Now that we are almost 2 weeks into this March 2021 circuit breaker lockdown, most people have settled back into home working (where they can) and are counting down the days until we can return to normality.
Our team has been working hard to help clients with Salary Support Scheme and Circuit Break (March 2021) Grant applications and we thank you for your patience during this busy time.
I would urge every business owner to frequently revisit the eligibility criteria for Government support, because it is not consistent from month to month.
Whilst most (not all) of these points are now well publicised, I would like to highlight some of the changes and common mis-conceptions we are finding with regards to the current suite of support measures available:
- Clients in the IT / Digital sector are now eligible for the £1,500 grant. Other eligibility criteria does apply, such as a requirement to have less than 25 employees and the majority of clients to be in the Isle of Man.
- Applications for the March 2021 (£1,500) grant are open now. Unlike the Salary Support Scheme, which requires the month-end to have passed before making a claim. The window for making grant applications will close at 5:30pm on 31 March 2021.
- There is now a requirement for businesses claiming the grant to have an expected reduction in turnover of 25% for the month. This wasn’t a requirement for the January 2021 grant, which referred to a business being ‘adversely effected’ rather than referring to a specific percentage of loss.
- How will you know if your expected loss will be 25%? This is a tricky one, but my advice would be to simply make an honest and reasonable estimate. If you expect your turnover is going to be down, and your income trend supports this (it will be more obvious for businesses than others) then you should make the claim, providing you meet the other eligibility criteria.
- For period 12 and 13 (January and February 2021) Salary Support Scheme claims you now have the choice to compare the business turnover against the same period in either 2019 or 2020. https://covid19.gov.im/
news-releases-statements/ changes-to-salary-support- scheme-for-periods-12-13/
Please read the guidance carefully before making a claim for either the Salary Support Scheme or the Grant:
Salary Support Scheme: https://covid19.gov.
If you have any questions, please feel free to get in touch on 01624 679524.
Phil, and the Harding Lewis team
Disclaimer: Please note that the information provided is believed to be correct at the time of writing. During the COVID-19 pandemic, changes to the Government support initiatives happen very quickly and you should always ensure you have read the most up to date guidance before applying. This newsletter is designed as a prompt only, as not all the relevant factors are covered. If in doubt, always seek professional advice before submitting a claim.