Associate and Tax Specialist Simon Reid retired from Moore Chartered Accountants this week after an incredible 38 years with the firm’s Corby office.  

Andy Page, Partner at Corby and Northampton based-accountancy practice Moore East Midlands, has retired after a career spanning 38 years with the firm.

The government has announced an extension to the Recovery Loan Scheme (RLS) from August 2022.

This is a reminder that from April 2022, National Insurance contributions are set to rise through the introduction of a 1.25% Health and Social Care Tax Levy. Dividends rates are also set to increase by the same amount.

The Statutory Sick Pay Rebate Scheme will close on 17 March 2022. You have until 24 March 2022 to submit any new claims for absence periods up to 17 March 2022, or to amend claims you have already submitted. 

Businesses in the hospitality, leisure and accommodation sectors that have been affected by the Omicron variant should not delay with making their application.
 

In response to the effect the Omicron variant is having on businesses, HMRC has reactivated the Statutory Sick Pay (SSP) rebate scheme. Under the scheme, employers can claim back any Covid-related SSP costs, for up to two weeks per employee.
 

The plug-in grant scheme for brand new zero-emission cars has been cut by 40% and is now restricted to lower priced vehicles.
 

The Recovery and Resilience Grant scheme which provides funding to businesses who wish to invest in new technologies, machinery, and plant equipment, is open for Expressions of Interest. 

The Statutory Sick Pay (SSP) Rebate Scheme is due to close on 30 September 2021. 

As furlough draws to a close, HMRC will be looking to recoup money that may have been claimed fraudulently through the Coronavirus Job Retention Scheme (CJRS).

The deadline to make a claim is fast approaching. Applications for the fifth Self-Employment Income Support Scheme must be made on or before 30 September 2021.

We wanted to share with you and make you aware that HMRC are completing validation checks on some selected submitted furlough claims.

From 1 July 2021, employers will have to contribute 10% towards wages for employees on furlough as the level of government support for the Coronavirus Job Retention Scheme (CJRS) is reduced to 70%.

The online service for the fifth and final Self-Employment Income Support Scheme (SEISS) grant will be available from late July 2021.

Don't delay if you wish to join the VAT Deferral New Payment Scheme to spread the cost of deferred VAT payments for 2020; you have less than a month left to join.

If you wish to arrange paying your deferred VAT over nine instalments, you must set up the plan with HMRC by 19 May 2021.

The April furlough deadline is fast approaching. Claims must be submitted to HMRC by Friday 14 May 2021.

Employees who were previously ineligible for CJRS as they were not on the payroll submission (RTI) before 30 October 2020 may now be eligible for periods from 1 May 2021 onwards.

The online services for the fourth Self Employment Income Support Scheme (SEISS) have now opened, meaning you can now make a claim.

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.

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.  

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. 

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

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.

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

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

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.

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.

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.

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

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.

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.  

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

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

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.

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

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.

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 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.

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

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.

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

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.

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

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

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.

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

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

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

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

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

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

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.
 

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

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

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.

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.

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.

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.

 

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

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.
 

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.
 

Domestic reverse charge for construction services delayed until March 2021.

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

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

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. 
 

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.

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.  
 

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. 

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. 
 

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.

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. 
 

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.

 

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

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.

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.
 

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

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. 

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.

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.
 

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. 

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.