Latest e-Newsletter Confirms Important Updates

Latest News on Gov. Grants, Support, Loans, Deadlines & More

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Latest e-Newsletter Confirms Important Updates

Don’t miss our latest newsletter. Published just this week, it includes several updates on the latest Government support for small businesses during the pandemic, including:

  • a possible 4th SEISS grant coming for the self-employed and …
  • extensions of both the Job Retention Scheme (‘furlough’) ….
  • and Bounce-Back Loan Scheme.
  • There’s also a useful link where you can check what help may be available to you using a simple but genius interactive interface.

The newsletter also includes imminent deadlines that may affect you and news about a significant VAT change that will affect the entire Construction Sector.

Have you submitted your Self-Assessment tax return for the year 2019-20? It’s due in a few days! Learn more in the newsletter or get the ball rolling here.

Have you paid any tax you owe for the same period? It’s now overdue if not. Also see the newsletter for more information contact us using the yellow buttons below.

Learn much more about all these topics and more in our latest e-Newsletter, which can be viewed here. For help with any tax or accounting related issue, simply contact us and we’ll be happy to help. Choose an option below …

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SEISS Grant 4 – News Coming Soon!

SEISS Grant 4 – News Coming Soon!

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Money Saving Expert founder Martin Lewis has announced¹ exclusive news about a possible 4th SEISS Grant for self-employed people. The Self-Employment Income Support Scheme (SEISS) offers direct financial support from the Government for those self-employed people who have seen a significant drop in profits due to the coronavirus pandemic, where eligible. He says the official announcement is currently scheduled for 3rd March 2021 during the Chancellor of the Exchequer’s Spring Budget.

Applications for the current 3rd SEISS grant closed on the 29th of January. The fourth SEISS grant period will cover the months February, March and April. Martin’s exclusive information suggests:

“… there will not be an announcement made on the amount of that grant and who is eligible […] until the budget, which is on the third of March. So over a month after the grant period starts, there won’t be news on exactly how much money you can get, and who is going to get it.”

He goes on to say:

“I doubt this actually means that people will receive their money any later, relatively, than they have done in the prior grants, because you’ve never been able to apply on the first day of the period”

Martin goes on to confirm that he suspects Read more

Domestic Reverse Charge for the Construction Sector

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The Domestic Reverse Charge (DRC) for the construction sector comes into effect as of 01/03/2021.

What does this mean for you?

If you are VAT registered & you work falls under the Construction Industry Scheme (CIS) then from the 1st of March you will need a written declaration from your contractor that they are classified as an end user.

An end user simply put is the land owner or an intermediary company with a direct link to the land owner.

If they are classified as the end user then nothing changes and VAT will be paid to you to then declare on your VAT returns.

However, if you are not working for the end user, the VAT will not be paid to you and it will be your contractors responsibility to declare the VAT from your invoice to HMRC.

If you are on a flat rate scheme and some or all your work falls under the DRC then we advise you to consider writing to HMRC and cancelling your flat rate scheme for VAT.  If the majority of your work is not for the end user, then most definitely do this immediately or call us and we can advise you.

If you need help understanding the DRC and how it applies to you then please do not hesitate to contact us on 020 8761 8000.

At Taxfile we specialise in the construction sector, calculating and submitting Making Tax Digital (MTD) compliant VAT returns for numerous sole traders and limited companies.  If you are looking for an accountant to manage your MTD VAT returns, then we can help you.