Weekly Update 24.04.2020
Below I have summarised all the main tax updates we’ve seen this week from HMRC.
• HMRC Online Service Now Open for Coronavirus Job Retention Scheme
• Coronavirus Future Fund for tech start-ups
• Coronavirus and VAT
• Turn2us Benefits Calculator
As always if you need any support or advice please don’t hesitate to contact me.
Have a great weekend!
HMRC Online Service Now Open for Coronavirus Job Retention Scheme
The HMRC online service is now open for employers to make a claim.
To access the service visit https://www.access.service.gov.uk/login/signin/creds
If you are a Hillmans client and we prepare your payroll for you, you can rest assured we will take care of this for you.
Coronavirus Future Fund for tech start-ups
The government has announced a new Future Fund scheme, issuing convertible loans to help start-ups struggling due to the coronavirus outbreak. The loans will range from £125k to £5million.
A convertible loan gives the government the option to convert the loan to shares.
The loans will be available from May until September.
It is important to note the future fund will only be available if a business is unable to access the CBILS.
You’re eligible if your business:
-is based in the UK
-can attract the equivalent match funding from third-party private investors and institutions
-has previously raised at least £250,000 in equity investment from third-party investors in the last 5 years
Visit https://www.gov.uk/guidance/future-fund for more information.
Coronavirus and VAT
If your sales turnover has fallen due to the Coronavirus, it may be beneficial to review whether it would be worth your business deregistering for VAT. You can deregister if you think your turnover will be below the VAT deregistration threshold of £83,000 for the next 12 months.
We can also review whether it would be worth moving to a cash accounting or flat rate scheme.
Please drop us a line if you would like to discuss this further.
Turn2us Benefits Calculator
Turn2us is a national charity helping people when times get tough.
Their website has a very useful Benefits Calculator to find out which welfare benefits you may be entitled to.
Visit https://www.turn2us.org.uk for more information.
If I can be of any assistance please drop me a line.
Stay safe and well.
Steven Hillman ACA