In Case You Missed It – September Recap
- Take advantage of the Job Retention Scheme before it ends on 31 October 2020, this will help support your business in paying wages of furloughed staff!
- Low-risk Bounce Back Loans are ending 4 November 2020 so apply soon if you haven’t already to help ensure enough cash flow for your business!
- If you are able to help with hiring young people in need of work experience and skills, look into the Kickstart Scheme which is taking applications now – it provides hefty rewards for participating businesses!
Reduced VAT Helps Boost the Hospitality Economy As announced in mid-July, an emergency reduction of VAT for hospitality, leisure-related activities and accommodation means that there will only be 5% VAT until 21 January 2021. This began on 15 July 2020 and affects restaurants and pubs serving food on premises, hot takeaways, hotels and camping accommodation, and attractions like zoos,concerts,theatres, and more! Those looking for a good way to spend time with family as the economy moves towards recovering can take advantage of this VAT reduction. Its also good news for businesses as well, who will hopefully be seeing an increase in business due to this recent intervention. If your business is still struggling to survive coronavirus lockdowns and the related economic downturn, please contact us! We are here to help you strategise for your businesses success!
New Grants for Lockdown-Affected Businesses
As part of the latest opportunities for lockdown-affected businesses to recover, Chief Secretary to the Treasury Steve Barclay told MPs that there will be local grants issued to businesses that have been required to stay closed amid the lockdowns. Businesses that are targeted by local lockdown requirements may be eligible to receive between £1,000 to £1,500 depending on its size for every three weeks of closure.
If the rateable value of your premises is less than £51,000, it will receive £1000.
If the rateable value is £51,000 or over, it will receive £1500.
If your business is not subject to business rates, local authorities can assist businesses with grant of up to £1500.
If you may qualify, please contact us for more information on how to apply!
Capital Gains Tax Update
What you need to know if you are selling a property?
On 6 April 2020, capital gains tax changes rolled out across the UK. This means that in the case of any property sales made, the profit needs to be reported and taxes paid within 30 days of the sale. This applies only to property within the UK, but does include rental properties, second homes, and holiday homes – so please be aware of the regulations to avoid any penalties and fines that may be incurred. For help with filing these tax reports, we are available for you – contact us ahead of time so that we can help you prepare for any sales! Additionally for landlords who may be preparing to let out property during the year or on holiday, stay tuned for our advice sheet that will give you important reminders and must-know tips!
If you have operated as a sole trader or a partner in a partnership and need to file self-assessment, be aware that the deadline to register (if they haven’t already done so) is 5 October 2020, just days away!
We are requesting submission of your paperwork by 31 October 2020 in order to assist in your timely filing by the 31 January 2021 deadline.
We offer FREE consultations