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Happy New Year to you all, hope you managed to have some kind of break over the last couple of weeks.
After the further lockdown announcements on 4 January 2021, we wanted to update you on the current support which might be available to you and provide a few other updates.
There may be more to come in the next couple of days (although there are no guarantees) and if there are, we will update you accordingly.
Retail, Hospitality and Leisure Sectors
Today Rishi Sunak announced a £4.6bn new lockdown grant worth up to £9,000 per site to businesses in the retail, hospitality and leisure sector. These one-off grants will be available 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; and
£9,000 for businesses with a rateable value of over £51,000.
Additionally, a new £594m discretionary fund will become available to support other impacted businesses through local authorities, which is in addition to the £1.1bn further discretionary grant funding for Local Authorities, Local Restriction Support Grants (worth up to £3,000 a month) and extension of furlough scheme. We await further information on this, but expect as before that contacting your local authorities will be key here.
Self-Assessment Deadline
Please remember the deadline for filing your self-assessment tax returns for 2019/20 is 31 January 2021. Whilst we have filed 81% of tax returns, versus a national average of 55% this is still behind where we would want to be at this stage.
Despite much pressure to extend the deadline here, HMRC has reiterated they have no intent to extend the deadline. They will however be more open to appeals for late filing of tax returns, if there are legitimate reasons behind late filing.
Given this, we would encourage you to do all you can to get your records across to us as soon as possible, so we can look to file this on time for you.
To ensure timely submission of your self-assessment tax return for 2019/20 by the 31 January 2021 deadline, it’s advisable to collaborate promptly with your self-assessment accountant.
Coronavirus Job Retention Scheme (‘CJRS’) and Self-Employed Income Support Scheme (‘SEISS’)
There have been no further updates to either of these schemes following the announcement on 4 January. However, if there are any changes here, we will of course be in touch with you.
Bounce Back Loan (BBLS), Coronavirus Business Interruption Loan Scheme (CBILS) and Coronavirus Large Business Interruption Loan Scheme (CLBILS)
These schemes remain in place and the deadline for applying for them has been extended to 31 March 2021. If you already have a BBLS but borrowed less than you were entitled to, you can top up your existing loan to your maximum amount. You must request the top-up by 31 March 2021.
Further Support?
The above is a summary of the support available as things stand right now. Further guidance will be provided shortly, and further support may also become available. Either way, we will keep you informed as the information becomes available.
If you know anyone else who might benefit from our updates, please email us their details, assuming you have their permission to share them with us.
Black and White Accounting
This is a difficult time for everyone and we must come together to get through this. Our thoughts are with you, your family and your friends especially at this time. If there is anything we can do to help you at this difficult time, please do get in touch by contacting Black and White Chartered Certified Accountants, populate the “Got a Question” form on the right, or call us on 0800 140 4644.
