Anna’s Accountancy Alerts – Week 29 (19th – 25th October 2020)

Two Female Business Owners Working

TTS Demo

HMRC Webinars Re Paying Employees Expenses For Working At Home, Providing Company Cars Or Vans Etc

You can ask questions using the on-screen text box.

Expenses and benefits for employers – phones, internet and homeworking: You’ll be shown  how to deal with tax and National Insurance when an employer provides a mobile phone, internet connection or homeworking expenses.

Register here

Employer filing obligations: You’ll be told when and how to send your Full Payment Submission (FPS) and Employer Payment Summary (EPS), emphasising the importance of sending reports to HMRC on time.

Register here

Finally, there’s HMRC’s ‘Expenses and benefits from employment toolkit‘ – very useful for those employers dealing with the completion of forms P11D.

Businesses Urged To Prepare For End Of Brexit Transition Period

The Government Is Urging Businesses To Take Action Now To Prepare For The End Of The Transition Period On 31 December 2020. What Should You Do?

Over 600,000 businesses are to receive a letter from the government telling them that they need to prepare now for the UK’s “new start” on 1 January 2021. To assess what actions your business needs to take, there’s a checker tool available where you answer a few questions and then receive a detailed personalised action plan.

The government is also hosting a series of free sector-specific live and on demand webinars to help businesses check the new rules and understand the actions to take.

Self-Employment Income Support Scheme (SEISS) – Are You Still Trading?

  • HMRC has contacted some businesses which received a grant asking them to confirm whether they are still trading.
  • If your business has stopped trading, HMRC will need to check whether you were eligible for the grant and whether the grant needs to be repaid.
  • If your business is continuing to trade, you still need to respond to HMRC’s request and may be asked to provide evidence.
  • Those who received the grant before 22 July 2020 must inform HMRC by 20 November 2020
  • Those who received the grant on or after 22 July 2020 must inform HMRC within 90 days of receiving the grant.
  • If you do not inform HMRC on time, you may be charged a penalty.

 

If you need to repay the grant, HMRC will contact you with further details and you will have 30 days to pay. If you are not able to pay, you can call HMRC to discuss setting up a payment plan.

Stay Up-To-Date With Coronavirus & Brexit News

Coronavirus has affected us all. Whether you’re a sole trader, employer or employee. Stay up to date with the latest news – including government support, tax implications, and more.