With the second lockdown happening, it’s a good time to summarise the latest updates to government support and give you an update on Clear Vision FP.
Furlough extension
Rishi Sunak has extended the furlough scheme until the end of March 2021. This means that the government will continue to pay 80% of people’s wages up to £2,500 per month. It also includes the ability for businesses to rehire anyone made redundant after 23 September and put back on furlough.
The scheme was due to end on 2 December 2020 (after the initial extension from 31 October) but will now run throughout the Winter and into Spring.
Self-employment support
The Self-Employment Income Support Scheme (SEISS) will be increased. For the period of November to January 2021, the grant will now cover 80% of average profits up to £7,500. This is an increase from 55% of profits up to a maximum of £5,160.
The downside is that this doesn’t cover directors who pay themselves with dividends, freelances and sole traders who previously had trading profits of more than £50,000.
An update on Clear Vision FP
I’ve had a few clients ask how we are holding up, both personally and professionally.
In terms of the business, we are fine. We have a good base level of income from our ongoing service to clients and a strong balance sheet. We are in a good position to weather the storm to ensure we are here to help advise, guide and reassure you regarding the impact of the unfolding situation on your financial plans.
Personally, we are fine. We are all healthy (touch wood) and coping with the strange situation we find ourselves in.
If you have any question, concerns or worries (no matter how small), please remember we are here for you.
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