Below I have summarised all the main tax related updates we have seen this week.
• Business West COVID-19 Business Grants – Application Process Closes 21st September
• Thinking of Reopening Your Business?
• Companies House Resumes Voluntary Strike Off Process
• How long you need to keep VAT records
If you have any queries about this week’s content, please do not hesitate to contact me.
I hope you have a great weekend!
Steven Hillman BSc (Hons) ACA
Tel: 01934 444100
Business West COVID-19 Business Grants – Application Process Closes 21st September
Just a reminder that the Business West COVID-19 Business Grants Application window closes on the 21st September 2020.
Fully funded grants of between £1,000 and £3,000 are available to businesses in North Somerset and Bristol for business coaching, IT hardware and software etc.
Applications for funding will only be open until Monday 21st September. Any applications made after this date will not be considered.
You can read more information on the Business West grants here: https://www.businesswest.co.uk/covid-19-business-support
The grants for businesses based in Taunton and Somerset are being administered by The Heart of the South West Growth Hub.
Read more information here for Taunton and Somerset businesses: https://www.heartofswgrowthhub.co.uk/business-support-programmes/growth-support-kickstart-grant-scheme/
Thinking of Reopening Your Business?
If you are now reopening your business you should refer to the latest guidance from the Government.
There is risk assessment guidance to help businesses make adjustments to the workplace on the webpage: https://www.gov.uk/coronavirus-business-reopening
How long you need to keep VAT records
All VAT-registered businesses must:
- keep records of sales and purchases;
- keep a separate summary of VAT;
- issue correct VAT invoices
In the UK, VAT records must be kept for at least six years (or ten years if the trader uses the HMRC VAT mini-one-stop-shop (VAT MOSS) service).
VAT records may be kept on paper, electronically or as part of a software program (e.g. book-keeping software) - but whichever method is used, the records must be accurate, complete and readable.
HMRC can visit businesses to inspect record-keeping and impose penalties if the records are not in order.
Companies House Resumes Voluntary Strike Off Process
The process for companies that have applied to be struck off the register resumed the 10th September following changes to temporary measures announced in April 2020.
Due to the coronavirus (COVID-19) outbreak, Companies House paused all strike off activity to relieve the burden on businesses and to protect creditors and other interested parties who may have had difficulties in registering an objection.
The measures have been reviewed monthly and the latest change has been implemented after consideration and feedback from customers and stakeholders.
This means all companies that applied to be struck off before July 2020 will be struck off the register in a phased approach over the next 4 weeks, starting on the 10th September 2020.
For companies that applied to be struck off from July 2020 onwards, the voluntary strike off process will continue as normal after this initial 4-week period.