Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.<\/p>\n
All UK arrivals will be required to take two COVID-19 tests<\/a>— on Day 2 and Day 8 of their quarantine period– in an attempt to prevent new coronavirus variants from entering the country.<\/p>\n This new requirement comes on top of the current rule which requires travellers entering the UK to show proof of a negative COVID-19 test taken within 72 hours prior to travelling. Anyone who fails to comply will face a fine of up to £500.<\/p>\n Also, from 15 February, UK residentents and Irish nationals arriving from 33 “red list” COVID-19 hotspots<\/a> where variants may have already spread, will have to quarantine in hotels for 10 nights, with security guards accompanying them when they go outside. Non-UK travellers who have been in these countries within 10 days before travelling will be banned from entry.<\/p>\n The ‘Pay as you grow’ mechanism was launched this week to offer relief to the 1.4 million small businesses in the UK that borrowed money through the Bounce Back Loan Scheme by allowing them to repay over a longer period.<\/p>\n Almost £45 billion has been borrowed under the state-backed initiative, which involves cheap loans of up to £50,000. Through this new system, the length of loans will be extended from 6 to 10 years<\/a>, reducing monthly repayments.<\/p>\n Struggling businesses will also be able to choose interest-only repayments or payment holidays for up to 6 months.<\/p>\n The UK Treasury is looking at options for an online sales tax<\/a> to shift balance, as high street shops across the country face dual threat of internet shopping and COVID-19 pandemic.<\/p>\n With many shops forced into temporary closure, official figures<\/a> show the amount spent online increased by 46% in 2020 compared with a year earlier. Online spending now accounts for about 30% of overall retail sales in the UK.<\/p>\n This shift means there was a need to address the disparity in taxes paid by those with physical retail shops and those operating mainly online.<\/p>\n On November 2020, the government published draft legislation making changed to the Construction Industry Scheme (CIS) to ensure that rules apply fairly to everyone who is liable and HMRC can act quickly when rules are being broken.<\/p>\n Some of the key changes that will be implemented from 6 April 2021 include:<\/p>\n You can read more about these changes here<\/a>. You may also get in touch with us if you have any questions.<\/p>\n After almost a year of lockdowns and COVID-19 restrictions, many firms in the UK are still in need of business support to stay afloat. Below is a comprehensive list of government support programmes that are available to your small business.<\/p>\n Deadline: 31 March 2021<\/strong><\/p>\n More information can be found here<\/a>.<\/p>\n Deadline: 31 March 2021<\/strong><\/p>\n More information can be found here<\/a>.<\/p>\n Deadline: 6 April 2021<\/strong><\/p>\n Businesses in the retail, hospitality, and leisure sectors will not have to pay business rates for the 2020-2021 tax year.<\/p>\n More information can be found here<\/a>.<\/p>\n Deadline: 30 April 2021<\/strong><\/p>\n More information can be found here<\/a>.<\/p>\n New Deadlines for Job Retention Scheme Claims<\/strong> 15 February 2021<\/strong>– Final date to submit claims for January 2021 by 11:59pm Deadline: Apply for the extension before your normal filing deadline<\/strong><\/p>\n You can apply for a three-month corporation tax extension to the deadline of filing your accounts, as long as your deadline falls between 27 June 2020 to 5 April 2021.<\/p>\n More information can be found here<\/a>.<\/p>\n Deadline: Not specified<\/strong><\/p>\n More information can be found here<\/a>.<\/p>\n Deadline: Fourth round yet to be announced<\/strong><\/p>\n More information can be found here<\/a>.<\/p>\n Deadline: Not specified<\/strong><\/p>\n More information can be found here<\/a>.<\/p>\n Deadline: Not specified<\/strong><\/p>\n More information can be found here<\/a>.<\/p>\n Flick us a message if you need our expert assistance on your applications and so we can help you evaluate your options.<\/p>\n Due to COVID-19, last year it was possible for businesses to defer their VAT payments between 20 March and 30 June 2020 to help cashflow. This was a welcome relief for many businesses, but the time has now come to pay that VAT.<\/p>\n HMRC’s guidance says there are three options:<\/p>\n To access the new payment scheme, businesses must opt into it – this process will be launched soon.<\/p>\n The new payment scheme means businesses can make up to 11 smaller monthly instalments interest free. All instalments must be paid by the end of March 2022.<\/p>\n Now is the time to plan ahead. Get in touch with us if you’d like a cashflow forecast to plan your repayments.<\/p>\n For more information about the new scheme, check out the gov.uk website for guidance<\/a>.<\/p>\n Britain is calling for a renegotiation of the post-Brexit trade rules governing trade with Northern Ireland<\/a>. To avoid creating a hard border on Ireland, Britain agreed to a deal wherein Northern Ireland remained within the EU’s single market. However, this has created a regulatory border between Northern Ireland and the rest of the UK.<\/p>\n Reuters has compiled Britain’s demands due to be discussed with the EU this week, including:<\/p>\n Borrowing money is part of running a company, but it does come with a cost. This means you shouldn’t impulsively take on debt unless there’s a clear benefit for doing so.<\/p>\n Below are the top valid reasons for getting a business loan:<\/p>\n If you require some guidance on deciding what type of business loan to apply for, or need some help with the completion of your requirements, don’t hesitate to get in touch with us.<\/p>\n Contact us if you have any questions or want to discuss the next steps for your business.<\/p>\n Contact us<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"‘Pay As You Grow’ Mechanism Launched to Extend Loan Payments<\/h3>\n
UK Treasury Exploring Options for An Online Sales Tax<\/h3>\n
Changes to the Construction Industry Scheme Effective April 2021<\/h3>\n
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Ongoing COVID-19 Business Support From the Government<\/h3>\n
Bounce Back Loan Scheme<\/h4>\n
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Coronavirus Business Interruption Loan Scheme (CBILS)<\/h4>\n
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Business Rates Holiday<\/h4>\n
Coronavirus Job Retention Scheme<\/h4>\n
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\nUse this list of monthly deadlines to help you submit before it’s too late.<\/p>\n
15 March 2021<\/strong>– Final date to submit claims for February 2021 by 11:59pm
14 April 2021<\/strong>– Final date to submit claims for March 2021 by 11:59pm
14 May 2021<\/strong>– Final date to submit claims for April 2021 by 11:59pm<\/p>\nCorporation tax filing extension<\/h4>\n
Kickstart Scheme grant<\/h4>\n
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Self-employed Income Support Scheme<\/h4>\n
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Statutory Sick Pay refund<\/h4>\n
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Top-up grant for retail, hospitality and leisure<\/h4>\n
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\n– Small businesses with a rateable value of £15,000 and under will receive £4,000
\n– Medium businesses with a rateable value of between £15,000 and £51,000 will get £6,000<\/li>\n<\/ul>\nDid you defer your VAT last year?<\/h3>\n
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What Changes Does Britain Want to North Ireland Post-Brexit Rules?<\/h3>\n
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When Should I Apply for a Business Loan?<\/h3>\n
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Get in touch<\/h3>\n