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All news by: April Foster

Reminder: VAT Deferral Scheme Deadlines

If you deferred paying your VAT liability for the period between 20 March 2020 and 30 June 2020 and you wish to set up a payment plan, please act now.

Update On The Fourth SEISS Grant

Further details about the fourth Self Employment Income Support Scheme (SEISS) grant, which covers the periods of 1 February 2021 to 30 April 2021, were released recently.  

New claims required for working from home tax relief

Employees who work from home due to the COVID-19 pandemic will need to make a new claim for the 2021/22 tax year so that they can continue to claim tax relief where they have not been reimbursed by employers. 

COVID-19: Recovery Loan Scheme now open for applications

The government’s latest COVID-19 support programme, the Recovery Loan Scheme (RLS) has been opened for applications as of yesterday (6 April 2021).

Companies House COVID Filing Extension To Come To An End

The automatic extensions granted by the Corporate Insolvency and Governance Act will come to an end for filing deadlines that fall after 5 April 2021.

Stamp Duty Land Tax: temporary reduced rates

The Stamp Duty Land Tax (SDLT) temporary nil rate band of £500,000 for residential properties has been extended until 30 June 2021.

COVID-19: Restart Grant Scheme

The coronavirus Restart Grant scheme has been put in place to support businesses in reopening safely as COVID-19 restrictions begin to lift.

Brexit Grant Applications For Funding Opened

Small and medium sized businesses that trade with the EU are now able to apply for grants of up to £2,000 to help them adapt to the new post-Brexit customs and tax rules.

VAT Deferral Scheme Deadlines

A roundup of you options if you deferred VAT payments due between 20 March 2020 and 30 June 2020 and still have payments to make.

Deadline To Set Up A Payment Plan Or To Pay Outstanding Tax Liabilities Fast Approaching

You have just over a week (until 1 April 2021)  to pay any outstanding tax liabilities in full or to set up an online payment plan for the 2019/2020 financial year.

COVID-19: Extension and changes to the Coronavirus Job Retention Scheme (CJRS)

The Coronavirus Job Retention Scheme (CJRS) has now been extended until the end of September 2021.

Self-Assessment late payment penalties

HMRC has announced that Self-Assessment customers will not be charged the initial 5% late payment penalty if they pay their tax or make a Time to Pay arrangement by 1 April 2021.

Bounce Back Loans to have greater flexibility

The government have recently announced that businesses that took out Bounce Back Loans to get through the pandemic will now have greater flexibility via the Treasury’s Pay as You Grow repayment options.  

£1000 cash boost to get young people into work

To help with the cost of providing a traineeship, employers can now apply for a £1000 cash boost via the Traineeship Employer Incentive.

The SEISS 3rd Grant Deadline Is Fast Approaching

The deadline to claim the third Self Employment Income Support Scheme grant is Friday 29 January 2021.

New lockdown grants to support businesses

The Chancellor has announced that businesses in the retail, hospitality and leisure sectors will be eligible to receive a one-off top up grant worth up to £9,000 per property.

Furlough and Loan Schemes Extended Post March 2021

The Chancellor has today announced an extension of the support measures available to businesses affected by the coronavirus pandemic and local lockdowns. 

National Living Wage and National Minimum Wage to rise in 2021

In response to the Low Pay Commission’s recommendations, the government has confirmed that the National Living Wage (NLW) and the National Minimum Wage (NMW) are both set to increase from 1 April 2021 onwards.

£1000 Christmas grant for 'wet-led' pubs

The Prime Minister has announced an additional £1,000 Christmas grant available to pubs who are ‘wet-led’ (predominantly serve alcohol rather than food) which are in tier 2 and 3 areas.  

HMRC Confirms Virtual Christmas Parties Can Be Tax Exempt

HMRC has confirmed that the annual parties exemption now also applies to the costs associated with virtual parties and festivities in the same way that it would for traditionally held parties.

AIA to remain at £1 million to stimulate investment

HM Treasury has announced that the £1 million tax break to support business confidence is to be extended. 

