Ascentis TV Episode 3 -Transcript –

Hi everybody and welcome to the Christmas edition of Ascentis TV, where you can see no expense has been spared! I’m joined as usual by Mark Overend from tax, hello and Lee Kaznowski from financial mastery, morning. Today we’re going to be covering an update on the government support and we’re going to be touching on financial mastery and its importance as well. So, this leads us into the government support.

I’m going to do the charts – and in reverse order as is tradition number six the future fund, they have given out 900 million, at number five the large CBILS that’s a lot of large business CBILS 4.7 billion, number four the self-employed income scheme, 14.5 billion, number three CBILS 18.5 billion and it’s a non-mover at number two which is the BBILS that’s the 50 grand job, 42.2 billion, and stuck at number one still is the JRS 43 billion.

So, Mark straight into that what’s going on with JRS because it seems to be just getting more and more complicated? It is, yes it has been extended further since we last recorded, so now the JRS scheme runs until 31st of March 2021 and we are thankfully going to keep the same rules until then as far as we know. So, we are still on the rules that existed back in August where you can claim for 80 percent of your employees wages. It’s capped at two and a half thousand pounds per month per employee and you now must pay your employers national insurance and your employer’s pension contributions, you can’t claim for those.

The scheme extension means that there have been some changes in terms of who is eligible, so anybody who was on your payroll now prior to 31st of October can be furloughed from any point from the first of November, so that’s brought a lot of people, a lot of staff into the scheme that were previously excluded prior to that.

That was march wasn’t it? Yes, so you had to be originally on the payroll prior to 19th of March 2020 in order to qualify for all the previous ones, but from 1st November they brought that forward, so a lot of new employees can now qualify for furlough.

Is this for businesses that even started after March? You could have started a new business when the lockdowns eased around July time and you now qualify for the new scheme? That’s right, yes as long as you’ve made us an RTI submission prior to 31st of October 2020 then any staff included in that RTI submission can be furloughed from the first of November. Okay so that brings a question about reference pay then because previously it was the pay before 29th of march or whatever day it was, so what’s the new reference period and pay? Well yes you’re right, so obviously there’s a lot of staff that can now be furloughed who don’t have reference pay prior to the 19th of March which was the old rules, so there are now two sets of rules for reference pay, basically if you were an employee employed prior to 19th of March and you’ve previously been furloughed or even if you haven’t previously been furloughed the old rules still apply, so your reference pay is still what you were paid back in February 2020. Yeah, if you’ve come onto the payroll since that point, so you’re a new employee since 19th of March then your reference pay is what you were paid in October, if you were paid during October and you were salaried or if you’re on a variable pay zero hours contract, hourly paid staff, then it’s an average based on what you’ve earned since you started, up to the 31st of October. Right now that does create a bit of an anomaly for anyone who’s had a pay rise that is excluded. If you were employed prior to 19th March and also for the hourly paid staff, obviously we had a national minimum wage increase on the first of April.

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