The Government is providing additional funding through Local Authorities to support small businesses that already pay little or no business rates because of small business rate relief (SBRR), rural rate relief (RRR) and tapered relief. This will provide a one-off grant of £10,000 to eligible businesses to help meet their ongoing business costs.  If you do not receive a Business Rates Bill from your local authority, this does not apply to you.

You are eligible if;

• Your business is based in England AND
• You are a small business and already receive Small Business Rate Relief and /or Rural Rate Relief.
• You are a business that occupies property.

You do not need to do anything to access this scheme.  Your local authority will write to you if you are eligible for this grant.

If you have any queries as to whether you qualify for this please contact your Local Authority not HMRC.

Job Retention Scheme

HMRC published the following guidance for claiming as an employer the “80%” costs of furloughed staff.

 

when we have more details we will be able to assist all our existing clients and anyone else that needs help.

 

We want to help you get ready to make a claim under the Coronavirus Job Retention Scheme.

If you’re eligible for the scheme, there are things that you can do now to be ready when the system is up and running later this month.

You’ll need to provide the following to make a claim:

1. The bank account number and sort code you’d like us to use when we pay your claim.
2. The name and phone number of the person in your business for us to call with any questions.
3. Your Self-Assessment UTR (Unique Tax Reference), Company UTR or CRN (Company Registration Number).
4. The name, employee number and National Insurance number for each of your furloughed employees.
5. The total amount being claimed for all employees and the total furlough period.

If you use an agent who is authorised to act for you for PAYE purposes, they will be able to make a claim on your behalf, so please speak to them now.

However, if you use a file-only agent (files your RTI return but doesn’t act for you in other matters), they won’t be able to make a claim for you and you’ll need the information listed above from them to make the claim yourself.

For more detailed advice, please visit GOV.UK. This guidance is being regularly updated, so please review it frequently.

You may also find this recorded webinar helpful, ‘Coronavirus (COVID-19) Job Retention Scheme‘, available on HMRC’s YouTube channel.

We’ll email you again in the next few days with more details on how and when to access the online system – please do not try to do this until we let you know it is available.

We wish you all the best at this challenging time,

The Chancellor has announced a new Self-employment Income Support Scheme to support self-employed people who have been adversely affected by COVID-19.

GOV‌.UK has further details about who is eligible for the scheme and how it will work.

Self-employed people do not need to get in touch with HMRC as the scheme isn’t yet open for applications. HMRC will contact eligible customers by the beginning of June, inviting them to apply.

Unfortunately, there is an increase in scam emails, calls and texts. If someone gets in touch claiming to be from HMRC, saying that financial help can be claimed or that a tax refund is owed, and asks you to click on a link or to give information such as your name, credit card or bank details, please do not respond.

HMRC will never contact you out of the blue to ask for these details.

The government has also introduced the following help for the self-employed:

• Deferral of Self Assessment Income Tax payments due in July 2020 and VAT payments due from 20 March 2020 until 3‌0‌‌ June 2020
• Grants for businesses that pay little or no business rates
• Increased amounts of Universal Credit
• Business Interruption Loan Scheme
• Directors of their own company paid through PAYE, may be able to get support using the Job Retention Scheme.

Let us help you manage your tax return!  The Government has announced help for the self-employed. But what if you were self-employed and have forgotten to complete your 2018-2019 Self-assessment return?

We can help, whether your a client of ours or not we can help you complete your return for 2018-2019. Contact and sign up with us and we will assist.

You have until 20th April 2020 to file a late return. Act Now!

In an era where the threat of penalties and interest is likely to accompany any error, businesses and individuals cannot afford to make mistakes when it comes to VAT and Tax.

Nigel Ricks and Company was amongst the first businesses to become an accredited authorised reseller of SAGE Software.

Nigel Ricks & Company offers fully managed payroll solutions to all organisations, designed around you to meet your needs.

All businesses need to start somewhere, grow and change constantly in response to the world around them.