Changes to support measures for businesses impacted by COVID-19

With the second lockdown now in place across England, and many businesses required to close, the government has announced changes to the support measures available including the Job Retention Scheme (Furlough Scheme), Bounce Back loans and local council grants.

Finance options for businesses affected by the Coronavirus

There are a number of financing options available to businesses who have been negatively impacted by the coronavirus pandemic. 

COVID-19: Furlough scheme extended and further support announced

The Coronavirus Job Retention Scheme (CJRS), (which was due to end at the end of October), has been extended for another month with employees receiving 80% of their current salary for hours not worked up to a maximum of £2,500.

COVID-19: Chancellor announces increased support for businesses and employees

The government have announced today some significant changes to provide additional financial support to businesses and employees affected by the coronavirus.  

How to claim the government's £1,000 Job Retention Bonus

The Job Retention Bonus scheme opens for claims from 15 February 2021 and employers have until 31 March 2021 to submit their claims.  

Self-Employment Income Support Scheme - Second grant claim must be made by 19 October 2020

If you haven’t yet made a claim for the second grant and you are eligible, make sure you do so by 19 October 2020 or risk losing out.

Coronavirus-related HMRC scam warning

We’ve become aware of several coronavirus (COVID-19) related scams purporting to be from HMRC.

Partner promotion at Moore East Midlands

We are delighted to announce John Harvey’s promotion to Partner. 

COVID-19: New support for businesses and employees announced

The Government has announced today further welcomed measures of financial support to businesses and employees.

COVID-19: What to do if you've overclaimed through the coronavirus job retention scheme

HMRC have updated their guidance on how to report and pay back any money overclaimed through the coronavirus job retention scheme grant.

COVID-19: New guidance for furlough claims submitted after 14 September

HMRC have updated their guidance on calculating hours and furlough pay for claims submitted after 14 September 2020. 

Additional funding available for East Midlands businesses affected by the coronavirus

SEMLEP has a limited pot of funding available to support SMEs across the South East Midlands to respond to the immediate COVID-19 crisis.  

COVID-19: Grants for businesses affected by local lockdowns

Some welcome news for businesses affected by local lockdowns has been announced by the government.   Businesses can claim grants of between £1,000 and £1,500 every three weeks while they are required to be closed.  

Looking to recruit? You could be eligible for the Kickstart Scheme

A new scheme has been introduced to help get young people into work.

Employment Allowance and the Coronavirus Job Retention Scheme (CJRS)

There has been considerable discussion about the Employment Allowance and how it interacts with CJRS.  

Companies House to restart voluntary strike off process

Companies House has announced that it will be restarting the voluntary strike off process from 10 September 2020 to dissolve companies that have applied for dissolution.

Time is running out to make your furlough claim

If you have furloughed any employees during the period ended 30 June 2020 and you are eligible to make a furlough claim under the job retention scheme, you must do so BY 31 JULY 2020.

Further announcements for Making Tax Digital

As part of the “Legislation day” announcements on 21 July, the government set out its planned roadmap for the further roll out of Making Tax Digital (MTD).  The announcement covered VAT, income tax and corporation tax.

Summer Economic Statement 2020

As part of the continuing government response to the Coronavirus, Chancellor Rishi Sunak has announced a raft of measures to support the UK economy in a special summer economic update.  

COVID-19: Optional deferral of self-assessment tax payments

If you've been impacted by the coronavirus pandemic, you can defer your self-assessment payment on account to 31 January 2021.  

Don’t forget to re-instate your direct debit if you have used the VAT deferral scheme

VAT registered businesses are able to defer their VAT payments falling due in the period between 20 March and 30 June 2020 until 31 March 2021.  

COVID-19: Changes to the furlough scheme from 1 July 2020

Following the government’s announcement earlier this month regarding changes to the furlough job retention scheme from 1 July 2020 until 31 October 2020, detailed guidance has now been released explaining the changes.  

COVID-19: VAT Change Delayed By Five Months For Construction Services

Domestic reverse charge for construction services delayed until March 2021.

