New ‘Significantly Reduced Profits’ Test for Third SEISS Grant

We have been advised by the ICAEW’s Tax Faculty that the eligibility criteria for the third Self-Employment Income Support Scheme (SEISS) Grant has been tightened Further. With the grant claim window opening from today (30th November) claimants will need to consider them carefully before making a claim.

 

Earlier government policy announcements indicated that to qualify for the third SEISS grant, the business needs to not only be adversely affected due to coronavirus but also to:

 

• be currently trading but be impacted by reduced demand due to coronavirus; or

        have been trading but be temporarily unable to do so due to coronavirus.

There is now an additional test which states that the taxpayer must:

 

• intend to continue to trade; and

• reasonably believe there will be a significant reduction in their trading profits due to reduced activity, capacity or demand or inability to trade due to coronavirus.

See: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme 

27th November 2020 – Hillmans Weekly Update

27^th November 2020 – Hillmans Weekly Update

Below I have summarised all the main tax related updates we have seen this week.

• Summary of the Chancellor's Spending Review
• Brexit Update
• Reminder on Changes to Entrepreneurs' Relief
• Nightclubs, Dance Halls, or Adult Entertainment Businesses
• Bring Your Tax Affairs up to Date

If you have any queries about this week’s content, or if you need any assistance please do not hesitate to contact me.

I hope you have a good weekend.

Stay safe and well. 

Kind regards,

Steve

Steven Hillman BSc (Hons) ACA

Chartered Accountant

Tel: 01934 444100

https://www.hillmans.co.uk/covid-19-updates 

Summary of the Chancellor's Spending Review

In his spending review yesterday Rishi Sunak said the "economic emergency" caused by Covid-19 has only just begun, as he warned the virus would mean lasting damage to growth and jobs.

Official forecasts now predict the biggest economic decline in 300 years.

The UK economy is expected to shrink by 11.3% this year and not return to its pre-Covid size until the end of 2022. Government borrowing will rise to its highest outside of wartime to deal with the economic impact.

The Office for Budget Responsibility (OBR) expects the number of unemployed people to increase up to 2.6 million by the middle of next year.

This means the unemployment rate will hit 7.5%, its highest level since the financial crisis in 2009.

Amongst other announcements made yesterday, the minimum wage - which has been rebranded as the National Living Wage - will increase by 2.2% - or 19p - to £8.91 an hour, with the rate extended to those aged 23 and over. Other rates were also increased. From April 2021, 16 and 17-year-olds will see their pay go up to £4.62 per hour, from £4.55 today.

The chancellor also announced a £4.3bn package of support to help the jobless get back into work.

So what does the spending review mean for businesses?

Clearly the situation is unprecedented in peace time.  The size of the cost of Covid-19 is huge and the Government will need to find more money from spending cuts and taxes just to balance revenues on a day to day basis.

So businesses can expect to see tax rises announced in the March 2021 budget.

There is already speculation that the government could raise money from changes to Capital Gains Tax, pensions relief or self-employment taxes. However this will not be sufficient to cover the Covid-19 costs so we predict there will be some corporation tax, income tax, VAT or national insurance increases.

The big decision for the government will be to decide when to stop the support to the recovering economy - and when to start strengthening public finances by tax rises. The extreme uncertainty underlines how difficult that decision could be.

Businesses should strengthen their cash flow management now ahead of the end of supports and tax changes.

The most important advice we can give our clients is to take some time to plan ahead to look at maximising revenue and minimising or streamlining operating costs. We can provide you with templates and forecasts to do this or we can help you prepare accurate forecasts based on a number of scenarios and do a “what if” exercise on your business.

Please talk to us about how we can help you make it through the next few months and preparing for recovery.

Bring Your Tax Affairs up to Date

2018/19 tax returns can be amended by the taxpayer up until 31 January 2021. Where the omitted property income or gain relates to earlier tax years the taxpayer should consider disclosing using HMRC’s let property campaign.

If this affects you we can assist you in putting together the details that HMRC require.

