Author Archives: Jo at Barnowl

HMRC Grant for the Self Employed No. 2

HMRC are opening their online portal for the second grant for the self employed on 17th August 2020

They are currently writing to self-employed people who may be eligible so you may receive a letter giving you a date to make a claim. They can claim any time between the allocated date and the 19‌‌ October 2020.

The eligibility criteria for the second grant is exactly the same as the first grant – so self-employed people who were eligible for the first SEISS grant will be eligible for the second grant, so long as their business has been adversely affected since 14‌‌ July 2020.  This typically means that their business has experienced lower income and / or higher costs because of coronavirus (COVID-19) since 14‌‌ July. There is no minimum threshold over which a business’s income, costs or activity need to have changed by, but your clients will be asked to keep appropriate records as evidence of how their business has been adversely affected.

The second taxable grant is 10% less than the first being worth 70% of average monthly trading profits. This will be paid out in a single instalment and will be based on three months’ worth of trading profits and capped at a maximum of £6,570. 

Self-employed parents whose income may have been affected if they took time out to have children will also now be able to claim if they meet the eligibility criteria. There’s more information for new parents, including an online form on GOV‌.UK

Once you have completed a claim, you will receive payment within 6 working days.

If you need help please do not hesitate to contact me. I mainly cover King’s Lynn, Swaffham, Downham Market, Fakenham and North Norfolk and with some clients further afield

Eat Out to Help Out Scheme

Just a quick one about your VAT…As you are aware you can claim 50% of the clients food and non-alchoholic beverages bill up to £10 per customer on Mondays, Tuesday and Wednesdays.

Be aware that you must pay the VAT on the full bill and it is due in the quarter that the client’s bill is created (i.e. the refund does not affect the VAT due in any way).

The 5% VAT rate does still apply to food and non-alchoholic when using this scheme.

If you have any further queries please contact me. I am a registred bookkeeper here to help you with your bookkeeping, VAT, CIS, Payroll and Self Assessment. I am within easy reach Wisbech, King’s Lynn, Swaffham, Fakenham, Dowhnam Market and the North Norfolk Coast with clients further afield too.

Important Dates for the Government Furlough Scheme (CJRS)

  • All claims for the period on or before 30‌‌‌ ‌June 2020 must be submitted by 31‌‌‌ ‌July 2020. This is the last date to make those claims.
  • No new claims can be can be made after this point. To claim for an employee after 31st July the employee must have already been claimed for in the furlough scheme at any point on or before 31‌‌‌ ‌July.
  • From 1‌‌‌ ‌August 2020 the scheme will no longer fund employers’ National Insurance (NI) and pensions contributions for furloughed employees. Employers will have to make these payments from their own resources.

If you need help please do not hesitate to contact me. Barnowl Bookkeeping provides services for payroll, bookkeeping, VAT, CIS and Self Assessment in and around King’s Lynn, Wisbech, Swaffham and Downham Market and the North Norfolk Coast.

New Government Job Retention Bonus

On 10th July 2020 the Chancellor announced the introduction of the Job Retention Bonus.

This is a one-off payment of £1,000 to employers that have used the Coronavirus Job Retention Scheme (CJRS) for each furloughed employee who remains continuously employed until 31‌‌‌ ‌January 2021. The bonus will provide additional support to retain employees.

To be eligible, employees will need to:

  • earn at least £520 per month on average for November, December and January
  • have been furloughed at any point and legitimately claimed for under the Coronavirus Job Retention Scheme
  • have been continuously employed up until at least 31‌‌‌ ‌January 2021.

Employers will be able to claim the bonus from February 2021 once accurate RTI data to 31‌‌‌ ‌January has been received. More information about this scheme will be available by 31‌‌‌ ‌July and full guidance will be published in the Autumn.

If you need help please do not hesitate to contact me. Barnowl Bookkeeping provides services for payroll, bookkeeping, VAT, CIS and Self Assessment in and around King’s Lynn, Wisbech, Swaffham and Downham Market and the North Norfolk Coast.

Government Help for Business Recovery From Covid-19

Keep your eye on the news tomorrow :

Chancellor Rishi Sunak is to deliver a ‘summer economic update’ tomorrow, 8 July, outlining the government’s plans to support the economy through the first phase of recovery from the coronavirus crisis, with likely options including temporary tax cuts, funding for green projects, and job creation schemes. 

If you need help please do not hesitate to contact me. Barnowl Bookkeeping provides services for payroll, bookkeeping, VAT, CIS and Self Assessment in and around King’s Lynn, Wisbech, Swaffham and Downham Market and the North Norfolk Coast.

VAT

If you need to register for VAT and start submitting returns I can give you all the help you need.

  • Standard VAT Accounting
  • Cash Accounting Scheme
  • Flat Rate Scheme
  • Annual Scheme