The latest need-to-knows on the financial fallout of the pandemic
1) Furlough extended a month – even for those not furloughed before. It was due to end on 31 Oct, but on Sat was extended until 2 Dec. All employees who were on a payroll submitted to HM Revenue & Customs (HMRC) before 31 Oct can be furloughed. It’s all at the employer’s discretion, though.
2) Self-Employment Income Support Scheme (SEISS) grant 3 increased to 55% of profits – applications open 30 Nov. SEISS 3 was set to be 40% of trading profits, to cover Nov to Jan. Now, to match furlough, the Govt’s upped it to 80% just for Nov.
3) Automatic up-to-6mth mortgage payment holidays on again – but ONLY do it if needed. Due to come back next week.
4) Card, loan, car finance, and other payment holidays likely to be coming back too. Officially these ended last Sat too, but the FCA is looking to extend.
5) Working from home? Claim tax relief. Had to work from home, even for A DAY, since 6 Apr? Join the 729,570 who have claimed tax relief for the WHOLE YEAR.
6) Good news for the self-employed on universal credit – the min income floor’s temporary removal has just been extended.
7) Renters who need help – speak to your landlord. Plus, evictions ‘shouldn’t’ happen in lockdown in England & Wales. Many landlords with mortgages should be able to get a mortgage payment holiday if their tenants are struggling to pay. Have the conversation if you’re struggling. At the other end – if your landlord wants to evict you now, you must usually be given 6mths’ notice (12wks in NI).
8) Bounce back loan top-ups now allowed. From next week, those who didn’t take the full amount the first time will be allowed to borrow more.
10) Holidays will be banned for those in England from Thursday. Trips within the UK and to go abroad won’t be allowed. When airlines and package holiday firms cancel trips, you are due a full refund.
11) Many locked-down gyms are pausing memberships and shops are extending return rights.
12) MOTs aren’t being extended and house moves can still go ahead.
13) Weddings in England banned during the lockdown.