skip to navigationskip to main content

Call: 01652 650112

5 Business Support Resources for August 2020

The feedback from our clients has revealed that they are becoming more confident about their future. Having helped many clients work on their business plans over the last four months, it is pleasing to hear about the repurposing and pivoting going forward and to adjust to the “New Normal”. 

If you have yet to review your plans please talk to us, we’d be delighted to help!

man sitting at desk

1. Brexit: Prepare for the UK Transition

The UK has left the EU, and the transition period after Brexit comes to an end this year. The Government has put up a new website to help us get ready for new rules from January 2021.

If your business is affected by Brexit you can sign up for updates if things change. Make sure you’re ready

2. External Support for Businesses

Public bodies, organisations and charities have produced additional resources that may be useful to employers and employees. These resources have been made available on the government website.

Guidance and information is provided by Advisory, Conciliation and Arbitration Service (ACAS), “Be the Business”, Chartered Institute of Marketing (CIM), Business in the Community (BITC), Chartered Institute of Public Relations (CIPR), Chartered Institute of Personnel and Development (CIPD), Companies House, Enterprise Nation and a number of other organisations.  

These resources include a variety of information, and it is worth a look:  

COVID support for businesses from outside government

3. The Making Tax Digital (MTD) Overview

Yesterday the Government published an overview of Making Tax Digital. The big news is that all VAT registered businesses with VAT turnover below £85,000 will be required to follow MTD rules for returns filed on or after April 2022. That might sound a long way off, but we strongly recommend you taking action now so that you are well prepared for the changes. Please talk to us – we can help you go digital now and you will be amazed at the simplicity of Cloud software and how it will improve your business!   

Making Tax Digital for VAT

VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) are now required to follow the Making Tax Digital rules by keeping digital records and using software to submit their VAT returns.

If you are below the VAT threshold you can voluntarily join the Making Tax Digital service now.

VAT-registered businesses with a taxable turnover below £85,000 will be required to follow Making Tax digital rules for their first return starting on or after April 2022.

Making Tax Digital for Income Tax

Self-employed businesses and landlords with business turnover above £10,000 will need to follow the rules for MTD for Income Tax from their next account period starting on or after 6 April 2023.

Some businesses and agents are already keeping digital records and providing updates to HMRC as part of a live pilot to test and develop the Making Tax Digital service for Income Tax. If you are a self-employed business or landlord you can voluntarily use software to keep business records digitally and send Income Tax updates to HMRC instead of filing a Self-Assessment tax return.
Making Tax Digital

4. Official Government Coronavirus Business Support Webinars and Videos

On the webpage below, you can watch videos and register for the free webinars to learn more about the support available to help you deal with the economic impacts of coronavirus.

Here are some of the webinars and videos available:

  • A webinar about the Eat Out to Help Out scheme.
  • A YouTube video about the Self-Employment Income Support Scheme 
  • A YouTube video about ‘Extension to the Coronavirus Job Retention Scheme and flexible furloughing’ 
  • A YouTube video has been added about the Coronavirus Job Retention Scheme, including flexible furloughing.
  • A YouTube video for ‘Running your business through the coronavirus pandemic’ 

See: COVID Business Support

5. Updates to the Self-Employment Income Support Scheme

The Government has updated its page on the Self-employment Income Support Scheme. If you are self-employed, or a member of a partnership, find out how your circumstances can affect your eligibility for the scheme.

See: How Different Circumstances Affect Self-Employment Income Scheme

The scheme has now closed for claims for the first grant.

The scheme has been extended. If you were eligible for the first grant and can confirm to HMRC that your business has been adversely affected on or after 14 July 2020, you will be able to make a claim for a second and final grant from 17 August 2020.

The scheme allows you to claim a second and final taxable grant worth 70% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £6,570 in total.

As with the first grant, HMRC will contact you if you’re eligible.

HMRC will work out your eligibility for the second grant in the same way as the first grant.

You can make a claim for the second grant if you’re eligible, even if you did not make a claim for the first grant.
See: Claim A Grant Through The Self-Employment Income Support Scheme

Our Additional Resources

Sign up for our newsletter