Reminders, Rule relaxations and protecting yourself!
We offer a Tax Investigation Service to protect our clients should they receive a HMRC enquiry.
Any HMRC return can be selected for investigation, and with the increase in reports and claims being sent to HMRC due to COVID-19, we can see an increase in HMRC enquiries being very likely…
This service provides access to an exclusive HR, employment law and health & safety advice line, but in light of recent events they have expanded this service further. The service now includes a furlough support package, which covers representation from us in the event of any HMRC enquiries relating to claims in connection to COVID-19 support measures (CJRS, SEISS etc).
For our clients that are already part of the scheme, renewal invoices will be sent out in the next few weeks…
If you are one of our clients and have not signed up to this service previously, you can find out more here: https://rebrand.ly/LB_TIS.
To sign up you can complete this online form: www.LBforms.co.uk/GetCovered or give us a call on 01243 782 423!
FLEXIBLE FURLOUGH FROM 1 JULY
- From 1 July, employers can bring furloughed employees back to work for any amount of time and any shift pattern, while still being able to claim CJRS grant for the hours not worked.
- For July the government will continue to pay 80% of wages up to a cap of £2,500 for the hours the employee is on furlough, as well as employer National Insurance Contributions (ER NICS) and pension contributions for the hours the employee is on furlough.
- 31 July is the deadline for claiming the furlough grant for any period to 30 June.
There are further changes from 1 August as to how the scheme works, but you can find further information in our Government Support Guide: http://LBLink.uk/Covid19
SELF EMPLOYED INCOME SUPPORT SCHEME – 1ST GRANT DEADLINE 13 JULY
- The scheme currently allows you to claim a taxable grant worth 80% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total.
- If you’re eligible and your business has been adversely affected you must make your claim for the first grant on or before 13 July 2020.
- An individual does not need to have claimed the first grant in order to be eligible for the second and final grant.
- If you’re eligible for the second and final grant, and your business has been adversely affected on or after 14 July 2020 you’ll be able to make a claim in August 2020.
For more information see our Government Support Guide: http://LBLink.uk/Covid19
RULES THAT HAVE BEEN RELAXED TO HELP BUSINESSES DURING THE CORONAVIRUS PANDEMIC
The Department for Business, Energy & Industrial Strategy have published a list of the rules that have been temporarily relaxed to make it easier for businesses to continue working through the disruption caused by Coronavirus.
Here are some of the key rule relaxations:
- Annual leave: Workers will be allowed to carry over leave into the next 2 years.
- Business rates revaluation postponed: Revaluation of business rates will no longer take place in 2021 to help reduce uncertainty for firms affected by the impacts of Coronavirus.
- Companies House enforcement: Enforcement process has been relaxed, including temporarily pausing the strike off process to prevent companies being dissolved.
- Corporate insolvency and governance: New measures have been introduced to relieve the burden on businesses, including:
- temporary easements on filing requirements and Annual General Meetings (AGMs)
- a new moratorium to give companies breathing space from their creditors while they seek a rescue
- temporarily removing the threat of personal liability for wrongful trading from directors
- Eviction protection for commercial tenants: A ban on eviction for businesses who cannot pay their rent.
- Filing accounts and annual statements: 3-month extension from Companies House.
- Off-payroll working rules (IR35): The new rules have been delayed by 12 months.
- Personal protective equipment (PPE) and hand sanitiser: New suppliers will be able to bring products to market more quickly and easily.
- Pubs and restaurants to operate as takeaways: Pubs and restaurants will not need planning permission.
To see the full list go here: https://www.gov.uk/guidance/rules-that-have-been-relaxed-to-help-businesses-during-the-coronavirus-pandemic
If you have any questions or would like to discuss your situation with a member of our team you can call us on 01243 782 423!