Most businesses have had their trade disrupted with the coronavirus outbreak. Now is the time to really start planning your recovery. You will need to be realistic but start by making forecasts...
If lockdown measures are lifted slowly, could it mean running short of funds? If so, you need to know about it. Start thinking about exploring new markets, negotiating with customers and suppliers, slowing liabilities and reducing costs wherever possible, communicating with your employees and taking appropriate advice.
These considerations are key to successfully revitalising your business.
Whether your business will awaken quickly or might take a little longer to come out of hibernation, we hope you continue to find our updates helpful.
SETTLE OFFICE
Our Settle office is temporarily closed but will be open this Friday 22nd May 2020 – 9.30am to 4pm.
BANK HOLIDAY
Please note we will be closed on Monday 25th and Tuesday 26th May for the Spring Bank Holiday.
SELF-EMPLOYMENT INCOME SUPPORT SCHEME
The first claims have been made and are due to be paid this week. The calculations are made by HM Revenue & Customs and seem to be working well. If you are unsure if your claim is correct, please email heather@shepherdpartnership.com with the amount of your grant and she will check it for you.
If you are eligible but are yet to make your claim, please have your unique taxpayer reference and national insurance number to hand and click the link below and follow the instructions.
The guidance has eventually been updated telling those taxpayers unable to claim online to contact HMRC. This might mean being on hold for some time as fewer advisers are available because of coronavirus. Please have your Unique Taxpayer Reference (UTR), National Insurance Number and bank details to hand when you call.
Telephone: 0800 024 1222
Monday to Friday: 8am to 4pm
The Chartered Institute of Taxation has issued a warning to owners of newly incorporated businesses that they are unlikely to qualify for the scheme. To qualify for SEISS you must be a self-employed individual or a member of a partnership. Although the eligibility checker may show you are eligible based on the information HMRC holds from tax returns, it does not check the other qualifying conditions, one of which is you need to be currently trading to qualify. Once you have incorporated you are no longer self-employed.
Have you got employees on furlough leave? If so, they will be continuing to accrue holiday entitlement. When your business starts back up, it might be harmful to your business for employees to take additional leave. The government has issued guidance on staff taking holidays whilst on furlough leave.
This scheme will continue in its current form until the end of July. Details about the extension from August to October are a little sketchy but it seems that only employers currently using the scheme may be able to access it. We have been promised more flexibility in the second phase of the scheme to be able to bring furloughed employees back part time. We understand employers will be asked to pay a percentage towards the salaries of their furloughed staff.
More specific details and information around its implementation will be made available by the end of May.
Taxpayers looking to supplement their income during and after Covid-19 by accessing their pension pots could be leaving themselves increasingly susceptible to scams, especially those over 55.
This recent warning by The Pensions Regulator highlights the increased risk of members being lured into transferring their pension pots into so-called ‘safe haven’ funds, but which offer little in the way of protection. It could also have serious tax consequences.
The Pensions Regulator advises pension savers speak to an independent FCA-authorised adviser before making a transfer.
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Shepherd Partnership Limited | Company no. 5837782 | Registered in England and Wales | Registered as auditors in the United Kingdom by the Association of Chartered Certified Accountants
