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The Accountants for Growth
Who is it aimed at?
- Businesses who deferred their VAT payments due between 20th March 2020 and 30th June 2020 and have yet to pay it over to HMRC.
What 3 options are presently open to these businesses?
- Pay the deferred VAT over in full on or before 31st March 2021.
- Opt into the VDNPS online service between 23rd February 2021 and 21st June 2021.
Who is it aimed at?
The retail, hospitality and leisure sectors.
What is the Objective?
To support businesses, based in Tier 2, Tier 3 and Tier 4 areas, forced to close as a result of a Government decision.
HMRC will publish some of the employer’s claim information
As part of HMRC’s commitment to transparency and to deter fraudulent claims, they will be publishing information about employers who claim for December onwards on the Coronavirus Job Retention Scheme. The following information will be published on GOV.UK from February 2021:
- The employer name
- An indication of the value of the claim
- The company number for companies and Limited Liability Partnerships (LLP)
Brexit Flag up
Our VAT/Customs specialists have flagged up a few things to me recently some of which maybe time sensitive. I therefore attempt to share these thoughts with you on the attached notes.
Spanish Property Brexit Dilemma
EORI Important reminder
- If you are moving goods between the EU and Great Britain (not including Northern Ireland) from 1st January then you will need a GB Economic Operator Registration and Identification number from HMRC. Don’t leave it too late.
- To apply for the EORI click on the link Get an EORI number - GOV.UK (www.gov.uk)
Aimed at?
• Self-employed (S/e) operating in Northern Ireland who commenced self-employment between 6th April 2019 and 5th April 2020.
What is the NSESS Offering?
• A one-off taxable grant of £3,500.
What is HMRC intending to do?
• Publish the names of all employers who furlough employees from 1st December 2020 onwards where a CJRS claim is made.
• Publish indicative values within a banded range relating to these claims.
• Employees will be given access to details of their employer’s furlough claims via their HMRC personal tax account.
Who is it aimed at?
• Hospitality, Tourism and Leisure businesses or supply chain companies.
Eligible businesses?
• Must be materially impacted by greater than 60% of their turnover due to the pandemic.
• Employing staff via PAYE.
• VAT registered or exempt from VAT with a turnover above £85,000 or a limited company with a turnover above £50,000.
• If the business fits the ERFSSS criteria a claim can still be made even if that business has accessed the ERF Restrictions Business Fund.
Who is it aimed at?
• Employers taking on Modern or Graduate Apprentices.
What is the size of the grant?
• £5,000 for each 16 to 24 year apprentice.
• £5,000 for each apprentice aged up to 29 years who is either disabled, a care leaver or from the Black and Minority Ethic (BAME) group.
• £3,500 for each apprentice aged 25 or over.
What period does the grant cover?
• November to January 2021 inclusive.
How is the grant calculated?
• It is 80% of your average monthly trading profits for the three tax years ended 5th April 2019, covering a 3 month period.
• The maximum claim is restricted to £7,500.
With what businesses have had to contend with during this calendar year and COVID-19, you can be forgiven for throwing that initial 2020 business plan in the bin.
But despite the present economic uncertainty, ironically it has never been more important to plan for your business when looking to the future, and here are some of the reasons why;
Weighing up the pros and cons of buying an electric vehicle as your next company car.
Pre-November CJRS claims deadline
• All CJRS furlough claims for the period 1st July 2020 to 31st October 2020 must be submitted no later than 30th November
2020.
Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England & Wales.
The information contained in this site is of a general nature and is not a substitute for professional advice. You are recommended to obtain specific professional advice before taking
any action.