This week our Managing Director Sarah Alexander discusses ICO fees, Postponed VAT Accounting, the Job Retention Scheme, plus much more...
KEY POINTS/LINKS:
- ICO - The Data Protection (Charges and Information) Regulations 2018 requires every organisation that processes personal information to pay a fee to the Information Commissioner’s Office (ICO), unless they are exempt. Failure to do so will result in a fixed penalty, so if you do receive a letter from ICO, please do not ignore it.
- Brexit - Many businesses have encountered confusion around the ‘Rule of origin’. The rule means that any goods arriving to the UK from outside the EU, which are then exported from the UK into the EU, will be subject to customs duties, which has come as a costly surprise to many!
- Postponed VAT Accounting (PVA) - PVA gives companies the option to account for and recover VAT on imported goods on the same VAT return instead of paying the VAT upfront then awaiting a C79 to recover. More details in our recent blog - https://rebrand.ly/LB_PVA
- Changes to the Kickstart Scheme grant - From 3 February 2021, employers can apply directly to the Kickstart scheme for any number of job placements. The Government is removing the threshold of 30 job placements.
- Coronavirus Job Retention Scheme (CJRS) has been extended until 30 April 2021, but don’t forget your January 2021 claim must be made by 15 February 2021. . You can no longer submit claims for claim periods ending on or before 31 October 2020.
- You can request that HMRC does not publish details about your CJRS claim. To do so you need to show evidence that it would result in serious risk of violence or intimidation to you or anyone living with you, or to an individual associated with your business or anyone living with them.
- If you have overclaimed for CJRS then HMRC encourage employers to pay all or some of the grant back or if you do not need the grant and want to make a voluntary repayment you can do so.
- Companies House (CH) have temporarily paused voluntary and compulsory strike off processes for one month from 21 January until 21 February 2021, due to reduced staff numbers in their offices.
- Claims for the third SEISS grant have now closed, however details about the fourth grant will be announced on 3 March 2021. HMRC has updated its guidance to define trading conditions that affect the eligibility for the Self-Employment Income Support Scheme.
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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