Reminder on Changes to Entrepreneurs' Relief

CGT BUSINESS ASSET DISPOSAL RELIEF LIFETIME LIMIT JUST £1 MILLION

In the March 2020 Budget it was announced that CGT Entrepreneurs’ relief (ER) was replaced by CGT Business Asset Disposal relief (BADR) for disposals on or after 11 March 2020.

It was also announced that the 10% CGT rate would only apply to the first £1 million of qualifying gains in the taxpayer’s lifetime and many business owners have misinterpreted how this limit applies.  Unfortunately claims under the predecessor ER need to be taken into consideration so if £750,000 ER has already been claimed only the first £250,000 of qualifying gains after 11 March 2020 would qualify for BADR. 

Any gains in excess of that amount would be taxed at normal CGT rates, currently 20% for higher rate taxpayers.

Brexit Update

Welcome to our Brexit update. There will be new rules for trade, travel and living in the UK and EU from 11.00pm on the 31 December 2020. Our aim is to provide you with information and resources to help you manage the change as smoothly as possible.

The UK Prime Minister, Boris Johnson, UK Chief negotiator David Frost and EU negotiator Michel Barnier continue to offer differing messages to the public about Brexit, some are positive, some ambivalent and occasionally negative remarks about the negotiations. It is hard to see through the comments made and whether we can take them at face value as, after all, there is a negotiation going on.

So what can we expect with less than 43 days to go?

Firstly, remain positive about the UK and EU reaching some kind of free trade deal or arrangement. It does not benefit anyone for the UK to leave the EU without a deal of some kind.

Secondly, if there is no deal, expect both parties to return to the negotiating table in the new year.

Whatever the outcome there are significant changes ahead for travel and trade.

Travel

If you are travelling to the EU from the UK after the 1 January 2021 then check out the Government website “Visit Europe from 1 January 2021”. This page tells you how to prepare if you’re planning on travelling to Europe from 1 January 2021. It will be updated if anything changes.

See: https://www.gov.uk/visit-europe-1-january-2021

Trading

If you haven’t made your business preparations, check out the Brexit transition website:

See: https://www.gov.uk/transition

If you trade with the EU and have not yet made preparations then here is a summary of actions to take:

·         If you move goods to or from the EU register (unless you already have) for an Economic Operator Registration and Identification (EORI) number -  https://www.gov.uk/eori

·         Consider an agent to help with completing import/export forms – www.export.org.uk

·         If you export goods see the step by step guide here: https://www.gov.uk/prepare-to-export-from-great-britain-from-january-2021

·         Export rules are specific by sector so review “The transition period ends in December” Government website. There you can get a personalised list of actions and can subscribe for email updates: https://www.gov.uk/transition

·         The VAT reporting rules for EU sales can be found here: https://www.gov.uk/guidance/vat-how-to-report-your-eu-sales

·         If you import goods then see the guidance “Starting to import”:   https://www.gov.uk/starting-to-import/moving-goods-from-eu-countries

·         There is a step by step guide on importing here: https://www.gov.uk/prepare-to-import-to-great-britain-from-january-2021

·         Guidance on paying VAT on imports can be found here: https://www.gov.uk/guidance/vat-imports-acquisitions-and-purchases-from-abroad

·         Review HMRC YouTube videos on international trade here:    https://www.gov.uk/guidance/help-and-support-for-international-trade

WHAT ACTIONS HAS THE GOVERNMENT TAKEN TO DATE?

New Legislation

Post-Brexit legislation preparing the UK for life outside EU institutions next year have been drafted or are being reviewed by Parliament. The immigration Bill received Royal Assent last week. This ends freedom of movement on 31 December and replaces it with a new points-based system.

 

If your business relies on EU or other non UK workers then check out the transitional arrangements to 30 June 2021 and the new rules here: https://www.gov.uk/settled-status-eu-citizens-families

Last week the Agricultural Bill was debated and eventually passed through Parliament. This removes the Common Agricultural Policy and replaces it with new UK supports for farmers. The Government agreed that farmers will receive the same level of support as they currently do through the Common Agricultural Policy until 2024, while the current system of subsidies is gradually phased out.

