The government is assisting small businesses by changing the way Statutory Sick Pay (SSP) handles absences due to coronavirus. We will explain how the SSP relief package works and who is eligible to receive it.

What is the Statutory Sick Pay Rebate Scheme (SSPRS)?

The scheme aims to assist employers who are dealing with higher-than-usual sickness absences. Employers can reclaim up to two weeks’ worth of Statutory Sick Pay (SSP) per employee for COVID-related sickness absences using SSPRS relief. SSP will be paid for these absences beginning on the first day off, rather than the fourth, as is customary.

Am I eligible for the COVID sick pay rebate, SSPRS?

The SSP rebate scheme is available to smaller employers who are reclaiming sick pay paid to employees who were absent due to a coronavirus.

• Employers with fewer than 250 employees as of November 30, 2021 are eligible for the scheme.
• Even if the employee has been absent for a longer period of time, they can only reclaim up to two weeks’ worth of SSP.
• SSP is only paid when the illness is caused by a coronavirus.
• Your PAYE payroll scheme was established and began on or before November 30, 2021.

This does not change the fact that employees must still qualify for SSP under normal circumstances. The “day one” rule also applies only if the employee is claiming SSP due to COVID.

Can I make multiple claims for the SSP rebate?

Yes, you can claim SSPRS more than once, but your claims cannot exceed two weeks of SSP per employee.

Do I need to ask my employee for a fit note?

While businesses should keep track of employee absences and SSP payments, there’s no need to ask employees for a fit note (sometimes known as a “sick note”) to verify they were sick with COVID.

What if my employee doesn’t qualify for SSP?

If an employee takes sick leave as a result of coronavirus but they don’t qualify for SSP, then you won’t be able (or need) to reclaim SSP for them.

If you have any other accountancy queries please get in touch with us here at AWOC Accounting.

How to calculate profit & loss on crypto trades with Share Pooling

The average cost basis is a fundamental accounting term. It refers to the price you pay for an equity security, regardless of when or where it was acquired. It can be easily manipulated by clever investors in order to dodge taxes on paper! To counter this HMRC lays out rules that define how these “average” prices should calculate themselves, which helps prevent tax dodging schemes like selling all your holdings at losses then rebuying them afterwards.

1. The same-day rule applies to the cost of selling an asset. This means that if you are buying and then selling back your own shares on one day, they will be matched with what was bought for them in the first place. There is no extra charge or interest owed in this situation because both transactions happen within two trading days after all other conditions had been met.

 2. The cost of assets bought during the 30 days following disposal typically ranges from 10-30%. This is known as FIFO or “first in, first out.” If you did not buy enough to cover all your disposed items, then move onto rule #3 for what’s left over.

 3. Take the average cost of all assets bought prior to the disposal.

Summary

You may now have a better idea of how capital gains are calculated in the UK according to HMRC’s share pooling rules. If you want to learn more, as well as ways for reducing your taxes with crypto currency, please feel free to get in contact with us here at AWOC Accounting.