New Financial Support Available. Do You Qualify?
Following the latest Government announcement about further financial business support, we wanted to ensure that you were aware of these new measures. If you are a business owner they may be relevant to you and your business or of interest to your clients/customers.
There are three things that as a team we would like to ensure you are aware of and they are as follows:
1. Coronavirus Business Support Finder
There is an online business support finder (mini questionnaire) available to see what support is available for you and your business. It only takes a few minutes and it well worth completing even if it confirms you have applied for all that you are entitled to.
Coronavirus (COVID‑19) support is available to employers and the self-employed, including sole traders and limited company directors. You may be eligible for loans, tax relief and cash grants, whether your business is open or closed.
2. HMRC Time To Pay Scheme
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service.
This allows businesses and individuals to pay off their debt by instalments over a period of time. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities.
3. Third Grant With Self-Employment Income Support Scheme (SEISS)
The SEISS scheme has been extended. If you were not eligible for the first and second grant based on the information in your Self Assessment tax returns, you will not be eligible for the third.
To make a claim for the third grant your business must have had a new or continuing impact from coronavirus between 1 November 2020 and 29 January 2021, which you reasonably believe will have a significant reduction in your profits. The third taxable grant is worth 80% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total.
The online service to claim the third grant is open. Make your claim from the date we give you either by email, letter or within the service. If you’re eligible, you must make your claim for the third grant on or before 29 January 2021.
The grant does not need to be repaid if you’re eligible, but will be subject to Income Tax and self-employed National Insurance and must be reported on your 2020 to 2021 Self Assessment tax return.
We hope you have found this information helpful and if you think there is even the slightest chance that you could benefit from any of the support above we would urge you to apply or at least find out more. The business landscape is constantly changing and actions we take now could make the world of difference to your business later down the line and in some
cases, the stark reality may mean that it is the difference between closure or survival!
The gov.uk website provides a wealth of information, but if you take a look and you are still struggling, then please do get in touch and we can talk through your financial situation and help you to assess the options available.
Anne, Cube Accounting 01788 815017 / 07796 445115