Monthly Archives: January 2021

Better late than never!

Today HMRC has finally announced that Self Assessment “customers” will not receive a penalty for filing their 2019-20 tax return late, as long as they file online by 28‌‌ ‌February. They are still encouraging tax payers who have not yet filed to do so by 31‌‌ ‌January, if possible.

If you have a liability you still need to pay your Self Assessment tax bill by 31‌‌ ‌January. Interest will be charged from 1‌‌ ‌February on any outstanding liabilities.

We will still be working hard to notify our clients who have tax to pay so that you can do so in time.

You can pay online, or through your bank, or by post before you file.

If you cannot afford to pay by 31‌‌ ‌January, you may be able to set up an affordable plan and pay in monthly instalments. But you will need to file your 2019-20 tax return before setting up a time to pay arrangement.

It’s great news in these difficult times – a shame it wasn’t announced at the start of the month but better late than never!

Please contact us if you would like further information

Working hard in Worthing, West Sussex to try and get more support financial for SMEs

We are deeply concerned about the plight of the smaller businesses across the UK including the c. 3m self-employed directors of limited companies, who are not eligible for the government’s existing grants, and are have therefore been excluded from the financial support measures thus far during COVID-19.

And this is one of the reasons that we are working ‘behind the scenes’ to try and influence the government to look at introducing more support for SMEs.

To provide some practical input to support the government and to try and help the ‘excluded’ to get support, the UK200Group, of which The Martlet Partnership LLP is a member, produced a document outlining a practical and fair set of measures for the government’s consideration. We call this the Business Owners Support Scheme (BOSS) and I attach a copy for your information/link to copy, below.

News in recent days suggests that the government is considering additional support. Clearly this news is very welcome but no guarantee that additional support will be forthcoming.

Ever focused on how we can help, we have written to other local business groups and Sir Peter Bottomley, our MP, to try and get the government to look at extending support along the lines of our proposed schemes.

We urge all small businesses owners to focus on the practical things they can and should be doing right now. We have produced a handy and practical checklist of The 5 Key things that SMEs should do in January. You can dowload the checklist below.

The 5 Key Things SMEs should do in January

It’s been almost a year since the first lockdown and arguably, we are all getting used to staying at home, remote working and the restrictions being placed on all aspects of our lives. 

But that doesn’t make it easier, if anything, we are weary as the pandemic and its wider impact on our lives continues. It can be overwhelming to keep on top of the key things that we need to be doing as business owners.   

This is why we have produced a handy and practical checklist of The 5 Key things that SMEs should do in January .  

You can download your copy of the checklist here.

Congratulations!

Congratulations to our Phil Bazley for passing his FR Financial Reporting exam!

Congratulations!

Congratulations to our Jarrad Gilbertson for passing his ACCA – Strategic Business Reporting (SBR) exam!

Winter Business Support Guide

Further to the Government announcements, we now have pleasure in presenting our Winter Business Support Guide, which contains further commentary and analysis .

Please do not hesitate to contact us if you require any further information on any of the support measures available following the latest announcements.

We do not now expect there to be any further assistance for businesses to be announced until the budget at the beginning of March, but there have been so many U-turns and updates already that who knows?

£4.6 billion in new lockdown grants to support businesses and protect jobs

Businesses in the retail, hospitality and leisure sectors are to receive a one-off grant worth up to £9,000, the Chancellor has announced.

• Chancellor announces one-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through to the Spring

• £594 million discretionary fund also made available to support other impacted businesses

• comes in addition to £1.1 billion further discretionary grant funding for Local Authorities, Local Restriction Support Grants worth up to £3,000 a month and extension of furlough scheme

This follows the Prime Minister’s announcement last night that these business will be closed until at least February half-term in order to help control the virus, and, together with the wide range of existing support, provides them with certainty through the Spring period.

The cash is provided on a per-property basis to support businesses through the latest restrictions, and is expected to benefit over 600,000 business properties, worth £4 billion in total across all nations of the UK.

Chancellor Rishi Sunak said:

“The new strain of the virus presents us all with a huge challenge – and whilst the vaccine is being rolled out, we have needed to tighten restrictions further.”

“Throughout the pandemic we’ve taken swift action to protect lives and livelihoods and today we’re announcing a further cash injection to support businesses and jobs until the Spring.”

“This will help businesses to get through the months ahead – and crucially it will help sustain jobs, so workers can be ready to return when they are able to reopen.”

A further £594 million is also being made available for Local Authorities and the Devolved Administrations to support other businesses not eligible for the grants, that might be affected by the restrictions. Businesses should apply to their Local Authorities.

The new one-off grants come in addition to billions of existing business support, including grants worth up to £3,000 for closed businesses, and up to £2,100 per month for impacted businesses once they reopen.

The government has also provided 100% business rates relief for retail, hospitality and leisure businesses, £1.1 billion existing discretionary funding for Local Authorities, the furlough scheme now extended to April and 100% government backed loans, extended until March.

Further information:

• the one-off top-ups will be granted to closed businesses as follows:

• £4,000 for businesses with a rateable value of £15,000 or under

• £6,000 for businesses with a rateable value between £15,000 and £51,000

• £9,000 for businesses with a rateable value of over £51,000

• any business which is legally required to close, and which cannot operate effectively remotely, is eligible for a grant

• business support is a devolved policy and therefore the responsibility of the devolved administrations, which will receive additional funding as a result of these announcements in the usual manner:

• the Scottish Government will receive £375 million

• the Welsh Government will receive £227 million

• the Northern Ireland Executive will receive £127 million

• this will contribute to the funding which has already been guaranteed by the UK Government, to continue to provide the devolved administrations the certainty they need to plan for their COVID-19 response in the months ahead

• small businesses in the devolved administrations should also be able to benefit from other UK-wide measures in the government’s unprecedented package of support for business, including the various business lending schemes (where the repayment terms were made easier as part of the Winter Economy Plan), and the extension of the Self Employment Income Support Scheme