Williamson Green Tax Accountants

06/04/2024

Happy New Tax Year!!

06/04/2022

Happy New (tax) Year! 🎉 🥳

19/01/2022

HMRC gives Self Assessment taxpayers more time to ease COVID-19 pressures

Late filing and late payment penalties are to be waived for one month for Self Assessment taxpayers.

06/04/2021

Happy new (tax) year one and all!!

Here's hoping 2021-2022 proves to be a better year for us all than the past 12 months 🤞

17/08/2020

Self-Employment Income Support Scheme

The HMRC portal opened today for the second part of the HMRC self employed income support grant.

To claim you need to login below and register your application;

https://www.gov.uk/guidance/claim-a-grant-through-the-self-employment-income-support-scheme

The last date to apply is 19 October

24/03/2020

5/5
Check your insurance as with the correct level of pandemic or business interruption cover you may be eligible.

Updated guidance for employers, businesses and employees is available at:

• COVID-19: support for businesses
https://links.advice.hmrc.gov.uk/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDIsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMDAzMjAuMTkwODE3MjEiLCJ1cmwiOiJodHRwczovL3d3dy5nb3YudWsvZ292ZXJubWVudC9wdWJsaWNhdGlvbnMvZ3VpZGFuY2UtdG8tZW1wbG95ZXJzLWFuZC1idXNpbmVzc2VzLWFib3V0LWNvdmlkLTE5L2NvdmlkLTE5LXN1cHBvcnQtZm9yLWJ1c2luZXNzZXMifQ.lmpn73KJblZK6N3EZQkGjf3sVo4T_yd8pYoF7KJQM8Q/br/76422201950-l

• COVID-19: guidance for employees

https://links.advice.hmrc.gov.uk/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDMsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMDAzMjAuMTkwODE3MjEiLCJ1cmwiOiJodHRwczovL3d3dy5nb3YudWsvZ292ZXJubWVudC9wdWJsaWNhdGlvbnMvZ3VpZGFuY2UtdG8tZW1wbG95ZXJzLWFuZC1idXNpbmVzc2VzLWFib3V0LWNvdmlkLTE5L2NvdmlkLTE5LWd1aWRhbmNlLWZvci1lbXBsb3llZXMifQ.HrEIQu551bK_DFtEctIO6dveez2pYGrcSnDv3JWkijM/br/76422201950-l

I will continue to review all breaking news and will provide a further update once more information is available.

If you have any questions or concerns please do not hesitate to contact me.

Stay safe and wash your hands!! 👏👍

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24/03/2020

4/5

• CBILS (Coronavirus Business Interruption Loan Scheme) - the British Business Bank have this morning released full details. Below is a summary of the key points:
o The government has confirmed that it will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs
o Available to UK-based businesses with annual turnover of up to £45m per year
o All 40+ accredited lenders will be ready to provide CBILS today.
o There will be an expedited process for overdrafts - no fees or interest 12 months. Some lenders will be available to provide this from today.
o Eligibility criteria widened – the aim to not turn down otherwise viable businesses which have been hit by the Coronavirus.
o No guarantee fee for SMEs to access the scheme.
o At the discretion of the lender, the scheme may be used for unsecured lending for facilities of £250,000 and under
o Finance terms are up to six years for term loans and asset finance facilities. For overdrafts and invoice finance facilities, terms will be up to three years.

The recommendation is you should talk to your bank or finance provider (not the British Business Bank) as soon as possible and discuss your business plan with them. The list of providers is available on the British Business Bank website.

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/

24/03/2020

3/5

• Deferral of VAT payments for the coming three months will keep money in businesses to enable payments to people and suppliers. Our understanding is that HMRC will catch up with payments by the end of the financial year end – this is a deferral/holiday not a freebie. Details are here:

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses -for-businesses-through-deferring-vat-and-income-tax-payments

• Self assessment – July payments on account due by 31 July 2020 have been deferred until January 2021

• Cash grants for retail, hospitality and leisure businesses
o The Retail and Hospitality Grant Scheme provides businesses in the retail, hospitality and leisure sectors with a cash grant of up to £25,000 per property.
o Businesses in these sectors with a property that has a rateable value of under £15,000 and under will receive a grant of £10,000.
o Businesses in these sectors with a property that has a rateable value of between £15,000 and £51,000 will receive a grant of £25,000

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24/03/2020

2/5

SUPPORT SCHEMES AND ACCESS POINTS

• The Coronavirus Job Retention Scheme – Announced on Friday, this scheme will be overseen by HMRC. Details are being released over the coming days but the initial guidance is located here. The key information is:
o 80% of employment costs for employees deemed ‘furloughed’ will be met by the UK government as an alternative to staff being made redundant. This is up to a cap of £2,500 per month per employee.
o No work can be undertaken by the employee on behalf of the employer during the time they are designated.
o The employee is kept on the employer payroll rather than being laid off.
o Employers can choose to fund the difference between the 80% and full employment costs but they do not have to
o The scheme is intended to run for three months from 1st March 2020 (i.e. Backdated claims can be made) and the scheme will extend beyond the initial three months if required.
Government published details here.

https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses -for-businesses-through-the-coronavirus-job-retention-scheme

Further details are due very shortly.

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24/03/2020

1/5

I know it is a worrying time for a lot of us as small business owners with staff and families to think about.

I have read and reviewed all of the government’s recent notices that they have set out to assist us with financial support during these uncertain times.

The following posts detail the main support currently available to business and employers.

They are mainly aimed at companies and to date the only real financial support to those of us self employed is to make a claim for universal credit – this is not ideal and I, like a lot of you, am hoping for further support to come in the next few days.

29/10/2019

There is a little over 90 days to file your self assessment Tax Return - don't delay speak to us to take the headache away today!