Please see the below table which breaks down the help you may be entitled to:
A rore detailed guidance has been released about the Job Retention Scheme. As it is a lengthy document, the link is below:-
The contents include the following:-
If you intend to use the Job Retention Scheme, please read.
If Hills & Peeks process your payroll, we will be in touch with you when the portal is open and we can process the claim.
The Self-Employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) during the Covid-19 crisis.
The scheme will provide a taxable grant to self-employed individuals or partners, worth 80% of their profits up to a cap of £2,500 per month.
HMRC will use the average profits from tax returns in 2016-17, 2017-18 and 2018-19 to calculate the size of the grant. The scheme will be open to those where the majority of their income comes from self-employment and who have profits of less than £50,000. The scheme will be open for an initial three months.
Access to the scheme
Individuals should not contact HMRC now. HMRC will use existing information to check potential eligibility and invite applications once the scheme is operational. HMRC will then pay the grant directly to eligible claimants’ bank account.
Timing of payments
Grants are expected to start to be paid by the beginning of June 2020. In the interim the self-employed will still be eligible for other government support, including more generous universal credit and business continuity loans.
We are offering full service and support to all our clients at this critical time. We will offer advice via the telephone (01903 231239), email and via our website. All face to face meetings will be by appointment ONLY and be restricted to two people (including attending member of staff).
To keep up to date with specific government advice, please access the following link:-
In the last few days, the Government has made major announcements about help for small businesses and individuals affected by coronavirus. Below is a summary of the significant points, although details are awaited as to how some of these schemes may be accessed.
The following measures were announced in the Budget and have not (to date) been updated.
At a press conference on Tuesday 17 March, the following additional measures were announced.
At a press conference on Friday 20 March, the following additional measures were announced.
In the last few days, the Government has made major announcements about help for small businesses and individuals affected by coronavirus. Below is a link outlining the significant points, although details are awaited as to how some of these schemes may be accessed. Please use this link to keep up to date with any changes.
Hills & Peeks are pleased to announce that Lorena Haste will be joining our team on Monday 14 October 2019.
Lorena will be replacing Lucy in reception and will be the first point of contact for all clients.
Lorena will book in appointments for Leigh, take messages and direct any queries to another member of our team who will be able to help you. We would like to ask for your patience whilst Lorena settles in and learns the ropes and gets to know people.
When you order goods online you don’t expect to pay any additional taxes when they are delivered. This is currently the case for goods ordered from a supplier in the UK or the EU.
However, if you order goods from outside the EU you may receive a notice saying you must pay the import VAT before the goods can be delivered. If the supplier has already charged you the import VAT, you should not have to pay it twice.
If the UK leaves the EU without other arrangements in place (no-deal Brexit), import VAT will be due on all parcels of goods worth no more than £135, which arrive in the UK from the EU or from other countries. If the parcel is a gift to the recipient no import VAT is payable, but the parcel must be clearly marked as a gift from an individual to another individual and must be intended for personal use.
The business which sends the parcel to the customer in the UK should register with HMRC and pay the import VAT, or arrange for the parcel operator to pay the VAT. The registration is required even if the goods are zero-rated for VAT.
If your business relies on goods sent as small parcels through the post, be aware of this change in the rules. If you are sending small parcels to non-business customers in other EU countries you may have to pay import VAT to those countries.
Many businesses start slowly. At first there are a few occasional sales, and only after the individual has convinced themselves they can effectively deliver the product or service will the entrepreneur enthusiastically launch their business.
You should tell HMRC about the start of your new business within six months of the end of the tax year in which it started. To do this you need to decide exactly when the new business commenced. Is it when the first sale was made, or was it much later when a viable business seemed possible?
If you have had a stop-start business launch, the Trading and Miscellaneous Income Allowance (TMIA) can help you out.
The TMIA can cover up to £1,000 of trading or other sundry income per tax year. It doesn’t matter when the sales were made within the tax year, if the total is less than £1,000 the TMIA will cover them, and the allowance doesn’t have to be claimed on the tax return.
Liam quit his job to launch his baking business in June 2019, having made a few test sales in January to March 2019 which amounted to £300.
The sales before 6 April 2019 can be covered by the TMIA of £1,000, so the real business can be said to start in June 2019 within the tax year 2019/20. Liam has until 5 October 2020 to tell HMRC about his new business and register for self-assessment.
Liam won’t have to complete a selfassessment tax return for 2018/19 as his taxable income was fully reported and taxed under PAYE for that year.
Leaving the EU without an agreement in place (no-deal Brexit) is going to create some VAT challenges for businesses which import goods.
Currently, import VAT is payable on goods imported from non-EU countries, and that has to be paid up-front. This import VAT would also have to be paid up-front on any goods coming in from EU countries after Brexit, unless other arrangements are put in place.
The Government is proposing that, immediately following a no-deal Brexit, all import VAT will be paid on a postponed basis. This means VAT-registered businesses will account for import VAT on their VAT return, rather than paying import VAT at the time that the goods arrive at the UK border. This procedure will apply to all imported goods from the EU and from non-EU countries.
Customs declarations and the payment of any other duties will still be required at the border, but at least the VAT problem will be parked.
This will of course open up the possibilities for VAT to go missing in the supply chain and no doubt the Government will have to put in other measures to counter that.