Following the worst imaginable start to the New Year we would like to update you on the latest Government support available to help businesses and individuals through the pandemic.
New Lockdown Grants Announced
The Chancellor has announced that Businesses in the retail, hospitality and leisure sectors are to receive a one-off grant worth up to £9,000. The grants will be provided on a per-property basis to support businesses through the latest restrictions.
The one-off top-ups will be granted to closed businesses as follows:
- £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.
In addition there is a £594 million discretionary fund also made available to support other impacted businesses. We therefore recommend contacting the local council if you are in need of support and do not qualify for other schemes or the support being received is not adequate.
Coronavirus Job Retention Scheme
The Coronavirus Job Retention Scheme has been extended until 30 April 2021. You can claim 80% of an employee’s usual salary for hours not worked, up to a maximum of £2,500 per month. You can claim for employees who were employed on 30 October 2020, as long as you have made a PAYE Real Time Information (RTI) submission to HMRC between 20 March 2020 and 30 October 2020, notifying a payment of earnings for that employee.
No Extension To Self-Assessment Tax Return Deadline
Unfortunately, it appears that H.M. Revenue & Customs are declining the calls from professional bodies to extend the Self-Assessment Tax Return deadline of 31 January 2021.
For self-employed, partners and directors we are concerned that non-submission of a Tax Return could prevent Government grants from being obtained in the future.
We would therefore encourage, if you have not done so already for you to provide us with the relevant records to complete your Tax Return as soon as possible.
Over the last 10 months, we have kept you updated with any announcements that affect business throughout the UK, but please don’t hesitate to contact us on 01384 376964 should you wish to discuss anything
Our offices are open but we do have members of the team working from home. We will do our upmost to complete work in our usual timely manor.
Folkes Worton – Accounting for the Future