See: https://services.parliament.uk/Bills/2019-21/agriculture.html

We can expect to see further progress to bring existing EU laws and rules into UK legislation before the end of the transition period. For example, the Financial Services Bill was introduced on the 21 October to maintain the UK’s regulatory standards and openness to international markets.

This Bill is the first step in shaping a regulatory framework for the UK’s financial services sector outside of the EU. 

See: https://www.gov.uk/government/news/financial-services-bill-introduced-today

New Trade deals

In addition to passing legislation to ensure UK rules and regulations are transparent at the end of the transition period, the Government is also negotiating new trade deals. Whilst the UK was an EU member, the UK was part of 40 trade deals which the EU had with more than 70 countries.  More than 20 of these existing deals, covering 50 countries or territories, have been rolled over and will start on 1 January 2021.

It is worth noting fifty-two countries currently have free trade deals in place with the UK for the end of the Brexit transition period. These agreements account for only 10 per cent of the UK’s total cross-border trade, according to last year’s figures from the Office for National Statistics (ONS).

On 23 October, the Government signed a new trade agreement with Japan, which means that 99% of UK exports there will be free of tariffs.

There are further trade talks with Australia, the US and New Zealand. If and when these talks come to a trade deal only time will tell.

EU-UK trade accounts for half of overall UK trade and seven of the UK’s top ten trading partners are EU members. That is the main reason why we all hope a trade deal happens!

See: https://www.bbc.co.uk/news/uk-47213842

In Summary

We must all be prepared for changes in the way we travel and trade with Europe. Even if there is a free trade deal the key thing to remember is that there will be a UK border which will mean paperwork and border checks.

Businesses that trade with the EU must get familiar with customs declarations as these will be essential for accounting for VAT.

Depending on what contracts a business has with its customers in Europe, it may have to factor in that goods could take longer to get there, meaning extra costs and administration.

In the short term there will probably be delays at the border, so it is important businesses map out supply chains and think about how to do things as efficiently as practicable post transition.

Please talk to us about your plans post transition, we can assist in a number of ways including helping you account for VAT, looking at your accounting systems and pointing you in the direction of specialists to assist with the Trading administration.

   

Nightclubs, Dance Halls, or Adult Entertainment Businesses

Businesses that have been required to close due to the national restrictions introduced in March 2020, and which have not been able to re-open, may be eligible for LSRG (Sector).

Eligible businesses are entitled to a cash grant from their local council for each 14-day period they are closed. This funding is available from 1 November 2020 and is not retrospective.

Eligibility

Eligible businesses include:

·                     nightclubs, dance halls, and discotheques

·                     adult entertainment venues and hostess bars

Your business may be eligible if it:

·                     is based in England

·                     occupies property on which it pays business rates (and is the ratepayer)

·                     has been closed since 23 March 2020 because of national restrictions

Eligible businesses can get one grant per non-domestic property.

The grant will be based on the rateable value of your property on 1 November 2020.

If your business has a property with a rateable value of £15,000 or less, you may be eligible for a cash grant of £667 for each 14-day period your business is closed.

If your business has a property with a rateable value over £15,000 and less than £51,000, you may be eligible for a cash grant of £1,000 for each 14-day period your business is closed.

If your business has a property with a rateable value of £51,000 or above, you may be eligible for a cash grant of £1,500 for each 14-day period your business is closed.

The grant will be extended to cover each additional 14-day period of closure. If your business is closed for 28-days, or 2 payment cycles, it will receive £1,334, £2,000 or £3,000, depending on the rateable value of the property.

See: https://www.gov.uk/guidance/check-if-your-nightclub-dance-hall-or-adult-entertainment-business-is-eligible-for-a-coronavirus-grant-due-to-national-restrictions

20th November 2020 – Hillmans Weekly Update

20^th November 2020 – Hillmans Weekly Update

Below I have summarised all the main tax related updates we have seen this week.

• Covid-19 Business Planning Advice
• HMRC to Block SEISS Grants
• Self-Employment Income Support Scheme Grant Extension Update
• Example Board Meeting Minutes to Furlough Staff Outlining Reasoning
• Furlough Guidance for Employers

If you have any queries about this week’s content, or if you need any assistance please do not hesitate to contact me.

