We cover the following points:
We are approaching the end of the transition period and while it appears there will be a deal with the EU we recommend you prepare for No Deal.
Without a Deal there will be initial confusion which will affect movement of goods in and out of the UK accompanied by shortages in all market sectors, fluctuations in exchange rates and a shortage of capital finance.
The uncertainty arising will create a period of stasis while we all work out what to do next and over time ( how long?) markets will adjust.
How to prepare?
Stockpiling of cash, goods (for business and personal) and food/drink will be inevitable.
From a business perspective we recommend you carry out a SWOT analysis this month:
If there is a Deal we will be publishing update on the ‘news’ section of our website and sending out mailshots (via email only) – https://henrybanwell.co.uk/news/
How can we help once there a Deal or No Deal has been confirmed?
COVID-19 Relief information is summarised below but due to the detail and number of changes we will post updates on our news blog and send an update shortly.
SEISS 3rd Grant available 1 December 2020 ( 4th Grant details to follow).
Furlough Scheme continues until March 2021.
Bounce back loan scheme continues until January 2021.
Coronavirus Business Interruption Loan Scheme continues until January 2021.
VAT concession – supply of food and non-alcoholic beverages for consumption on your premises from 15 July 2020 until 12 January 2021 need only be charged at 5%.
Local Restriction Support Grants – you must own or lease a property and these grants are being administered by local Councils so you need to visit their websites. The level of grant depends on rateable value and whether the business was open or closed during lockdown.
Job Support Scheme (for now)
Job Retention Bonus ( replaced by longer Furlough period)
VAT deferment scheme
Small Business Grant Fund
Please note the above lists are not comprehensive.
We have updated our website www.henrybanwell.co.uk and will continue improving it over the next year:
Please advise us of any change in your address or contact details (especially if you change email address).
Renewal of the above insurance takes place on 1 December 2020 and a brochure will be posted out shortly.
The fee (including VAT) to insure your Limited company (including Directors), business or Partnership for 12 months from 1 December 2020 are:
Discounts are available if you have multiple companies.
You will have received your 2020 self-assessment tax return (income and any capital gains for the year ended 5 April 2020) or a Notice to deliver a return where we filed on your behalf electronically last year.
To achieve the filing deadline for 2020 returns and avoid penalties and interest all returns should be lodged with the Inspector on or before 31 January 2021. Late filing penalties of £100 (increasing to a maximum of £1,600) will be levied by the Inspector in all cases, even where repayments are due or tax has been overpaid by the taxpayer, unless a taxpayer can show that they have a reasonable excuse.
Please note there is no extension to the above filing deadline ( at the time of writing this).
We can now offer a new client service platform called SENTA, operated by an award winning Bristol based software firm, which will improve security when we ask you for information and send you documents such as Accounts and Tax returns .
In SENTA, you also get unlimited file storage and our user-friendly client portal at no extra cost. The client portal also prompts you as a client whenever we need something from you and securely facilitates electronic sign-off. It will also reduce the need to send physical records.
Should you wish to pay by Direct debit we can arrange for your 2020/21 bill to be paid monthly over a 12 month period from January 2021 using ‘Gocardless’.
Please contact Michael if you are interested (firstname.lastname@example.org).
The following changes for 2020/21 may affect your future tax liabilities.
UK residents do not need to report transactions where no tax is due because of the availability of reliefs (eg, private residence relief, annual exempt amount). Non-UK residents continue to need to report transactions even if no tax is due.