It has been another quiet week regarding announcements from the Government during the ongoing coronavirus pandemic.  However, the team at Smarter Accounting have plenty to update you on what has been happening:

  • Coronavirus Job Retention Scheme
    • The claim system went live on Monday and it has been a hectic week preparing April payrolls and claiming furlough sums for the March and April period.
      • We have completed approximately 50% of the payrolls and claims
      • We are busy on the others and have been speaking to most payroll clients during the week regarding the finer details
      • We anticipate money being paid out from HM Revenue & Customs late April and early May, depending on when your furlough claim was made
    • The Government have announced that the scheme has been extended to the end of June
  • Self Employed Income Support Scheme – No update here, still anticipating HM Revenue & Customs to write to those that qualify around mid-May and for claims to be paid early June.
    • Note the deadline for filing late 2018/19 tax returns expired on the 23 April
  • Business Rates Grants – The majority of claims have now been paid, but still a number of claims that have not been made. If you are in receipt of small business rates relief or pay rates in the hospitality or retails sectors you could be applicable for a grant.
    • We have had many clients ask us about the repayment terms on these grants. These are grants and are not repayable. However, they are taxable, and we would recommend keeping an element aside to meet any tax obligations
  • Business Rent – The Government is to introduce temporary new measures to safeguard the UK high street against aggressive debt recovery actions during the coronavirus pandemic:
    • Statutory demands and winding up petitions issued to commercial tenants to be temporarily voided and changes to be made to the use of Commercial Rent Arrears Recovery, building on measures already introduced in the Coronavirus Act
    • Landlords and investors asked to work collaboratively with high street businesses unable to pay their bills during COVID-19 pandemic
    • The new legislation to protect tenants will be in force until 30 June, and can be extended in line with the moratorium on commercial lease forfeiture.
    • Legislation will also be brought forward to prevent landlords using commercial rent arrears recovery (CRAR) unless 90 days or more of unpaid rent is owed.
    • More information is available from the uk website here >
  • Normal Tax Items
    • 2019/20 Self Assessment Tax Returns – These can now be filed, and we have been completing a number of returns where refunds are due. Some refunds have also been made by HM Revenue & Customs. Want to get your return early or are due a refund? Get your paperwork and information into us and we will get on with things for you
    • March VAT Returns – Although the Government have announced an extension for payments relating to current VAT returns, no such extension has been given for the submission of the returns. March is one of the busiest quarters of the year and therefore get your vat information to us as soon as you can, in order that we prepare your return in time

Although our offices are closed at Smarter Accounting, we remain open for business and are fully operational.  If you want to discuss any issues, or have queries, please don’t hesitate to call, or email us.

Best wishes and stay safe.