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Brexit flag up, Spanish Property issue, Scotland Research Service

Brexit flag up, Spanish Property issue, Scotland Research Service
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
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Brexit Thoughts and Issues

Brexit Thoughts and Issues
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.
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Newly Self-Employed Support Scheme (NSESS) Northern Ireland

Newly Self-Employed Support Scheme (NSESS) Northern Ireland
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.
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Coronavirus Job Retention Scheme (CJRS) Claims Into the Public Domain

Coronavirus Job Retention Scheme (CJRS) Claims Into the Public Domain
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.
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Wales ERF Sector Specific Support (ERFSSS)

Wales ERF Sector Specific Support (ERFSSS)
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.
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Scotland Apprenticeship Employer Grant Scheme (AEGS)

Scotland Apprenticeship Employer Grant Scheme
(AEGS)
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.
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How to declare a bonus and reduce your corporation tax liability

How to declare a bonus and reduce your corporation tax liability
How to use bonuses effectively to reduce corporation tax. Business owners have been using bonuses to reduce their corporation tax liabilities for a long time - in this blog you will learn how to avoid the pitfalls of this strategy and to make sure that you get the tax deduction that you are looking for.
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Self Employed Income Support Scheme (SEISS) Third Grant Claim

Self Employed Income Support Scheme
(SEISS)
Third Grant Claim
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.
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What is your 2021 business plan?

What is your 2021 business plan?
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;
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Electric car or not; that is the question

Electric car or not; that is the question
Weighing up the pros and cons of buying an electric vehicle as your next company car.
 
With the recent Government announcement surrounding the phase out of petrol and diesel cars, many of our clients have shown interest in looking to an electric car as their next vehicle. In this blog we look at the benefits and shortcomings of running an electric car as your next company car in the hope that it will help you come to an informed decision.
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Self employed income support claims at risk

Self employed income support claims at risk
Respond today to HMRC emails sent to the self employed or possibly lose the right to make further claims.
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Coronavirus Job Retention Scheme (CJRS) November Update

Coronavirus Job Retention Scheme (CJRS) November Update
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.

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Additional Restrictions Grant (ARG) – England

Additional Restrictions Grant (ARG) – England
The objective
• To provide funding to businesses that do not directly pay business rates.
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Government Covid Update - Nov 2020

Government Covid Update - Nov 2020
Job Retention Scheme (JRS) Extension
  • The JRS which was due to come to an end on 31st October 2020 has now been extended until at least the beginning of December 2020.
  • The Job Support Scheme, which was due to replace the JRS, has been put on a back burner.
  •  

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How to make sure you make the correct business decisions

How to make sure you make the correct business decisions
How every business owner should use financial forecasts when making important business decisions. We find that many SME business owners make 'gut feel' or 'knee jerk' decisions without thinking through the financial implications.

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Extra Support For Businesses If Required To close

Extra Support For Businesses If Required To close
  1. What are changes announced?
     
    The Chancellor has announced 
    • an extension to the new Job Support Scheme for businesses required to close due to COVID restrictions.
    • Cash grants for businesses required to close in local lockdowns.
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Further support - Chancellors' Winter Economy Plan

Further support - Chancellors' Winter Economy Plan
The Chancellor has been under pressure to help businesses more and has now announced further support.
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The Customs Grant Scheme

The Customs Grant Scheme
What is the Scheme aim?
 
  • To assist eligible businesses as regards preparatory costs associated with the UK leaving the transition arrangement with the EU on 31st December 2020.
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SME Restart Grant – Applications now open

SME Restart Grant – Applications now open
Businesses can apply for a grant between £1,000 - £5,000. 
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Further support Chancellors’ Winter Economy Plan

Further support
Chancellors’ Winter Economy Plan
The Chancellor has been under pressure to help businesses more and has now announced further support.
 
A new Job Support Scheme (JSS)
From 1st November 2020 for 6 months the government will top up wages for those employees working shorter hours than their ‘normal hours’ for businesses facing lower demand due to COVID-19.
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