COVID-19: Self-employment Income Support Scheme extended

The Self-Employment Income Support Scheme has been extended by a further three months to cover June, July and August 2020.

COVID-19: Business Interruption Loan criteria relaxed

The UK’s largest small business lenders have relaxed the evidence requirements for applications to the Coronavirus Business Interruption Loan Scheme (CBILS).    

COVID-19: Testing expanded to include those who can’t work from home

The government announced yesterday (Tuesday 28 April 2020) an expansion of coronavirus testing to include those over 65 as well as anyone who has to leave the house to work if they are showing coronavirus symptoms.   

COVID-19: New 100% government backed Bounce Back loan scheme

In another measure designed to ease pressure on businesses affected by the coronavirus crisis and keep small businesses operating, the government yesterday (Monday 27 April,) announced a new 100% government backed loan scheme for small and medium businesses.

COVID 19: Small Business Grants application process in Peterborough & Northamptonshire

One of the measures announced by the Government in response to the coronavirus crisis is the Small Business Grant Fund.  Initial guidance appeared to indicate that the grants would be processed automatically, however, what we are now seeing is that many Local Councils are requiring eligible businesses to submit an application form.    

COVID-19: Business Rates Relief

The Chancellor has announced a raft of measures designed to help businesses during the coronavirus crisis.  One of the headline measures announced in the Spring Budget was the Business Rates Holiday - 100% relief from Business Rates for retail, leisure and hospitality businesses in England for 2020/21. 

COVID-19: Register now to claim for the Job Retention Scheme

Although we are still waiting for detailed guidance on how to compile claims, government guidance states you must have enrolled for PAYE online to be able to claim.  Please see attached fact sheet providing instructions on how to set this up.   

COVID-19: Job Retention Scheme - further information

The government have released further updates for the job retention scheme including confirmation that office holders, directors and salaried members of LLPs are eligible for the scheme and provides further information on what should be included in the calculation of monthly earnings.

COVID-19: Travel to Work

To clarify the situation regarding travel – travel for work purposes is currently permitted, but only where you cannot work from home and provided you are not showing coronavirus symptoms and neither you nor any of your household are self-isolating.   

COVID-19: Job Retention Scheme - Furloughed Workers

Under the Job Retention Scheme, announced by the Government on 20 March 2020, all UK employers will be able to access support to allow them to continue paying part of their employees’ salary for those employees’ that would have otherwise been laid off during the crisis.  

COVID-19: Protection from eviction for commercial tenants

The Government have confirmed that commercial tenants who can not pay their rent because of COVID-19 will be protected from eviction.

COVID-19: Deferral of income tax payments due on 31 July 2020

The Government have announced that the option to defer the second tax payment on account, due on 31 July 2020, is available to all self assessment tax payers.

COVID-19: New self-employment income support scheme announced

The Government announced yesterday, 26 March 2020, the introduction of the self-employment Income Support Scheme.  This scheme is to provide financial help to self-employed individuals, including members of a partnership, who have lost income due to the coronavirus.  

COVID-19: Deferring VAT payments

All UK businesses are eligible to defer VAT payments for 3 months if required in the period 20 March 2020 until 30 June 2020.

COVID-19 – Limited Companies extension of filing deadlines

Due to the disruption caused by COVID-19 and uncertain times facing businesses, Companies House have made some measures to help ease the burden regarding the filing of accounts. 

HMRC Time to Pay service

All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s ‘Time To Pay’ service.

COVID-19: Business interruption loan scheme

A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch this week to support primarily small and medium-sized businesses to access bank lending and overdrafts.  

Free breakfast seminar: GDPR & Making Tax Digital

Our free business breakfast seminar in Corby, held in partnership with Friday Legal Solicitors, covers the key changes to legislation affecting SMEs and Owner Managed Businesses. 

8 tips for choosing the right accountant for you

The right accountant can be a valuable asset to your business, saving you both time and money.  It’s important to spend a little time and do some research before you make a final decision.   New business specialist April Foster shares her top tips for choosing the right accountant for you.