The new way of accounting and paying for VAT had been due to come into force on 1 October 2020 and will now be delayed until 1 March 2021 due to the impact of the coronavirus pandemic on the construction sector.
The Reverse Charge moves the responsibility for reporting a VAT transaction from the seller to the buyer of goods or services.
Still undecided on furloughing employees?
Today is the last day employers can place employees on furlough who have so far not been on the government’s job retention scheme.
Employees who have previously been furloughed can however be furloughed again in the future.
You’ll be able to make a claim for a second and final grant in August 2020.
The online service for the second and final grant is not available yet.
The second and final grant will be a taxable grant worth 70% of your average monthly trading profits capped at £6,570 in total.
Furlough scheme extended till October with employers meeting 10% of the cost in September & 20% of the cost in October.
Employers will also have the ability to recover furlough payments for staff that have resumed work on a part time basis.
The HMRC portal for reclaiming statutory sick pay as a result of Coronavirus is now open!
https://www.accountancydaily.co/covid-19-coronavirus-sick-p…
We have partially re-opened our offices with a minimal workforce adhering to social distancing.
You can now reach us on the usual office number - 01384 401050 and we can also offer a contact free drop off for any clients wishing to bring in books and records.
Hope to see you all (at a 2m distance) soon!
Stay Safe!
HMRC have now updated their guidance and for anyone wishing to apply for the Self-Employment Income Support Scheme (SEISS) but is unable to apply online there is now a dedicated SEISS phone number.
SEISS - 0800 024 1222
The UK government’s scheme to support the self-employed has today opened for claims – weeks ahead of schedule.
From 8am this morning self-employed people or members of partnerships whose business has been adversely affected by coronavirus will be able to apply for a Self-Employment Income Support Scheme (SEISS) grant worth 80% of their average monthly trading profits
The furlough scheme has been extended to 31st October 2020 taking pressure off small businesses with employees still being entitled to 80% of their usual pay.
It has not however been made clear what amount of this 80% the employer will be able to reclaim. It is likely that from July onwards there will be a cost to the employer if they continue to furlough any employees.
Further information to follow.
Many individuals are starting to receive letters. Check if you can claim a grant through the Self-Employment Income Support Scheme
https://www.gov.uk/…/claim-a-grant-through-the-coronavirus-…
https://www.bbc.co.uk/news/business-52323918
Coronavirus Job Retention Scheme extended from 31 May to 30 June.
