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Self Employment Income Support Scheme: what traders need to know about the fifth grant

Palmers Solicitors in Essex

Self-employed workers have this week been invited to apply for the fifth grant under the Self Employment Income Support Scheme (SEISS).

But traders have been warned that they must pass three eligibility tests before they can make a claim.

If you are self-employed and have been impacted by Covid-19 disruption, here’s what you need to know.

What is the Self Employment Income Support Scheme?

Launched in response to the coronavirus pandemic, the fifth SEISS grant provides self-employed workers who have been impacted by the coronavirus pandemic with up to 80 per cent of their average trading profits in a three-month period as a one-off lump sum.

Am I eligible?

To claim the fifth grant, you must pass three tests, known as stages one, two and three. These are summarised below:

Stage one: trading status

You must be a self-employed individual or a member of a partnership.

You must also have traded in both tax years:

  • 2019 to 2020
  • 2020 to 2021

Stage two: Tax returns and trading profits

You must have:

  • submitted your 2019 to 2020 tax return on or before 2 March 2021
  • trading profits of no more than £50,000
  • trading profits at least equal to your non-trading income

Stage three: Deciding if you can claim

When you make your claim you must tell HMRC that you:

  • intend to keep trading in 2021 to 2022
  • reasonably believe there will be a significant reduction in your trading profits due to the impact of COVID-19 between 1 May 2021 and 30 September 2021. More information on this stage can be found here.

How much can I get?

Unlike previous grants, self-employed workers must provide turnover figures for April 2020 to April 2021 and either 2019 to 2020 or 2018 to 2019 to work out how much they will get. More information can be found here.

Get expert advice

To find out more about the SEISS, please click here.

For help and advice with related matters, please get in touch with our expert corporate finance team today.

Return to work boost for commercial landlords

Palmers Solicitors in Essex

Commercial landlords may be tentatively breathing a sigh of relief as figures show a gradual return to the office after months of home working during the pandemic.

July 19 was when lockdown rules eased further, however new data shows there has not been a significant rise in staff numbers returning to offices since then, with factors like the ‘pingdemic’ and school holidays coming into play.

Remit Consulting has been looking at figures provided by building managers. The number of people entering as a percentage of the capacity for each building has been analysed.

Lorna Landells at the management consultancy company said the study, which analyses over 150 buildings in nine cities, established that, prior to July 19, the average number of office staff attending their place of work on any given weekday fluctuated at around 11 per cent for six weeks.

She added: “There was no significant change in the figures for the week of ‘freedom day’ when the national average was 11.5 per cent, an increase of just 0.4 per cent compared to the week before.”

The report listed a number of factors that could have impacted the return to office by some people, including the so-called recent ‘pingdemic’ leaving many workers having to self-isolate.

There was also the start of the school holidays, meaning a number of staff could be on annual leave.

Numerous companies have had office-based staff working from home since March 2020, although some landlords have reported increasing occupation levels of office sites in recent months.

The Government is no longer instructing people to work from home if they can, but a gradual return over the rest of the summer is expected, with many employers unlikely to ask everyone back at the same time.

Flexible working, with employers offering a mix of home and office hours post-pandemic , is expected to become more common.

In London the research suggests that the West End is outperforming other parts of the capital in terms of employees returning.

Remit said that the average number of staff in the workplace reached 16.5 per cent in the West End last week, compared to 6.1 per cent in Midtown, 6.5 per cent in Docklands and 9.8 per cent in the Square Mile. The average for London as a whole stood at 10.9 per cent.

For help and advice with commercial property matters, please get in touch with our expert team today.

Staff urged to talk to employers about taking holiday

Palmers Solicitors in Essex

Employers and staff have been urged to talk about taking time off, as it emerged that as many as 40 per cent of workers have taken less holiday during the pandemic than before it started.

The Advisory, Conciliation and Arbitration Service (Acas) commissioned YouGov to ask British employees about how much annual leave or paid time off they had taken since the start of the pandemic when compared to previous years. 

How much annual leave or paid time off employees had taken since the start of the pandemic varied depending on the size of the organisation.

Under half (44 per cent) of employees at small to medium sized businesses said it is unlikely they will take a holiday any time soon. 

By comparison over a third (35 per cent) of employees in large businesses, employing more than 250 people, are now less likely to take paid time off since the start of the pandemic. 

Not taking paid leave can lead to:

· Burnout. People become tired and jaded over time, despite their best intentions. A tired workforce will lead to slower productivity, a lower quality of work, and a negative attitude that damages employee engagement.

· Sickness absence. Working too many hours for too long can make employees ill. Not being able to take time off can lead to stress, resulting in short or long-term sickness that can cause another set of problems for employers.

