This week our Managing Director Sarah Alexander discusses Tax Planning, Brexit, Claim and name, VAT deferral payment scheme plus so much more...
KEY POINTS/LINKS:
- Brexit - Key Dates
- April – the movement of goods rules for products of animal origin come into force;
- June – the settlement scheme registration process for people from the EU to remain in the UK ends;
- July – new border controls will come into force after the six-month grace period and customs declarations will become permanent.
- The VAT deferral payment scheme will be open from 23 February up to and including 21 June 2021. Full details in our blog: https://rebrand.ly/LB_VATDP
- Bounce back loan borrowers can delay repayments by extra six months - https://www.gov.uk/government/news/chancellor-eases-burden-on-more-than-a-million-businesses-through-pay-as-you-grow-flexible-repayment-options
- Coronavirus Job Retention Scheme (CJRS) - Don’t forget your January 2021 claim must be made by 15 February 2021. See: https://www.gov.uk/guidance/claim-for-wages-through-the-coronavirus-job-retention-scheme
- Claim and name - In an anti-fraud move, on 25 February HMRC will publish values relating to CJRS claims for December 2020 onwards. Check what details of your claim will be publicly available - https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme#details-of-your-claim-that-will-be-publicly-available. Also from that date employee’s personal tax accounts will be populated with a message that the CJRS claim has been made by the employer on behalf of the employee.
- Tax Planning - Our Tax Director Tom Foster and Senior Tax Adviser Shaun Dodson will be recording a webinar on pre year end Tax Planning which will be published in due course!
- If you’re a Chichester district business that has been affected by coronavirus, sign up for this live webinar 2-3pm on Friday 19 February to find out more about the Covid-19 government grant funding offered by Chichester District Council.
- To Register: https://www.chichester.gov.uk/businesswebinar
- Kickstart Scheme Grant - If you're an employer looking to create job placements for young people, you can apply for funding as part of the Kickstart Scheme. The new guide for employers is here: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/958223/kickstart-scheme-employer-guide.pdf
KEY DATES:
- 28 February - Self Assessment filing deadline
- 1 March - Domestic VAT reverse charge for construction services
- 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
- 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)
- 30 April - Furlough scheme closes (but watch this space)
If you have any questions or would like to discuss any topics further, then please get in touch. You can call us on 01243 782 423, or email LetsTalk@lewisbrownlee.co.uk. Alternatively, head to our website to see our other resources and news updates - www.lewisbrownlee.co.uk