I hope you have a good weekend.

Stay safe and well. 

Kind regards,

Steve

Steven Hillman BSc (Hons) ACA

Chartered Accountant

Tel: 01934 444100

https://www.hillmans.co.uk/covid-19-updates 

HMRC to Block SEISS Grants

HMRC have contacted approximately 24,000 self-employed business owners by email who have claimed a self-employed income support grant (SEISS) asking whether they are still trading. 

This email was sent last month in October, and those in receipt of an email must respond to HMRC’s email about their business by the 20th November 2020 or they won’t be able to make a further claim for another SEISS grant.  

HMRC has only sent emails to taxpayers who it believes have ceased trading, and therefore not eligible for the SEISS grant. Any taxpayers who have received an email, have been asked to respond to HMRC by the 20th November completing an online form (link to the form will be in the email).  

We’d advise checking your junk/spam boxes for emails from HMRC ASAP. 

Self-Employment Income Support Scheme Grant Extension Update

In a change of policy the Government has announced the Self-Employment Income Support Scheme (SEISS) grant extension in the form of 2 further grants, each available for 3-month periods covering November 2020 to January 2021 and February 2021 to April 2021.

To be eligible for the grant extension, self-employed individuals, including members of partnerships, must:

• have been previously eligible for the Self-Employment Income Support Scheme first and second grant (although they do not have to have claimed the previous grants)
• declare that they intend to continue to trade and either:
• are currently actively trading but are impacted by reduced demand due to coronavirus
• were previously trading but are temporarily unable to do so due to coronavirus

The extension will last for 6 months, from November 2020 to April 2021. Grants will be paid in 2 lump sum instalments, each covering a 3-month period.

The third grant will cover a 3-month period from 1 November 2020 until 31 January 2021. The Government will provide a taxable grant calculated at 80% of 3 months average monthly trading profits, paid out in a single instalment and capped at £7,500 in total. This is an increase from the previously announced amount of 55%.

The Government are providing the same level of support for the self-employed as is being provided for employees through the Coronavirus Job Retention Scheme which has also been extended until March 2021.

The Government has already announced that there will be a fourth grant covering February 2021 to April 2021. They will set out further details, including the level, of the fourth grant in due course.

SEISS Claim Estimator

If you want us to help you estimate your claim then please ask us – we have an Excel SEISS claim estimator.

See: https://www.gov.uk/government/publications/self-employment-income-support-scheme-grant-extension/

Covid-19 Business Planning Advice

As we enter the third week of lockdown in England and reflect on improved testing, new vaccine trial results and a host of experts talking on the news about the timing of rollout and when Covid-19 will no longer be a threat to normality, it is worth remembering our lives are and will remain different for the remainder of 2020 and most of 2021. With that in mind we need to be resilient as individuals, families and businesses. 

The latest indicators for the UK economy found nearly half (49%) of currently trading UK businesses reported a decrease in their turnover below what is normally expected for this time of year. On 8 November, overall UK footfall dropped to 33% of the level seen on the equivalent day last year as national restrictions were introduced in England. 

Clearly we are living in tough times and it makes sense to take advantage of Government supports both directly such as the extended job retention and self-employed support schemes, deferring tax and using bounce back loans. There are also grants available to help firms with Brexit changes for import and export administration.

We have helped many businesses apply and claim for these supports and if you need any assistance, please contact us.

Business planning for 2021 will be difficult as we don’t know the timings for mass vaccinations and whether they will truly work but there are some practical steps you can take to minimise potential disruption to your business:

1. Review your Budgets and set realistic and achievable targets for the remainder of 2020 and for 2021.

2. Get your employees involved in a discussion of likely trading conditions and get their input on reducing costs and maintaining revenues.

3. Use ‘bottom up’ budgeting where everyone in the business gives input on areas over which they have control – target a 10% cost saving.

4. Review and flowchart the main processes in your business (e.g. Sales processing, order fulfilment, shipping etc.) and challenge the need for each step.

