Chris Downing, Director of Inspire, the business and tax advisers, answers your questions.

Is there any clarity on what I need to do, to prepare for Brexit?

Although much of the detail is still to be confirmed on the exact processes and requirements for trading with the EU after 31 December, there are preparations that businesses can be doing now, for example:

• Make sure you have an EORI number that starts with GB to move your goods in or out of the EU.
• Check if your employees need to apply to the EU Settlement Scheme.
• You may need a licence to employ workers from the EU.
• If you’re travelling to the EU (for business or leisure) you will need at least six months left on your UK passport and it needs to be less than 10 years old.

The government has produced guidance and a handy checklist which you can find here.

My main piece of advice if your business imports from or sells into the EU is to make sure that you’re talking to your key customers and suppliers about any issues or challenges that they are concerned about.

You may find that a customer is expecting you to have a physical base in Europe by the end of this year, in order for you to continue to trade with them, or a supplier who already has contingency plans in place to ensure that any disruption to your supply chain is as limited as possible.

We work closely with a network of advisors across Europe and worldwide, who are best-placed to give advice and support to UK businesses in setting up overseas.  If you have concerns or questions, then please do get in touch and we can recommend the best people for you to speak to.

How do I know if I can use the furlough scheme again?

In short, any business can now furlough (or place on temporary leave) employees under the Job Retention Scheme. The scheme was due to end on 31 October but it has been extended, until 31 March 2021.

You don’t have to have used the scheme previously, in order to use it this time and you can furlough employees whether or not they have been furloughed in the past.

The government will fund 80% of wages, up to a maximum of £2,500, but the employer will still need to pay the National Insurance and pension contributions.  In order to qualify, employees will need to have been on a payroll RTI submission before 23.59 on 30 October.

Flexible furlough will still apply – so employees can work part-time (paid at their normal rate) and be receive 80% of wages for the time that they’re not working.

The Chancellor has said that the furlough scheme will be reviewed in January and he will decide then, when employers may need to start making contributions to employees’ salaries under the scheme.

The Job Support Scheme, which was scheduled to come into force on 1 November, will now be postponed until the furlough scheme ends.

Inspire is hosting a webinar and Q&A on 12 November at 2pm on the latest updates to the furlough scheme for businesses.  To register, email us and we’ll send you login details.

Has the self-employed grant been extended too?

Yes, as with the furlough scheme, the government has also extended the Self-Employment Income Support Scheme (SEISS) until next March. Anyone who is self-employed or a member of a partnership and whose business has been impacted by the pandemic can apply for the grant, which will cover up to 80% of average trading profits.

The maximum grant will be capped at £7,500 for a three-month period.

One thing to be aware of is that the eligibility criteria is slightly different this time around.  In order to claim for the November to January grant, you must have been eligible for the first and second SEISS grants from earlier in the year – even if you didn’t claim the earlier grants.  You can find more details here on eligibility and what to do when the claims process opens on 30 November.

Is there any other support available for my business during lockdown?

For businesses that have been forced to close temporarily either due to a local or national lockdown, there’s a £3,000 Local Restriction Support Grant which is available via your Local Authority.

There’s also business rates grants available, which vary depending on the rateable value of the property.  These range from £667 per two weeks to £1,500 per two week – if your business is forced to close because of the restrictions.

The government has also extended the applications for Coronavirus Business Interruption Loans (CBILS) and Bounce Back Loans until 31 January.

On a personal level, mortgage holidays will also be extended for up to six months.

You can register here to receive the latest business updates from Inspire.