Below I have summarised all the main tax related updates we have seen this week.
· How to Apply for the Local Enterprise Partnership Small Business Grants of £1,000 to £5,000
· Face Covering Required in Financial Premises from 8th August
· Job Retention Bonus
· Asking HMRC to Verify You Had a New Child Which Affected Your Eligibility for the SEISS Grant
If you have any queries regarding this week’s content, please do not hesitate to contact me.
I’m away from the office on annual leave next week with the family, but if you need any support or advice please do not hesitate to contact the team.
I hope you have a great weekend!
Steven Hillman ACA
Tel: 01934 444100
How to Apply for the Local Enterprise Partnership Small Business Grants of £1,000 to £5,000
Small businesses will be able to access grants between £1,000 to £5,000 to help them use new technology and equipment as well as accessing professional, legal, financial, or other advice to get their businesses back on track.
The grants will be fully funded by the government from the England European Regional Development Fund (ERDF) and distributed through Local Enterprise Partnership (LEP) Growth Hubs across England.
To apply for a grant, you will need to register your interest in the scheme direct with your local area LEP Growth Hub.
For Weston-super-Mare, Bristol, Bath & North East Somerset, North Somerset, and South Gloucestershire clients visit: https://www.wearegrowth.co.uk/
For Taunton and Somerset clients visit: https://www.heartofswgrowthhub.co.uk/
For all other areas you can locate your local Hub here: https://www.lepnetwork.net/about-leps/location-map/
Face Covering Required in Financial Premises from 8th August
The Government has updated its guidance on Face Coverings. For members of the public, from the 8th August 2020 you will have to wear a face covering in premises providing professional, legal or financial services. This will include our office.
We therefore politely request that clients visiting our office please wear a face covering from the 8th August onwards.
Job Retention Bonus
The government is introducing a new Job Retention Bonus to provide additional support to employers who keep on their furloughed employees in meaningful employment, after the government’s Coronavirus Job Retention Scheme ends on 31 October 2020.
The Job Retention Bonus is a one-off payment to employers of £1,000 for every employee who they previously claimed for under the scheme, and who remains continuously employed through to 31 January 2021. Eligible employees must earn at least £520 a month on average between the 1 November 2020 and 31 January 2021. Employers will be able to claim the Job Retention Bonus after they have filed PAYE for January and payments will be made to employers from February 2021.
An employer will be able to claim the Job Retention Bonus for any employees that were eligible for the Coronavirus Job Retention Scheme and they have claimed a grant for. Where a claim for an employee was incorrectly made, a Job Retention Bonus will not be payable.
All employers are eligible for the scheme including recruitment agencies and umbrella companies.
Employers should ensure that they have:
• complied with their obligations to pay and file PAYE accurately and on time under the Real Time Information (RTI) reporting system for all employees
• maintained enrolment for PAYE online
• a UK bank account
Employers must keep their payroll up to date and accurate and address all requests from HMRC to provide missing employee data in respect of historic Coronavirus Job Retention Scheme claims. Failure to maintain accurate records may jeopardise an employer’s claim.
Asking HMRC to Verify You Had a New Child Which Affected Your Eligibility for the SEISS Grant
If you are self-employed or a member of a partnership, and having a new child affected the trading profits or total income you reported for the tax year 2018 to 2019, use the HMRC form to ask them to verify that you had a new child.
If you are already eligible for the grant based on your 2016 to 2017, 2017 to 2018 and 2018 to 2019 Self-Assessment tax returns, how HMRC will work out your self-employment income support scheme grant amount will not be affected.
If you are not already eligible you can ask HMRC to check if you had a new child which either:
• affected your trading profits or total income you reported for the tax year 2018 to 2019
• meant you did not submit a Self-Assessment tax return for the tax year 2018 to 2019
For this scheme having a new child is any of the following:
• being pregnant
• giving birth (including a stillbirth after more than 24 weeks of pregnancy) and the 26 weeks after giving birth
• caring for a child within 12 months of birth if you have parental responsibility
• caring for a child within 12 months of adoption placement
You must have been self-employed in the tax year 2017 to 2018 and have submitted your Self-Assessment tax return on or before 23 April 2020.
You must also meet all other eligibility criteria.