Monthly Archives: juin 2021

Congratulations!

We congratulate our Dan White who yesterday sat his Level 3 AAT Management Accounting Costing exam and passed with flying colours with 89%.

Our congratulations to Dan who now only has one exam left to complete Level 3 AAT.

The VAT Deferral Scheme

The Government’s VAT Deferral Scheme which has enabled businesses with VAT liabilities incurred between 20^th  March and 30^th June 2020 to make these payments later, is about to close.

If you still have outstanding VAT liabilities from the first period of lockdown last year, and wish to pay over a  period of time, you must join the scheme by 21June otherwise, you will have to pay in full by 30 June or face a 5% penalty.

If you have not already done so, our advice is for you to sign up to the scheme and make the first instalment payment.

If for whatever reason, you have been unable to sign up to the online service for deferring a VAT payment, you should ring the HMRC coronavirus helpline on 0800 0241222 to join the scheme by telephone.

If after making arrangements, you are still unable to pay these liabilities then please contact HMRC on 0300 200 3835.

We appreciate that there are issues in relation to contacting HMRC at the present time. In our own case, when trying to sign up online, we have been told that we are not eligible as we do not owe any deferred VAT. We know that we do as we have other communications confirming this.

We have put in an appeal to HMRC but are not confident that they have the means of responding before the deadline later this month.

Therefore, if you have any issues relating to deferred VAT, please act now.

SEISS Grant 5

A fifth (and as far as we know final) SEISS grant covering the period May 2021 to September 2021 will be available from late July for those sole traders or members of partnerships whose businesses continue to be impacted by coronavirus.

This grant will differ to the previous four claims as the amount will be determined by how much your turnover has been reduced in the year April 2020 to April 2021.

If your turnover has fallen by at least 30%, you will receive 80% of your average trading profits for 3 months, capped at £7,500.  For those whose turnover has fallen by less than 30%, you will receive 30% of your average trading profits for 3 months, capped at £2,850.

More information on the claim will be provided at the end of June by HMRC but we would recommend that if you believe that you are eligible for this claim, that you should start compiling details relating to your turnover for the year ended 5 April 2021 now.

Please remember to be eligible to the 5th SEISS grant you will need to meet all of the following criteria:

• carried on a trade in 2019-20;
• submitted your tax return for 2019-20 on or before 2 March 2021;
• carried on a trade in 2020-21;
• currently trading but are impacted by reduced demand due to coronavirus; or
• have been trading but are temporarily unable to do so due to coronavirus; and
• you are not excluded from the SEISS. An individual is excluded from the SEISS where their trading profits for 2019-20 exceeded £50,000 or were less than their non-trading income. However, where the person is excluded on the basis of 2019-20, HMRC will consider their returns for earlier years (going back to 2016-17 where relevant).

If you are in any doubt as to what is required then please do not hesitate to contact us but please note that we will not be able to advise until HRMC announce the exact details later this month.

Martlet Goes Gold!

We are pleased to advise that we have now been upgraded from Silver status to Gold status by our software provider Xero, the main accounting software we recommend to our clients.

We would like to thank all our clients who have subscribed to Xero for helping to achieve this status which gives us a premium advisor directory listing on Xero’s website.