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
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