The online service to claim the fourth SEISS grant will go live on Monday 19th April.

If you’re eligible based on your tax returns HMRC will contact you in the coming days, to give you a date that you can make your claim from. It will be given to you either by email, letter or within the online service.

You’ll need to confirm you meet other eligibility criteria when you make your claim.

You must make your claim on or before 1 June 2021.

  Click here to learn more.

Another tick for Jack here in the office

Congratulations are due for passing his ICAEW Principles of Taxation Exam. Jack has now achieved his 'Certificate in Finance, Accounting & Business'
Keep up the hard work!!

Minimum/Living Wage Increase.

From 1st April 2021, The Minimum & National Living Wage rates increase and for the National Living Wage the age has also been reduced from 25 to 23 years old:

  • for 23+ to £8.91
  • for 21-22 yr olds to £8.36
  • for 18-20 yr olds to £6.56
  • for 16-17 yr olds to £4.62
  • Apprentices to £4.30

 

CBILS & BBLS Application Window Closing.

Time is running out to apply for a loan under the coronavirus business interruption loan scheme (CBILS) and bounce back loan scheme (BBLS).

The deadline for new applications is 31st March 2021. Businesses will be able to start an application for finance until the end of day on this date.

There is however a new 'Recovery Loan Scheme' launching on the 6th April but it will follow different lending criteria.


Budget 2021 - Restart Grants.

The Restart Grant scheme supports businesses in the non-essential retail, hospitality, leisure, personal care and accommodation sectors with a one-off grant.
Eligible businesses in the non-essential retail sector may be entitled to a one-off cash grant of up to £6,000 from their local council.
Eligible businesses in the hospitality, accommodation, leisure, personal care and gym sectors may be entitled to a one-off cash grant of up to £18,000 from their local council.


Budget 2021 - 4th & 5th SEISS Grants

SEISS 4

The fourth SEISS grant covers February to April 2021. It has been set at 80% of three months’ average trading profits, capped at £7,500. Average trading profits is over the four years 2016/17 - 2019/20, where available and it will be available from late April.

SEISS 5

The fifth grant covers May to September 2021. It has been set at 80% of three months’ average trading profits capped at £7,500 for those whose turnover has reduced by 30% or more.<br) Those with a turnover reduction of less than 30% will receive a grant based on 30% of three months’ average trading profits, capped at £2,850. Average trading profits will be calculated as for SEISS 4 and the grant will be available in late July

A reminder as always, these grants are subject to Tax and Class 4 National Insurance.


Budget 2021 - Stamp Duty Holiday Extension

The stamp Duty Holiday which was due to end March 2021 has now been extended until 30th June. The extension means you now have until 30th June to complete on the purchase to make the stamp duty saving, paying nothing on properties sunder £500,000.

Then, to smooth the transition back to normal, the nil rate band will be £250,000, double its standard level, until the end of September.

It will return to the usual threshold of £125,000 on 1st October.


Budget 2021 - VAT cut for Hospitality & Tourism Extended.

The Chancellor announced at Budget 2021 that the temporary reduced rate of 5% will be extended to 30 September 2021.
From 1 October 2021 the reduced rate for these supplies will be replaced by the introduction of a new reduced rate of VAT of 12.5% which will remain in effect until 31 March 2022.


Budget 2021 - Furlough Extension.

The Coronavirus Job Retention Scheme has been extended until 30th September 2021.

From 1st July 2021, the level of grant will be reduced each month and employers will be asked to contribute towards the cost of furloughed employees’ wages, the contribution required will be 10% of wages for hours not worked in July, rising to 20% in respect of August & September 2021.

From 1st May 2021 onwards, employers can claim grants under the CJRS for workers who were employed on 2nd March 2021, as long as the employer has made a PAYE Real Time Information (RTI) submission to HMRC in respect of that worker between 20th March 2020 and 2nd March 2021.


Highlights of the 2021 Spring Budget.

  • Furlough extended until September.
  • 4th & 5th Self Employed Grants
  • Reduced rate VAT for Hospitality & Leisure extended
  • Restart grants available in certain industries
  • Universal Credit £20 uplift extended
  • 95% mortgages
  • Income tax thresholds frozen from 2022
  • Fuel & Alcohol Duty Frozen
  • Stamp Duty Extended 

The VAT domestic reverse charge is now active

It must be used for most supplies of building and construction services.
The charge applies to standard and reduced-rate VAT services:

  • for individuals or businesses who are registered for VAT in the UK
  • reported within the Construction Industry Scheme.

    To find out more Visit this link.