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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The Accountants for Growth
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.
The objective
• To provide funding to businesses that do not directly pay business rates.
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.
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.
The Chancellor has been under pressure to help businesses more and has now announced further support.
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.
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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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.