out your lockdown hair, you will be able to go to a hairdresser or barber.
- You can’t go to the gym or do any type of exercise class – the risk is still too great to allow people to breathe heavily while in close proximity. The risk level also means that you can’t watch a play, except on a screen, or live music. Soft play areas will still be closed, as will activities that involve sharing or borrowing equipment – for example bowling or ice-skating. In more bad news for anyone trying to shake off any lockdown pounds, swimming pools will remain closed. Beauty salons, casinos and nightclubs won’t reopen yet, nor will cricket clubs. If you are a church goer, you will not be allowed to sing at services.
- You will be able to see family and friends. But it is complicated. You will be able to spend time indoors or outside with another household, either at home or at a pub or restaurant. If you are outside at a pub, you can meet up to five people from more than two households, but if you are inside the two household rule applies. Social distancing of 1-metre-plus will apply in all cases. If you are already in a support bubble, that will count as one household so you can all visit another set of friends or family. You can stay overnight at someone’s home and there are no restrictions on how far you can travel to see people. But again the 1- metre-plus social distancing rule applies. Over-70s can meet others under the easing, but they have been advised to remain especially cautious as their risk of complications if they do get Covid-19 is higher than for younger people.
- The government says the fall in the number of infections and the fact that the R rate – the number of people each virus-positive person infects – has remained below 1 means it can reduce the social distancing guidance for England. Instead of insisting that businesses cater for people to stay 2 metres apart, the guidance has been reduced to 1-metre-plus. This means that people can be closer as long as there are other safety measures in place – such as more handwashing facilities and screens at venues, or you could be asked to wear a face mask or sit so you are not facing other people.
To read their full guidance documentation, why not visit their website and read it in full?
To find out more visit our website – https://www.prestigebm.co.uk/
To Read our Monthly Financial and Tax Newswire Round-up – Click here.