Financial and employment

Finance and employment updates to help you make sense of the advice during Covid-19

IR35 Tax reforms postponed - Postponement of IR35 tax reforms announced Chief Treasury Secretary, Steve Barclay, has announced that the IR35 tax reforms will be postponed by one year until 6 April 2021. Our activity around the legislation changes will now take place later in the year along with the webinar and best practice recommendations. In the meantime if you have any queries please email pg@productionguild.com

EMPLOYEES 

COVID-19: guidance for employeesread the latest Government advice here.

June updates:

Update June 01  - updated guidance and key points from Wiggin on the Job Retention Scheme 'flexible furloughing' and the Self Employment Income Support Scheme. Read more on our resources page.

May updates:

Update May 18 - Coronavirus (COVID-19) – Employment law implications (Wiggin) - An employment law update regarding the implications of COVID-19 has been provided by PG affiliate, Wiggin. This covers sick pay and changes to statutory sick pay, time off for dependents, homeworking, and an update on the delay to 1R35 changes. Members can access the advice on our resources page here.

Coronavirus Relief Measures - What you need to know (Wiggin) - these guidelines have been published by PG affiliate Wiggin LLP which members can access on our resources page here.

EMPLOYERS AND BUSINESS

Guidance for employers and businesses on coronavirus (COVID-19) - read the latest Government advice here.Coronavirus Job Retention Scheme - The CJRS will be open to all UK businesses and will allow employers to reclaim up to 80% of the wage costs of ‘furloughed workers’ (i.e. workers that they can’t afford to pay because of the crisis), up to a cap per worker of £2,500 per month. Read more.


FINANCIAL ADVICE

Finance experts, Rangewell, have produced a series of helpful resources for businesses and individuals during the Coronavirus pandemic:

Full list of COVID Loan / CBILS Providers and their criteria
Lender Pulse - A rolling update on how lenders are changing their lending criteria
How to get a Payment Holiday from you lender

SELF EMPLOYMENT

June updates:

Update as of 1st June - updated guidance and key points from Wiggin on the Job Retention Scheme 'flexible furloughing' and the Self Employment Income Support Scheme. Read more on our resources page.

Watch Martin Lewis's summary here 

May updates:

The industry has welcomed new financial support for self-employed workers announced by the Chancellor. Those eligible can claim grants worth 80% of their average monthly profits up to £2,500 a month. The support can be backdated to March, but money will not be paid out until June. We’ve found the Martin Lewis video – linked below to be a useful overview of the support available and how to manage your cash flow until these payments are received. HMRC will be administering the scheme and contact you with information on how to apply, and we will update you with guidance as we get it.

Read the Chancellor's statement in full.

Watch Martin Lewis's summary here.

UPDATE as of the 15th May: The Self-Employment Income Support Scheme opens early. You can find more on the Government's website here including the eligibility criteria.

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