Are accountants keeping up with the changes?
2020 has been a challenging year with the raft of changes and schemes brought in to support businesses and employees through COVID and the enforced lockdowns. People might not understand that accountants hear about these changes when you do through public announcements. It takes a little time for the details to come out, please be patient, the devil is in the detail, as they say, so give your accountant time to digest!
The headline announcements are of course extension to the Furlough Scheme until March 2021 that the third self-employed income support grant covering November to January will increase to 80 per cent of profits.
While these are certainly welcome it does leave a huge section of self-employed (calculated to be 690,000 people) without support, either because they are newly self-employed or company directors.
What is concerning about this lockdown for individuals as well as businesses is that many had not recovered from the first one, perhaps they only survived on savings and since re-opening haven’t been able to recover to ‘normal’ levels due to restrictions. It could be a tough winter ahead for many.
Do you think we will come out of lockdown on the 2nd of December?
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