Business owners – year end planning tips
A few housekeeping tips for readers with business interests; especially those with an upcoming financial year end at the end of March 2021.
Don’t forget to include any grants received to support
Landlords need to embrace a digital approach
HMRC are slowly rolling out their Making Tax Digital (MTD) scheme. Eventually, selected landlords submitting their rental income and outgoings via self-assessment will need to embrace this new MTD
Funding to get young people into work
Employers can now apply for a £1000 cash boost to help them take on new trainees.
The new scheme will support young people to gain the skills and experience they need from the very start, helping
Government tackles late payment to small firms
The Government has announced an overhaul of the Prompt Payment Code (PPC).
Under the new reforms, companies that have signed up to the PPC will be obliged to pay small businesses within 30 days –
Rights to regenerate
We will soon have the rights to turn derelict buildings into homes and community assets. In a recent press release the Ministry of Housing said:
The public will be able to convert vacant plots of
CJRS guidance on who can be furloughed
HMRC’s guidance on which employees can be placed on furlough using the Coronavirus Job Retention Scheme has been updated. The scheme will continue until at least 30 April 2021.
The updated guidance
Testing for international arrivals
Passengers arriving from all international destinations will be required to present a negative COVID-19 test result before departing for England to help protect against new strains of coronavirus
Apply for the new Global Health Insurance Card
UK residents can now apply for the new UK Global Health Insurance Card (GHIC).
Under Britain’s new agreement with the EU, UK residents’ rights to emergency and medically necessary healthcare will
Repaying furlough grants if overclaimed
Any business that has overclaimed a Coronavirus Job Retention Scheme (CJRS) grant must pay back the overpayment to HMRC. The rules outlined below for paying HMRC back an overclaim also applies to
Income Tax charge to recover CJRS overclaims
Employers should notify HMRC if they have received a CJRS payment to which they are not entitled and pay back any amounts of CJRS grants claimed in error. By paying back any amounts they were not
