Recording Of Coronavirus Financial Support
Payments Received Under The Coronavirus Job Retention Scheme (CJRS)
These are grants and should be recorded as other income
The wages journal should be posted as normal – don’t offset the grants received against wages
If your business has received a £10k cash grant under the Small Business Grant Fund or a £25k payment under the Retail, Hospitality and Leisure Grant scheme these should be treated as other income.
Don’t offset them against the rents and rates expense
Student And Postgraduate Loans Thresholds And Rates From 6 April 2021
The thresholds for Plan 1 and Plan 2 Student Loans are increasing from April 2021.
The thresholds for the current tax year 2020-2021 are:
- Plan 1 – £19,390
- Plan 2 – £26,575
The Department for Education has confirmed that from 6 April 2021 the thresholds will increase to:
- Plan 1 – £19,895
- Plan 2 – £27,295
The Postgraduate Loan threshold will remain at £21,000. Earnings above £21,000 will continue to be calculated at 6%
New NI Break For Employers
From 6 April 2021 if you take on a former member of the armed forces you’ll be entitled to a twelve-month holiday from employers’ NI in respect of the salary you pay them. This could save you £2,250 on a salary of £25,000.