5. Encourage team members to suggest ways to streamline and simplify processes (e.g. sit down and brainstorm about efficiencies and cost reduction).

6. Put extra effort into making sure your relationships with your customers are solid.

7. Review your list of products and services and eliminate those that are unprofitable or not core products/services.

8. Review efficiency of business processes and consider alternatives such as outsourcing certain activities locally or overseas.

9. Agree extended payment terms with all suppliers in advance.

10. Pull everyone together and explain the business strategy and get their buy-in.

Please talk to us about cashflow planning for the next six months, we can help with a template so you can do this yourself or work together to produce estimates for a variety of scenarios.

All the best,

Steve

Steven Hillman ACA
Chartered Accountant
Tel: 01934 444100

Example Board Meeting Minutes to Furlough Staff Outlining Reasoning

Any CJRS Furlough claim may be subject to HMRC retrospective audit and therefore it makes sense to note the date and reasons for the Furlough decision. We appreciate that it will be obvious for some businesses (Government orders closure) but for some businesses especially Director / Shareholder businesses it is prudent to note details. This will also serve as evidence of the date of the decision.

Please feel free to use and edit the sample board meeting minutes as you see fit for your business.

==============================================================

BOARD MEETING MINUTES

Name of Company or LLP or business:
Company Registration number:  

Date:

Present:

The Director(s) met to discuss the Corona Covid-19 Pandemic and the effect of the Government Actions regarding restrictions on movement and closure of workplaces.

The Director(s) note that the business is unable to trade / has reduced or restricted trade / severe decline in turnover / supply chain broken / employee(s) unable to travel to work / work inside etc. (edit as applicable) whilst the lock-down is in place and have therefore Furloughed the following Directors and employees as per The Corona Virus Job Retention Scheme from 1 November (as applicable) 2020. 

The Board / partners / owners also noted that they had discussed and agreed changes in employment conditions with employees all who were subject to Furlough or flexible Furlough.

The Directors noted some employees will be able to work during the [lockdown / immediate period / next month] and have engaged their accountants XYZ & Co. to record the details and make the flexible / full furlough claims to HMRC as required. 

(See list attached to this Board Minute or detail name and employee reference number below – if applicable). 

Signed: Secretary /Chairman of the Board / Director (as applicable)

Date:

==============================================================

Furlough Guidance for Employers

If you are Furloughing employees from 1 November then you must agree any changes in their terms of employment with them in advance.

Employers should discuss with their staff and make any changes to the employment contract by agreement. When employers are making decisions in relation to the process, including deciding who to offer furlough to, equality and discrimination laws will apply in the usual way.

To be eligible for the grant, employers must have confirmed to their employee (or reached collective agreement with a trade union) in writing that they have been furloughed. You must:

• make sure that the agreement is consistent with employment, equality and discrimination laws
• keep a written record of the agreement for five years
• keep records of how many hours your employees work and the number of hours they are furloughed (i.e. not working)

The employee does not have to provide a written response and you do not need to place all your employees on furlough.

You can:

• Fully furlough employees - they cannot undertake any work for you while furloughed full time
• Flexibly furlough employees - they can work for any amount of time, and any work pattern but they cannot do any work for you during hours that you record them as being on furlough

If you flexibly furlough employees, you will need to agree this with the employee (or reach collective agreement with a trade union) and keep a new written agreement that confirms the new furlough arrangement. You will need to:

• make sure that the agreement is consistent with employment, equality and discrimination laws
• keep a written record of the agreement for five years
• keep records of how many hours your employees work and the number of hours they are furloughed (i.e. not working).

Employees cannot undertake any work for you during time that you record them as being on furlough.

Where consistent with employment law, any flexible furlough or furlough agreement made retrospectively that has effect from 1 November 2020 will be valid for the purposes of a Coronavirus Job Retention Scheme claim as long as it is made according to the conditions above. Only retrospective agreements put in place up to and including the 13 November 2020 may be relied on for the purposes of a claim.

See:  https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme#agreeing-to-furlough-employees

13th November 2020 – Hillmans Weekly Update

I hope you are keeping safe and well.

