Although we do spend a vast amount of time each year chasing clients for information and signed pages of Tax Returns, we take pride in the fact that each and every Tax Return is filed by the deadline where the information is available to us.
As accountants, we are considered by the government to be “key workers” as we are in the financial services sector. Our offices are therefore open for any clients wishing to drop off books and/or paperwork, and we can conduct face to face meetings where necessary.
We would just like to advise you of the new measures announced by the Chancellor:-
CJRS (furlough scheme)
The UK Government will continue to pay 80% of employees’ usual wages for the hours not worked, up to a cap of £2,500 per month, and this has been extended to the end of April 2021.
Third SEISS grant deadline
The third grant of the Self-Employment Income Support Scheme (SEISS) closes for claims on Friday 29 January. Eligible customers must claim on or before this date.
What if your business recovers after you have claimed the third grant?
If your business recovers after you have claimed, your eligibility will not be affected as this is based on your reasonable belief that your trading profits would have been significantly impacted when you made your claim. Anyone who receives a grant must keep evidence in support of their claim.
Should you take into account the value of previous SEISS grants when deciding whether you can claim the third SEISS grant?
You do not have to consider any other coronavirus scheme support payments you have already received when deciding whether you reasonably believe that you will suffer a significant reduction in trading profits. This reduction needs to be due to reduced activity, capacity, demand or inability to trade due to coronavirus during 1 November 2020 to 29 January 2021.
Do I need to declare the grant on the 2019-20 Self Assessment Tax Return?
Similar to the first and second SEISS grants, the third SEISS grant will also be subject to Income Tax and self-employed National Insurance. Alongside the first and second grants, the third grant should be reported on your 2020-21 Self Assessment Tax Returns (filing deadline 31 January 2022).
How can I find out more about the fourth SEISS grant?
The details of the fourth SEISS grant have not yet been confirmed but we will update you soon as the announcements are made .
Grants to support businesses
· Chancellor announces one-off top-up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through to the Spring
£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 any business which is legally required to close, and which cannot operate effectively remotely, is eligible for a grant
· £594 million discretionary funds also made available to support other impacted businesses
· £1.1 billion further discretionary grant funding for Local Authorities, Local Restriction Support Grants worth up to £3,000 a month and extension of furlough scheme
We will continue to provide updates as the situation arises in order to try and keep you informed of the latest government assistance.
Please be assured, once again, that we are only a phone call away, and do not hesitate to contact us if we can be of any assistance.