· Increased staff turnover. Staff who are burned out or unable to take holidays without feeling like they’re being judged will eventually leave. The consequences of this will be the cost of recruitment coupled with the loss of expertise.

Acas has advised employees to use their holiday entitlement within their current leave year where they can.

Susan Clews, Acas Chief Executive, said: “Our poll findings are unsurprising as many workers may have taken advantage of a new law introduced last year, which allows them to carry over most of their paid time off into this year.

“Whilst the easing of pandemic restrictions is good news for many businesses, many staff will be keen to use up the leave they have saved up to take advantage of the summer season.

“Acas advice is for employees to agree to any holiday plans with their managers and keep them updated on any new COVID developments that could impact work such as travel quarantine or being asked to self-isolate.”

In 2020, the UK Government introduced a law allowing workers to carry over up to four weeks of statutory paid holiday over the next two years.

This law applies for any holiday that staff do not take due to COVID-19.

For help and advice on matters relating to employment law, contact our expert team today.
 

New “IP Access” Fund to support creators in managing and commercialising intellectual property rights

Palmers Solicitors in Essex

A brand-new commercial scheme will help businesses manage and monetise their intellectual property, it has been revealed.

The report comes after the Government unveiled plans to place intellectual property at the heart of economic recovery.

According to the Intellectual Property Office (IPO), the new Innovation Strategy will introduce measures that give businesses, creators, and investors “confidence” in the IP system.

This includes the launch of a new “IP Access” Fund – providing entrepreneurs and inventors with the resources they need to “grow and to build back better from the Covid pandemic”.

Through the programme, businesses will be supported in managing and commercialising their intellectual property so that they can use the “value of within their IP assets to grow their business”.

The Innovation Strategy also includes provisions for:

  • A new advice hub for businesses and organisations to make the most of their intellectual property in overseas markets. The Government says the service will consist of “easy to access, ‘self-serve’, online materials” and “clearer routes to access the UK’s network of IP experts based in key export markets around the world”
  • A new education programme designed to reach more higher education-based researchers, giving them the resources and information required to “better understand and manage the IP they create and generate the maximum benefit from their research”
  • A consultation on new protections to strengthen the UK’s intellectual property regime. This will include new rights for creations made by artificial intelligence.
  • A review of the current framework for Standard Essential Patents (SEPs).

Commenting on the proposals, the IPO’s Chief Executive Tim Moss said: “The UK’s new Innovation Strategy is the starting point for the government’s long-term vision of how we will cement our role as global leaders in innovation and deliver the target of R&D investment at 2.4 per cent of GDP – and it has IP running through the heart of it. 

“The strategy recognises that a strong IP system, that protects and allows for a return on investment on ideas, creates the confidence on which this success is built.”

Click here to access the UK Innovation Strategy document.

For help and advice with related issues, please get in touch with our expert team today.

SMEs invited to apply for up to £2 million in finance through expanded ENABLE Funding scheme

Palmers Solicitors in Essex

Small and medium-sized enterprises (SMEs) have been invited to apply for more than £216 million in funding through an expanded finance initiative.

Backed by the British Business Bank (BBB), the ENABLE Funding facility aims to support the growth of small businesses with fast, flexible, and accessible asset finance.

The expanded scheme – supported by new finance partner Propel, one of the UK’s largest and fastest growing independent asset finance providers – will provide hire purchase, leasing and refinancing support on equipment purchases from “a few thousand pounds” to more than £2 million.

This can include asset types ranging from telecoms and technology to commercial vehicles and industrial plant and machinery, the bank said.

The Enable Funding programme was launched in 2014 by the BBB in a bid to improve access and diversify finance markets for smaller UK businesses that typically lack the scale required to access capital markets.

Commenting on the scheme, Reinald de Monchy, Managing Director, Guarantee and Wholesale Solutions of the BBB, said: “The BBB developed the ENABLE Funding programme to allow access to cost-efficient funding from institutional investors for providers of finance to smaller businesses.

“By partnering with alternative and non-bank lenders, like Propel, we can give smaller UK businesses access to the asset and lease finance they need. The Bank remains committed to its objective to create a more diverse finance market, and we look forward to continuing to work with Propel and other non-banks to help provide even more funding options to smaller businesses across the UK.”

Mark Catton, CEO of Propel, added: “We’re proud to work with the British Business Bank to help support UK businesses across all equipment types.

“Our partnership gives us reach into all sectors of the economy, and all types of businesses. The ENABLE Funding programme helps us translate that reach into fast and accessible finance for SMEs wanting to invest and grow”.

To learn more about the scheme, please click here.

For commercial support, including advice on start-ups, mergers, acquisitions, investment, and corporate finance, please get in touch with our expert team today.