13^th November 2020 – Hillmans Weekly Update

 

Below I have summarised all the main tax related updates we have seen this week.

 

·         North Somerset Local Restrictions Support Grant – Applications Open from Friday 13th November

·         HMRC Published Details of the Extended Coronavirus Job Retention Scheme

·         The Future Fund

·         Information for farmers, landowners and rural businesses form the Rural Payments Agency (RPA)

·         The Marine Management Organisation (MMO) fast-tracks grants to help England’s ports and fishing industry

 

If you have any queries about this week’s content, or if you need any assistance please do not hesitate to contact me.

 

I hope you have a good weekend.

 

Stay safe and well.

 

Kind regards,

 

Steve

 

Steven Hillman BSc (Hons) ACA

Chartered Accountant

Tel: 01934 444100

https://www.hillmans.co.uk/covid-19-updates

North Somerset Local Restrictions Support Grant – Applications Open from Friday 13th November

The application process for the North Somerset Local Restrictions Support Grant is set to open from Friday 13th November.

To support businesses during the national restrictions which began on Thursday 5 November, two new grant schemes have been introduced.

The first is the Local Restrictions Support Grant which is for businesses that pay business rates and have been instructed to close by the Government.

The second is the Additional Restrictions Grant which is designed to support closed non-rated businesses or businesses that are severely impacted that require support in local areas. This scheme is discretionary.

What you will get

Local Restrictions Support Grants will be based on the rateable value of the property as it was on Thursday 5 November. The grant will be paid for the period of Thursday 5 November to Wednesday 2 December.

If your business is eligible and a property with a rateable value of £15,000 or less, you will receive a one-off cash grant of £1,334.

If your business is eligible and a property with a rateable value of £15,001 to £50,999, you will receive a one-off cash grant of £2,000.

If your business is eligible and a property with a rateable value of £51,000 or more, you will receive a one-off cash grant of £3,000.

How to Apply

We are advised that applications for the Local Restrictions Support Grant will be accepted from or soon after Friday 13 November.

Visit the following website for more information and to apply:

http://www.n-somerset.gov.uk/my-services/community-safety-crime/emergency-management/covid-19-north-somerset-together/information-organisations-businesses-groups/national-restrictions-support-grant-businesses

Additional Restrictions Grant

The Additional Restrictions Grant is for businesses that have been severely impacted by the national restrictions that came into force on Thursday 5 November and are not eligible for the Local Restrictions Support Grant.

To be eligible your business must have been open as usual on the day before restrictions came into effect, has 49 employees or less and either:

·         you are not a business rates payer of the business you trade from or occupy and are required to close – this includes businesses registered for Council Tax

·         your business is not required to close but has closed due to a significant impact on trading

·         your business is continuing to operate but with significantly reduced demand due to social distancing rules

What you will get

Grants will mainly – but not exclusively – be based on the number of employees.

Businesses with 10 or less employees will get up to £1,000.

Businesses with between 11 and 49 employees will get up to £1,500.

 

How to Apply

We are advised that applications for the Additional Restrictions Grant will be accepted from or soon after Friday 13 November.

Visit the following website for more information and to apply:

http://www.n-somerset.gov.uk/my-services/community-safety-crime/emergency-management/covid-19-north-somerset-together/information-organisations-businesses-groups/national-restrictions-support-grant-businesses

HMRC Published Details of the Extended Coronavirus Job Retention Scheme

HMRC has published details of the Extended Coronavirus Job Retention Scheme:

The key facts are:

The CJRS is being extended until 31 March 2021.

The government will review the scheme in January 2021.

30 November 2020 is the last day employers can submit or change claims for periods ending on or before 31 October 2020.

The CJRS will remain open until 31 March 2021. From 1 November 2020 employers can claim 80% of an employee’s usual salary for hours not worked, up to a maximum of £2,500 per month.

Employers can claim for employees who were employed on 30 October 2020, as long as they have made a PAYE RTI submission to HMRC between the 20 March 2020 and 30 October 2020, notifying a payment of earnings for that employee. This may differ where they have re-employed an employee after 23 September 2020.

