Business Blog – 15 June

by | Jul 8, 2021 | 0 comments

Smarter Business Blog – 15/06/21

We hope that you are well and enjoying the fantastic weather. The weather makes you realise what a great part of the world we live in. I am sure we are all hoping that it continues to be good for the summer.

Restrictions Extended by further 4 Weeks
Yesterday it was announced that the full unlocking has now been pushed back 4 weeks, to the 19 July 2021. This has come as disappointing news to many businesses. As we know, these have been tough times and the level of uncertainty has made it so difficult.

The Furlough Scheme
The Chancellor was pushed to extend the furlough scheme to help with the extension, but a treasury spokesman has said that the scheme is still one of the most generous in the world and that there will not be any further changes.

The furlough scheme has already been extended to the end of September but does start to taper off from July. A reminder of the furlough funding levels from here to the end of the scheme:

  • June – 80% of wages are covered in full by the furlough scheme
  • July – Businesses are still required to pay employees at least 80%, but the Government funding will be capped at 70%. Therefore, businesses will be required to find the extra 10%
  • August and September – Government funding is reduced further to 60%. With still a minimum payment level of 80%, businesses will be required to find the extra 20%

Tax Return and Accounts Deadlines
In other news, anyone in receipt of Tax Credits is advised to file their self-assessment tax return by the end of July. If you are in receipt of Tax Credits, then please make sure you get your records to us as soon as you can to ensure that we get everything completed in time.

As a gentle reminder for others who complete a self-assessment tax return, the deadline is much later, by the end of January 2022. Do not leave things this long though, getting your tax return completed early gives you piece of mind and ensures you have the maximum notice of how much tax you need to pay and when. With the pandemic we are seeing many tax returns with significantly different numbers to normal and therefore getting your return done early is even more important. We are seeing both lower (reduced profits) and higher (effect of Government Grants) tax bills.

Limited Company owners also need to be aware that Companies House deadlines have now gone back to normal and therefore accounts need to be filed within 9 months from the end of year. Therefore, if your company year-end was October 2020 then your accounts need to be filed by the end of July. If you have not already got your records to us, then please get them to us as soon as you can. For those with company year ends from November 2020 to March 2021, your deadlines will be fast approaching. Get your records in early!

We have brought more staff back into work at the Smarter Accounting Offices but have taken the decision to remain closed for face-to-face meetings at this point, for the continued safety of our staff and clients.  We hope the next round of re-openings will allow us to change this.  In the meantime we can always make other arrangements for video conferencing or telephone calls if required. If you are dropping off or collecting records via the office, please notify us in advance and wear a facemask.

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Best wishes and stay safe


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