The LB Business Broadcast
Welcome to the Lewis Brownlee Podcast, an in-depth podcast for those who are interested in staying up-to-date with all aspects of business, tax and finance. Each show offers a variety of resources, insights, and updates from industry professionals to keep you at the cutting edge of this ever-changing world.
The LB Business Broadcast
The LB Weekly Roundup - 23 April 2021
•
Lewis Brownlee
•
Season 2
•
Episode 12
The focus of today's webinar was around the fourth SEISS grant and a reminder on VAT deferral!
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The fourth SEISS grant is now open to claimants and covers the period from 1 February 2021 to 30 April 2021.
Who can claim?
• If your 2019/2020 tax return was submitted on or before 2 March 2021
• If you've traded in both tax years 2019/20 and 2020/21
You must be trading but impacted by reduced demand OR was trading but temporarily unable to do so
You must declare that you intend to continue to trade and you reasonably believe there will be a significant reduction in trading profits.
Significant reduction in profits
• Before you make a claim, you must decide if the impact on your business between 1 February 2021 and 30 April 2021 will cause a significant reduction in your trading profits for the tax year you report them in.
• You should wait until you have a reasonable belief that your trading profits are going to be significantly reduced, before you make your claim.
• You do not have to consider any other coronavirus scheme support payments that you have received when deciding if you’ve had a significant reduction in your trading profits
See here for examples on the GOV.UK website: https://www.gov.uk/guidance/how-your-trading-conditions-affect-your-eligibility-for-the-self-employment-income-support-scheme#examples
The fifth and final grant coveting the period from May 2021 to September 2021 will be available in due course.
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If you didn’t pay your VAT bill at start of lockdown last year you should have made the payment by 31 March 2021 OR have made an arrangement to pay.
See here for details on how to pay VAT payments deferred between 20 March and 30 June 2020, you can pay now or join the VAT deferral new payment scheme - https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19
Contact HMRC on 0800 024 1222 by 30 June 2021 if you need extra help to pay. You may be charged a 5% penalty or interest if you do not pay in full or make an arrangement to pay by 30 June 2021.
________________________________________
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
________________________________________
The fourth SEISS grant is now open to claimants and covers the period from 1 February 2021 to 30 April 2021.
Who can claim?
• If your 2019/2020 tax return was submitted on or before 2 March 2021
• If you've traded in both tax years 2019/20 and 2020/21
You must be trading but impacted by reduced demand OR was trading but temporarily unable to do so
You must declare that you intend to continue to trade and you reasonably believe there will be a significant reduction in trading profits.
Significant reduction in profits
• Before you make a claim, you must decide if the impact on your business between 1 February 2021 and 30 April 2021 will cause a significant reduction in your trading profits for the tax year you report them in.
• You should wait until you have a reasonable belief that your trading profits are going to be significantly reduced, before you make your claim.
• You do not have to consider any other coronavirus scheme support payments that you have received when deciding if you’ve had a significant reduction in your trading profits
See here for examples on the GOV.UK website: https://www.gov.uk/guidance/how-your-trading-conditions-affect-your-eligibility-for-the-self-employment-income-support-scheme#examples
The fifth and final grant coveting the period from May 2021 to September 2021 will be available in due course.
________________________________________
If you didn’t pay your VAT bill at start of lockdown last year you should have made the payment by 31 March 2021 OR have made an arrangement to pay.
See here for details on how to pay VAT payments deferred between 20 March and 30 June 2020, you can pay now or join the VAT deferral new payment scheme - https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19
Contact HMRC on 0800 024 1222 by 30 June 2021 if you need extra help to pay. You may be charged a 5% penalty or interest if you do not pay in full or make an arrangement to pay by 30 June 2021.
________________________________________
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
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