All employers with a UK bank account and UK PAYE schemes can claim the grant.

They do not need to have previously claimed for an employee before the 30 October 2020 to claim for periods from 1 November 2020.

Employers can furlough employees for any amount of time and any work pattern, while still being able to claim the grant for the hours not worked.

Employers might need to contribute towards the cost of their furloughed employees’ wages for these periods.

For periods from 1 November 2020, they will need to pay for the cost of employer NICs and pension costs.

See: https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme

The Future Fund

The Future Fund scheme will issue convertible loans between £125,000 to £5 million to innovative companies which are facing financing difficulties due to the coronavirus outbreak.

The Future Fund provides government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.

These convertible loans may be an option for businesses that rely on equity investment and are unable to access other government business support programmes because they are either pre-revenue or pre-profit.

The scheme is open for applications until 31 January 2021.

A business is eligible if:

·         it is UK-incorporated - if your business is part of a corporate group, only the parent company is eligible
·         it has raised at least £250,000 in equity investment from third-party investors in the last 5 years
·         none of its shares are traded on a regulated market, multilateral trading facility or other listing venue
·         it was incorporated on or before 31 December 2019
·         at least one of the following is true:

o   half or more employees are UK-based

o   half or more revenues are from UK sales

See: https://www.gov.uk/guidance/future-fund

Information for farmers, landowners and rural businesses form the Rural Payments Agency (RPA)

As National restrictions apply from the 5th November in England, RPA confirm they are continuing to deliver the range of services to agricultural and rural communities across the country while the majority of their people work from home.

Following government guidance, RPA inspectors will continue with most inspection work to ensure that they meet regulatory targets and do not cause any delay to payments. They will continue to follow COVID-19 Secure health and safety procedures (including social distancing and other approaches to reduce face to face contact) that they put in place earlier in the year.

See: https://www.gov.uk/guidance/coronavirus-covid-19-information-for-farmers-landowners-and-rural-businesses

The Marine Management Organisation (MMO) fast-tracks grants to help England’s ports and fishing industry

The Marine Management Organisation (MMO) is inviting applications for grants to help ports or harbours impacted by the Covid-19 pandemic and to provide health and safety equipment for fishing vessel owners.

MMO has re-purposed the balance of the European Maritime and Fisheries Fund (EMFF) and allocated £500,000 to projects for ports or harbours and £300,000 to fishing vessel owners or licence holders for health and safety improvements.

Grants of up to £100,000 each are available for existing projects that are aimed at mitigating impacts of Covid-19 at ports and harbours and bringing benefits to the local area. Applications will be assessed and judged on a competitive basis with grants awarded to those best meeting the criteria and aims of this fund. The closing date for fully formed applications including all required documentation is 29 November 2020.

Awards of up to £50,000 each are available for health and safety improvements on board fishing vessels. This fund is open now and applications will be assessed and awarded on individual merit as and when they are received, until the fund is fully committed. The fund criteria is available here. Applicants are asked to note that their requests will only be considered once all the required documentation is received. Incomplete applications will be returned to the applicant for resubmission.

See: https://www.gov.uk/government/news/the-marine-management-organisation-mmo-fast-tracks-grants-to-help-englands-ports-and-fishing-industry

6th November 2020 – Hillmans Weekly Update

I hope you are keeping safe and well.

6^th November 2020 – Hillmans Weekly Update

 

Below I have summarised all the main tax related updates we have seen this week.

 

·         New Financial Support for Jobs and Businesses

·         Summary of the new lockdown measures for England

·         Top up your Bounce Back Loan

·         Airbnb Reporting Property Rental Details to HMRC

 

My team and I will continue to provide clients with an uninterrupted service during the second lockdown, so if you have any queries about this week’s content, or if you need any assistance please do not hesitate to contact us.

 

I hope you have a good weekend.

 

Stay safe and well.

 

Best wishes,

 

Steve

 

Steven Hillman BSc (Hons) ACA

Chartered Accountant

Tel: 01934 444100

https://www.hillmans.co.uk/covid-19-updates