CORONAVIRUS UPDATE
As the whole of the UK now enter into a full lockdown, there has been further announcements.
England New Lockdown Grant
Rishi has announced a one off grant for England aimed at the Hospitality, Retail and Leisure Sectors of up to £9,000 per business premises.
A one off grant on a per property basis.
£4,000 for businesses with a rateable value of £15,000 or under
£6,000 for businesses with a rateable value between £15,000 and £51,000.
£9,000 for businesses with a rateable value of over £51,000.
Note – this is in addition to the Local Restrictions Support Grants announced in 2020.
He has provided additional funding for Northern Ireland (£127 million), Scotland (£375 million) and Wales (£227 million). So we need to watch this space to see what those devolved Governments decide to do with it.
31st January Deadline
I know that some members around the UK have been asking me if the Government was going to push back the Self-Assessment filing deadline or at least to do so as regards the penalty provisions. The various professional bodies (ICAEW, ICAS, CIOT, AAT, ACCA) have been lobbying the Government to do this over the past few months.
HMRC have now responded to say that they will not waive penalties nor extend the 31st January deadline.
HMRC will accept pandemic-related disruption caused to the taxpayer’s business or their personal circumstances as a reasonable excuse. The same will apply when agents are delayed in filing a return due to the pandemic.
The appeal period for a late filing penalty will be extended from one to three months to give taxpayers and agents more time.
Don’t forget that if the 31st January tax payment is no more than £30,000 that you can enter into a Time to Pay arrangement to spread the debt over 12 months.
Existing Government Support
Local Restrictions Support Grant – this is only for tier 2 & 3 businesses in England but can be claimed retrospectively if clients haven’t yet claimed – claim via Local Authority.
The Local Restrictions Support Grant for businesses in England who were instructed to close between 5 November and 2 December 2020 – I expect this is the scheme which will be used for the new grants announced today – claim via Local Authority.
The Additional Restrictions Grant for businesses in England who do not pay business rates (discretionary criteria set by each local authority) – claim via Local Authority.
Devolved administrations have similar schemes for businesses in Scotland, Wales, Northern Ireland
Furlough at 80% wages – now extended to 30th April – claim via HMRC
Bounce Back Loans can be topped up to a max of 25% turnover and extended to 31st March – apply via lender
CBILS & CLBILS also extended to 31st March – apply via lender
SEISS grants for self-employed unincorporated businesses
Universal Credits for self-employed
The MDH team are here to support you
If the above will have an impact on your of your business, please book in a 30 minute call with Michael or Natalie to discuss.
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