COVID Schemes end & Live Events Reinsurance details released
I think Autumn might be here, as the office has gone from being way too hot, to freezing, seemingly overnight (very British problems, huh?).
This was going to be quite a brief update, but then I started making a list and I think I'm going to have to split it into 2 emails, otherwise I'll lose some of you half way.
This ended on the 30 September. Final claims to be made by the 14 October. That is it. While I acknowledge it has been a lifeline to so many businesses and individuals, I actually cheered and did a little dance around the office to celebrate submitting my final claim. It has not been fun.
2. VAT reduction for hospitality
We have already contacted all our affected clients to tell them that the reduced 5% rate has ended (again on the 30 September) and anything that qualified for that rate will qualify for the new rate of 12.5% until the 31 March 2022. At this point supplies will return to 20%. If you missed the email from Lauren, please drop us a line.
If you are buying items at a reduced rate, you may need to do some adjusting to your software to claim back the VAT at 12.5% instead of 5%.
3. Covid Sick Pay - the Coronavirus Statutory Sick Pay Rebate Scheme - catchy!
This has also ended on, yes you guessed it, 30 September. You must submit or amend claims on or before the 31 December 2021. Check if you can claim back Statutory Sick Pay paid to employees due to coronavirus (COVID-19) - GOV.UK (www.gov.uk)
4. Live Events Reinsurance Scheme
The government has released details about it's scheme to partner with insurers to offer a cost indemnification insurance scheme which will make cover available against the cancellation, postponement, relocation or abandonment of events due to new UK Civil Authority restrictions in response to COVID-19.
The Live Events Reinsurance Scheme will support live events across the country that are at risk of being halted or delayed due to an inability to obtain COVID-19 cancellation insurance. Cover will be available to purchase alongside standard commercial events insurance for an additional premium.
The scheme will not cover loss of revenue prompted by lower demand for tickets or venue capacity, and the scheme does not cover self-isolation of staff or performers. The scheme will cover a limited series, or run, of linked events, provided that the event organiser specifies which event dates from that limited series, or run, require cover and how much cover they are purchasing for each.
The Scheme will run to 30 September 2022 with a review point in Spring 2022. Cover will be available to purchase through participating insurers. A number of prominent insurers in the Lloyd’s market, including Arch, Beazley, Dale, Ark and Munich Re, are supporting the scheme. Event organisers can now start approaching these insurers to discuss their cover.
The full scheme rules, as published by DCMS, can be found on this page: UK Live Events Resinsurance Scheme (publishing.service.gov.uk)
This article was first published on 4 October 2021. Some of the grants may no longer be available or the information may have changed or been updated. Please check the current rules and legislation with a professional
Photo by Crawford Jolly on Unsplash