I hope you are keeping safe and well.
13th 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:
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:
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.
We've put together a blog post with
more information on the extended CJRS here: https://blog.hillmans.co.uk/2020/11/hmrc-published-details-of-extended.html
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.
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.
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