If you think that you may be eligible for the fifth Self-Employment Income Support Scheme (SEISS) grant, it’s now time to apply. If HMRC thinks that you may be eligible then they should already have written to you with your personal claim date. However, if you haven’t had any correspondence then you can check the eligibility criteria here. If you do wish to make a claim you must do this on or before the 30th of September 2021. Important Information About The Fifth Self-Employment Income Support Scheme You Must Make The Claim Yourself You cannot ask an accountant or tax […]
Category Archives: coronavirus support
HMRC has introduced a time-saving template that streamlines the process of making furlough claims. The new template can be used to claim the coronavirus job retention scheme (CJRS) for companies with between 16 to 99 employees. Both payroll agents and internal payroll teams have spent the past 12 months manually inputting CJRS information. However, companies with up to 99 employees will now be able to upload the details with a single template for their claim. The template which launched on the 27th of May 21 allows employers to upload details of claims of 16 to 99 employees at the same […]
£4.6 billion in new lockdown grants to support businesses and protect jobs have been announced Following the Prime Minister’s announcement of a nationwide lockdown on Monday night, the chancellor has announced new lockdown grants to support businesses in the retail, hospitality and leisure sectors. These one-off grants worth up to £9,000 per property are intended to help businesses through to the Spring. In addition, a £594 million discretionary fund has also been made available to support other impacted businesses. The new lockdown grants are in addition to the £1.1 billion further discretionary grant funding for Local Authorities, Local Restriction Support […]
The claims portal for the third SEISS grant opened on the 30th of November. However, there have been changes to the eligibility criteria and taxpayers must declare that their trade has been impacted by reduced demand before they claim the third grant. “HMRC expects you to make an honest assessment about whether you reasonably believe your business will have a significant reduction in profits.” To make a claim for the third SEISS grant, your business must have had a “new or continuing impact from coronavirus between the 1st of November 2020 and the 29th of January 2021, which you reasonably […]
For those businesses that opted into the government’s COVID-19 VAT payment deferral scheme, the new guidance that outlines the further extension of deferral has been released by HMRC. The scheme which allowed for VAT payments falling due between 20 March 2020 and 30 June 2020 to be deferred until 31 March 2021 is to be extended for organisations that still have deferred VAT payments to make. Opt In To The VAT Payment Deferral Scheme By opting in to the new VAT payment deferral scheme when it launches in 2021, the option to pay in instalments instead of one bulk payment […]
It’s that time of year again as we start the process of preparing self-assessment tax returns for our clients. This year however things are a little different, due to changes to the Self Assessment Time To Pay service. Al self-assessment tax returns must be submitted and the 31st of January, however, it is best not to wait until the deadline because not only does the tax return need to be filed you also need to arrange payment for any personal tax due by the payment deadline. Time To Pay Online Service Self Assessment taxpayers can apply online for additional support […]
Furlough scheme is extended to March For those businesses affected by the increased restrictions necessary to curb the coronavirus pandemic, additional economic support has been announced by the Chancellor. The Coronavirus Job Retention Scheme (CJRS) otherwise known as furlough was originally due to end on the 31st of October. However, the Government has announced that the furlough scheme is extended to March. This means that the CJRS will now be extended by five-months until the end of March with the government paying 80% of wages for the hours that furloughed employees do not work. SEISS Also Extended Similarly, support for […]
Edit – Job Support Scheme Now Postponed The Coronavirus Job Retention Scheme (CJRS), which was due to end on 31 October, will now be extended, with the UK government paying 80% of wages for the hours furloughed employees do not work, up to a cap of £2,500 for periods from 1 November. The new Job Support Scheme, which was due to start on Sunday 1 November, has been postponed. Any employees who have already signed agreements for the Job Support Scheme which was due to start on the 1st of November must be placed back on furlough leave wherever applicable. […]
There have been many different grants, schemes and tax-deferment options throughout the coronavirus pandemic. Whilst they have been vital to the economy and survival of UK businesses, the various start and end dates are quite confusing. Keeping track of timescales for grants, loans and tax deferment is also essential for good cash-flow planning. With this in mind, we have put together a list of important dates for your tax diary. Important Dates To Remember This blog will detail the key dates for your tax diary including when the rules change when claims must be submitted, and when payments of deferred […]
Employers and self-employed people now have 90 days to repay coronavirus grants if they have been over-paid. HMRC have announced that they must be informed within a 90 day period if businesses have over-claimed furlough payments through the CJRS. Self-employed individuals have the same time-period to report any overpaid grants through SEISS. The excess payments must also be paid back or penalties will apply. CJRS Overpayments – Furlough Scheme A CJRS grant should be repaid to HMRC if the funds were not used to reimburse the employer’s costs related to furloughed employees within a reasonable period of time. The grant […]