The LB Weekly Roundup – 26 February 2021

Thank you to those who attended our weekly roundup webinar this morning! The recording is at the bottom of this blog 👇

Key points from today’s Weekly Roundup webinar:

Boris Johnson outlined the government’s road map to release England from lockdown on Monday. The stay-at-home order remains in place and people will be encouraged to stay local wherever they can.  The Lewis Brownlee team are still operating fully from home, our Midhurst office is being manned 2 days a week, and Chichester every day, but do call to make an appointment if you need to come and see us! See the full plan details here: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/963491/COVID-19_Response_-_Spring_2021.pdf

With 6 weeks to go until the end of the Tax Year, it is time to make the most of your tax allowances this year.  Our Tax Director Tom Foster and Senior Tax Adviser Shaun Dodson have recorded a webinar on this, plus we have also prepared a pdf guide for tax planning.

• Tax Planning Webinar – http://LBLink.uk/LBTP_PYETP
• Tax Planning PDF Guide – https://www.lewisbrownlee.co.uk/tax-planning-tips-2021/

Last week we heard that the UK borrowed its highest ever January amount since 1993. We believe there will be a bounce back and the successful vaccination programme will allow us to get to some form of normality later this year, in the meantime, we need to be patient.

Brexit News

• There are many unresolved issues, notably the UK financial services sector not having any access to EU customers without local authorisation from individual EU countries. The Financial Conduct Authority has updated its guidance for firms after the transition period and how the end of access to EU markets affects financial services firms. See details here: https://www.fca.org.uk/firms/considerations-firms-after-transition-period
• Small and medium-sized UK businesses needing support on customs duties and VAT will be able to apply to the SME Brexit Fund for a grant of up £2,000 to pay for professional advice or training, confirms HMRC. See more here: https://www.gov.uk/guidance/grants-to-help-small-and-medium-sized-businesses-new-to-importing-or-exporting

COVID News

• We have heard from a number of clients that the Health and Safety Executive (HSE) is carrying out spot checks and inspections on all types of businesses in all areas to ensure they are COVID-secure. See more here: https://www.hse.gov.uk/coronavirus/regulating-health-and-safety/spot-inspections.htm
• Last week the office for national statistics (ONS) released analysis of industries related to travel and tourism in the UK that have been affected by the coronavirus (COVID-19) pandemic, using data on business performance and the labour market. See: https://www.ons.gov.uk/businessindustryandtrade/tourismindustry/articles/coronavirusandtheimpactontheuktravelandtourismindustry/2021-02-15
• We cannot predict the date of a return to normality, but there are some practical steps you can take to minimise potential disruption to your business and maximise opportunities for recovery. Please talk to us about cash flow planning, we can help provide template so you can do this yourself or work together to produce estimates for a variety of scenarios.   If you’re on Xero, there is a great cash flow app called Fluidly – just call or email to find out more!
• Information about payment of Class 2 National insurance contributions through a Time to Pay arrangement, has been added and the Pay in Instalments section has been updated in the guidance by HMRC on how to pay self-assessment. See more here: https://www.gov.uk/guidance/defer-your-self-assessment-payment-on-account-due-to-coronavirus-covid-19
• Claims for the third SEISS grant have now closed. The last date for making a claim for the third grant was 29 January 2021. Details about the fourth SEISS grant will be announced on 3 March 2021. We will update you on any new developments. See more here: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme
• You can now submit your Coronavirus Job Retention Scheme claims for periods in February. These must be made by Monday 15 March. See:  https://www.gov.uk/guidance/claim-for-wages-through-the-coronavirus-job-retention-scheme
• MRC has produced a factsheet containing information about the recovery of overclaimed Eat Out to Help Out payments. It also tells you about the penalties HMRC can charge. See more here: https://www.gov.uk/government/publications/eat-out-to-help-out-scheme-receiving-payments-you-were-not-entitled-to

Key dates:

• 23 February to 21 June – VAT Deferral Payment Scheme open
• 28 February – Self Assessment filing deadline – £100 penalty if not submitted by then
• 1 March – Domestic VAT reverse charge for construction services – See our video on this here: http://LBLink.uk/LBTP_DRC
• 3 March – Budget day, Fourth SEISS grant details to be announced, plus 5% penalty will be applied if tax is not paid by this date.
• 5 March – Our webinar on the key announcements from the budget
• 12 March – Our webinar providing a more detailed review of the budget
• 15 March – Deadline for February Furlough claims
• 31 March – Pay last years VAT (or have agreed a payment plan)
• 31 March – Deadline to apply for a bounce back loan or CIBLs loan (if not already had one, or a top up if you need more)
• 6 April – Changes to off-payroll working (IR35) implemented – See our video on this here: http://LBLink.uk/LBTP_IR35 
• 30 April – Furlough scheme closes (but watch this space)

Lewis Brownlee Fancy Dress Fundraiser for Stonepillow

On Wednesday 3rd March, the Lewis Brownlee team will be donning their best Fancy Dress outfits to help raise money for one of our local charities – Stonepillow (St Richard of Chichester Christian Care Association Ltd). 

Stonepillow is a single homeless charity. During the COVID-19 pandemic, the demands on their frontline services grow and change daily. Due to having to cancel all fundraising events, closure of retail outlets and reduced income, they need our help now more than ever, to enable them to continue responding to the challenges facing people who are homeless and rough sleeping.

We have set up a “go fund me” page for donations and will be posting photos of the team in their outfits throughout the day to our social media pages!

If you’d like to donate, head to our fundraising page: https://www.gofundme.com/f/lewis-brownlee-fancy-dress-fundraiser

Register for the next LB Roundup – 5th March – Key Budget Announcements

In our next LB Roundup on Friday 5 March, we will be doing a brief overview of the key announcements from the Budget!
To register for the next LB Weekly Roundup please head to: http://LBLink.uk/WKLYRNDUP_REG