VAT DEFERRAL SCHEME

Now open to apply to defer your VAT for up to 11 months

 

SME GRANTS MARCH 2021

Grants to help with the impact of Brexit

SME Grants are available for businesses dealing with the changes imposed by Brexit with respect to taxes and administration around paperwork.

This is well worth exploring if you are importing or exporting goods.


https://www.customsintermediarygrant.co.uk/sme-grants-available

 

BUDGET MARCH 2021

Budget highlights 2021

1        Furlough to be extended to September

2        SEISS there is to be a 4th and 5th grant and is available to those who filed their self employment return by midnight 2nd March 2021.

3        VAT for hospitality remains at 5% until Sept 2021 and then rises to12.5% for 6 months

4        Business rates reduced to £nil for small businesses until 30th June and then discounted by 66.66% for 9 months

5        Restart grants are to be available

6        New recovery loan scheme to be introduced from April 2021.

7        Corporation tax rates to remain at 19% for businesses with profits of less than £50k.

https://www.bbc.co.uk/news/uk-politics-56266773

 
Business Morning

NEWS ROUND UP FOR FEBRUARY

  1. CIS, VAT and domestic reverse charge: If you operate under CIS, today (1st March ) is the first day that the domestic reverse charge begins so if you are an end user you charge VAT. If not you do not charge VAT but use the domestic reverse charge rates. Xero makes this quite straightforward.https://www.gov.uk/guidance/vat-reverse-charge-technical-guide

  2. VAT reductions to 5% for hospitality continues to the end of March 2021. Please make sure you have the facility to get the bookkeeping right or you may lose out on the benefit or prepare an incorrect VAT return.  

  3. Corona Virus Job Support Scheme.  This ends on 30th April 2021 unless Rishi extends it on budget day in March 2021

  4. Deferred VAT payments from March to May 2020 can be paid back over an extended period and do not have to be paid in full in March 2021.  Applications for the scheme opened online on 23rd February.  Agents cannot apply the business must apply in its own right using the business HMRC portal.

  5.  CBILs and Bounce Back Loans, the application period has been extended to the end of April 2021 and repayment has been extended from 6 years to 10!

  6.  ARG Additional Restrictions Grant round 3 is now available to apply for.

 

MENTAL HEALTH AND THANK YOU

LOCK DOWN AND MENTAL HEALTH

26th February

As we have all struggled, at least at times, through this pandemic and lockdown, to be told thank you and then to receive these beautiful flowers from a client is very uplifting.

CBILS AND BOUNCE BACK LOANS

26th February

Applications are now being held open until the end of  April 2021 and in some cases repayment can be over 10 years.

Cashflow forecasts and recent accounts including management accounts are usually required when making an application for a CBILS loan.

Repayment holidays are available for up to 6 months

It is best to approach your current bank first.

This is the link to the list of accredited lenders:

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils-2/current-accredited-lenders-and-partners/

VAT REDUCTION

February 26th

HMRC  announced a reduction in VAT for hospitality, hotel and holiday accommodation and certain attractions from 12th July and have extended the period for this to the end of March 2021

The rate has dropped to 5%. There is hope that this will be extended again in the budget in March 2021

https://www.gov.uk/guidance/vat-reduced-rate-for-hospitality-holiday-accommodation-and-attractions

PERSONAL TAX RETURN FILING DEADLINE

February 26th

The filing deadline was extended to 8th February 2021 if you were affected by corona virus.  The payment date was not extended. If you pay late there will be interest.

LOCAL RESTRICTIONS SUPPORT GRANT AND ADDITIONAL RESTRICTIONS SUPPORT GRANT

February 26th

HMRC have released another round of grants under the LSRG and ARG.

You need to apply to your local council for this..

https://www.gov.uk/guidance/check-if-youre-eligible-for-the-coronavirus-local-restrictions-support-grant-for-open-businesses

The Additional Restrictions Grant is discretionary

 
Image by Jude Beck

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McCormick Accounting Limited

07814661727

Reg Office: Pine Tree Close Wimborne Dorset

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