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Here we go again: Sunak statement at noon

Heads down for another Covid-19 mini-Budget. Are there any key issues we should listen out for?

Didn't find your answer?

I'm just about to strap my headset back on and plug into BBC Parliament TV for the latest episode in the Rishi Sunak Coronavirus Support Show.

The Chancellor has a slot booked at noon for a live economy statement, during which he is expected to address anomalies arising between the latest furlough scheme operating in England and the restrictions and job support measures now applying in Wales, Scotland and Northern Ireland.

Initial reactions here at AccountingWEB were, "oh no, not another one..." so apart from an opportunity for a little rant, are there any other issues relating to the various job and self employed support schemes, or guidance missing in any areas that you think we should listen out for?

Or perhaps suggestions from the profession about a more effective way to manage the economic impacts of virus prevention measures?

We'll post an update on the key measures as soon as we can and Rebecca Cave is on standby to dissect any further guidance that emerges from the Treasury.

Good luck, everyone - let's hope it's not going to disrupt the afternoon too much.

Replies (18)

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By PandoraSleeps
05th Nov 2020 11:51

I wish they would issue the updated guidance for CJRS November. I am sure there will be some surprises and nasties in there waiting to catch us out. I almost feel numb to these announcements now. The rate of change and the complexity of the schemes is becoming exhausting. I am sure we all need some time off.

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By Paul Crowley
05th Nov 2020 11:52

Much appreciated
Time for another Rebecca and Helen Any Q update
After time for them to figure out what was really intended, not just the actual words

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By NYB
05th Nov 2020 11:59

Isnt it appalling we are all living in fear of what is going to spill out of his mouth with absolutely no idea as to how any changes will be implemented. Its bad enough fot those trying to do this weeks payroll with no idea as to whethrer the calculations are correct. And I dread having to review Furlough calculations whic surely must be on the cards. And if its like JSS it spans 2 tax years if the Feb - 23rd September is applied. That was the only good thing that came out of CJRS (1) that it was one tax year.

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By PandoraSleeps
05th Nov 2020 12:08

Apparently he is going to extend the furlough scheme to March - goodbye JSS!

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Replying to PandoraSleeps:
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By PandoraSleeps
05th Nov 2020 12:26

And - goodbye JRB?!

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Replying to PandoraSleeps:
Caroline
By accountantccole
05th Nov 2020 12:39

so glad I spent a day reading up and designing "what if" calculators for clients - GRRR

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Replying to accountantccole:
By Duggimon
05th Nov 2020 12:43

I've become very good at the "I really just don't know, it seems to change every day, terrible isn't it?" line, delivered with a promise to keep them up to date when I know for sure and not to worry because we'll keep them right.

Trying to get specific is a recipe for wasting your time, get some rough ideas and blame the rest on the government.

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Replying to PandoraSleeps:
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By Paul Crowley
05th Nov 2020 13:45

No surprise at all
CJRS being extended
But March?

My granddaughter will be one of the taxpayers paying this off.

And granddaughter has not yet even been conceived

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By Duggimon
05th Nov 2020 12:20

I heard furlough til March as well but Trump's going to petition the supreme court to overturn it.

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By yelsnew
05th Nov 2020 12:21

Ugh.

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By Cheshire
05th Nov 2020 12:27

There was a hint by Jacob Rees thingy a few minutes before that the issue of Director only companies would be covered. Not mentioned in the initial commentary, likely in the waffle?

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By TC80
05th Nov 2020 12:35

I have completely lost track now of what I am doing with payroll.

How do I invoice this shower for time wasted?

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Replying to TC80:
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By leicsred
05th Nov 2020 13:10

Set up a new company to provide PPE at inflated prices?

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Replying to leicsred:
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By TC80
05th Nov 2020 13:14

Think I missed that ship......

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By Michael Beaver
05th Nov 2020 13:50

I would like to see the £50k cap lifted on SEISS claims, as the same cap doesn't exist for employees - only a cap on the amount of support.

Also, ideally support for owner/directors taking dividends.

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By Paul Crowley
05th Nov 2020 14:12
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John Stokdyk, AccountingWEB head of insight
By John Stokdyk
05th Nov 2020 15:00

Well, at least the speech was relatively short (if somewhat hubristic) and they did follow up with a Treasury factsheet outlining the basic details of CJRS 3.3... Here's our news report: https://www.accountingweb.co.uk/tax/business-tax/job-retention-scheme-ex...

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By Hugh Simpson
05th Nov 2020 16:56

Were you expecting fireworks, John?

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