The furlough scheme ends at the end of this month, to be replaced by a host of new measures to support businesses through the winter months. This support will be critical as restrictions are reinstated across the country. Many will need to make important decisions to ensure their business survives. 

Here’s a closer look at the key winter economic plan announcements and the latest amendments the Chancellor made to these schemes, along with information on how you can reflect some of these in Xero. 

Job Support Scheme (JSS)

To support employers experiencing lower demand, the new government JSS (replacement for furlough) will come into effect from 1 November. The scheme will initially run for six months with a review set for the new year, and will be available for all firms with a UK bank account and on a UK PAYE scheme. 

Businesses will continue to pay their employees for

There isn’t long to go until the Brexit transition period ends and the clock’s ticking. With the prospect of no deal, there will be several unanswered questions amongst the UK’s small business community. 

It’s been a tough year for many, and as the pandemic shows no sign of easing up, planning for Brexit might not be high up the agenda. This probably explains why research by the British Chambers of Commerce indicates that just 38 percent of firms had completed a Brexit risk assessment this year, compared to 57 percent in 2019 and 35 percent in 2018.

Whatever the outcome, here are the things businesses can do now to prepare:  

Protect your people

Guidance on immigration and the end-to-end process for employing skilled migrant workers hasn’t yet been finalised. In the meantime, review the EU Settlement Scheme’s toolkits and partnership packs.

Employers need to be prepared to deal with

As some of the toughest lockdown restrictions start to lift in my home town of Melbourne, we are hopeful that we’ll soon see a return to some version of our normal lives. This of course includes a reopening of the many small businesses that support our communities across Victoria. Just how have the local hairdresser, book shop, cafe and mechanic fared during this time? All these businesses are a vital part of our communities, and life would not be the same without them.

We are not alone in Melbourne. Small business is a critical part of communities across the globe and at Xero we are committed to doing what we can to help the recovery, including releasing the latest metrics from our Xero Small Business Insights (XSBI) program. It feels like we are releasing our September data at an important junction in the pandemic. While some places are seeing cases

The Xero Small Business Insights (XSBI) program provides analysis of the sector’s health drawn from anonymised and aggregated data from hundreds of thousands of our subscribers. In the first in a series of guest posts, we hear from Dr Kevin Mole, Associate Professor (Reader) of Enterprise at Warwick Business School, who gives us his thoughts on the UK and its Job Retention Scheme.

COVID-19 and the associated response has resulted in an economic shock comparable to that of previous historic, global events that have drastically transformed our lives and societies. The current economic problems, potentially the biggest fall in output since 1706, are unique in that traditional economic rules and the traditional solutions don’t apply, as the main problem only really goes away when the health crisis is controlled or eradicated. We’ve seen in countries where the virus is under control that the economic recovery can and does