Not much can stop determined entrepreneurs from building a new business from the ground up, even during such challenging times as a COVID-19 or its ensuing fallout.
The pandemic has proven a huge challenge for businesses, with 396,155 UK firms closing in 2020 according to the Office for National Statistics, as business owners struggled to cope with restrictions and lockdowns.
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If you have a defined contribution pension scheme – whether private or through your employer – your retirement savings have probably been hit quite hard by the COVID-19 pandemic over the past 12 months.
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We have attached a commentary on the 3rd SEISS claim to help you decide if you should claim. We hope this helps. The claim window opens Monday.
Council Grants
The Council arbitrary grants opened last week – York’s can be found at
Application Form: https://www.york.gov.uk/xfp/form/263
Information: https://www.york.gov.uk/COVID19BusinessGrants https://www.york.gov.uk/AdditionalRestrictionsGrant
Bounce Back Loan Scheme (BBLS)
A reminder that the BBLS closes on 31 January 2021, so if you are eligible and have not yet applied, or have scope to extend your original loan, please take urgent action.
Deferral of tax and payment by instalments
Many people deferred the second instalment of 2019/20 tax which was originally due on 31 July 2020 with deferral to 31 January 2021. HMRC have now announced that you can further delay payment by arranging instalments for any self-assessment tax falling due on 31 January 2021.
If your tax debt is below £30,000 and you have no existing Time To Pay arrangements in place you can apply online using your Government Gateway login. For debts over £30,000 or if you have existing payment arrangements you have to call HMRC on 0300 200 0822 to request instalment payments.
Just worth mentioning that we are seeing quite a few clients having difficulties obtaining mortgages with outstanding tax liabilities so maybe speak to your adviser if you are thinking of re-mortgaging / using time to pay.
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Had everything gone to plan this year, the Chancellor would have been delivering his Autumn Budget speech. Instead, Rishi Sunak declared an “economic emergency” alongside a slimmed down spending plan to see him through until spring.
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According to reports, the number of fraudulent claims has continued to increase in recent weeks as exploitation of the Coronavirus Job Retention Scheme (the furlough scheme) becomes a new Government threat. HMRC has announced the penalties that can be imposed on the employers who commit furlough fraud. Opeyemi Ogundeji, researcher and employment law writer at Croner-i, explores this in more detail below.
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While many have decided that remote working is the future, a number of organisations are finding the disadvantages increasingly apparent. Jon Herbert investigates whether these drawbacks are simply the result of bad practice.
(more…) Read MoreThe Coronavirus Job Retention Scheme will close on 31 October 2020. HMRC have now issued guidance on how the flexible furloughing will work. I suggest a strong drink and print out the attached and go into a quiet room for several hours to digest!
A quick summary of the position over the next few months follows but the detailed Flexible furlough document attached is how to make the claims and what it involves!
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The latest update on the amount of money lent under the various “Baubles loan schemes” as I like to call them:
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Please find enclosed our guidelines for the Vat change today relating to the hospitality, attraction and accommodation supply sectors. Remember Supply is the main word. It is fairly clear cut for most businesses but become Grey for those on the fringes of these sectors. If you supply these industries, in most cases, nothing has changed.
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It’s safe to say Chancellor Rishi Sunak did not expect to be delivering the first official fiscal statement less than four months after his maiden Budget speech back in March, but here we are.
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Print off and sit down to read.
(more…) Read MoreAfter temporarily pausing tax investigations as COVID-19
business support measures rolled out earlier this year, HMRC
has restarted probes into businesses and individuals’ tax affairs.
The Revenue has also started to direct its attention towards the
misuse of coronavirus support schemes, such as the furlough
scheme and the self-employed income support scheme.
