Smarter Business Support – 22/1/2021

The lockdown continues and we still have not heard anything new from the Chancellor. Rumours abound, but the simple fact is that at present we do not know anything new. Watch this space though, as the end of January was signalled as a review of the Furlough scheme and the fourth Self Employment Income Support Grant:

  • Furlough Scheme – We already know the scheme has been extended to the end of April. As we have previously stated, we think it unlikely that the scheme will change, and the 80% level will be retained for the whole period
  • Self Employment Income Support Grant – This is where there are the greatest rumours and we have heard all sorts. We know nothing definitive, but there is a chance for the scheme to be changed to be more supportive. The deadline for filing the 2019/20 Self-Assessment tax returns is the 31 January 2021. We could therefore see a change to the scheme, so that self-employed earnings for the 2019/20 period are included. This would close some of the many gaps that exist within the current scheme. If you have not filed your 2019/20 tax return then our recommendation is to get it done!

We will of course keep you posted if anything is announced. One other thing to look out for is the budget which has been announced for the 3 March. The Chancellor has signalled that this will outline the next phase of the plan to tackle the virus and protect jobs.

Other news this week:

  • Self Employment Income Support Grant – Applications for the third grant close on the 29 January 2021. Refer to our previous blogs for information about the criteria for claiming
  • Business Interruption Insurance – The UK Supreme Court has ruled that insurance companies should pay out claims related to the Coronavirus Pandemic. If you have made a claim that was previously rejected or think you may be able to make a claim, then speak to your Insurance Broker or Insurance Company
  • Business Support Schemes Update – We have updated the status by District Council, click on the links below to find out more. We have added North Devon District Council this week. Please let us know your experience. We have heard that West Devon are being slow, but Mid Devon are ahead of things and have made payments of the one-off grant and other grants covering the period to mid-February.

We are getting on with 2019/20 Self Assessment Tax Returns and will be busy right up to the deadline. If you are yet to get your records to us (there are a few!) then get them in as soon as possible and we will endeavour to meet the deadline for you!

The Smarter Accounting Offices will continue to be staffed but will not be open for face to face meetings. 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.  Please be aware that we are reviewing our policy regards COVID 19 on, at least, a weekly basis.

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Best wishes and stay safe