February 2021 Newsletter

Written by James Fairhurst

James has a background in accounts production, Corporation Tax and VAT for Sole Traders, Partnerships, Limited Companies and Academies. He is able to quickly and reliably gain an understanding of the accounting needs of a business, helping them to stay on top of their deadlines.
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February 9, 2021

Tax return deadline extension

HMRC in the 11th hour extended the tax self-assessment deadline by a month, until 28th February. The extension provides breathing space for more than 3 million people who had yet to file their 2019/20 tax return by the original deadline of 31st January.

Normally, a £100 late filing penalty would be imposed, but under the new extension no penalty applies as long as tax returns are submitted by the end of February.

However, it is important to note that the payment of any tax for the 2019/20 year will still be due by the original deadline of 31st January. That means interest will apply to any late payments made after this date.

Best schemes to take advantage of this year

Many of you will already be aware of the main schemes, loans, grants which have been available to help businesses affected by the coronavirus lockdowns. But have you checked whether you can still apply for any others?  It may be worth to check if you can still find financial support schemes you may be eligible for. Coronavirus (COVID‑19) support is available to employers and the self-employed, including sole traders and limited company directors. You may be eligible for loans, tax relief and cash grants, whether your business is open or closed.

Besides the grants, bounce back loans and furlough schemes, a lesser well-known scheme exists – one perfect for the smaller growing business and its name is the “Kickstart” Scheme. Announced by Chancellor Rishi Sunak as part of his Plan for Jobs, employers can offer youngsters aged 16-24 who are claiming Universal Credit a six-month work placement. 400 businesses in the NorthWest have already employed staff under the new scheme and feedback has been very positive.

The Kickstart Scheme provides funding to create new job placements for 16 to 24 year olds on Universal Credit who are at risk of long term unemployment. Employers of all sizes can apply for funding which covers:

  • 100% of the National Minimum Wage (or the National Living Wage depending on the age of the participant) for 25 hours per week for a total of 6 months
  • associated employer National Insurance contributions
  • employer minimum automatic enrolment contributions

Employers can spread the start date of the job placements up until the end of December 2021 and further funding is available for training and support so that young people on the scheme can get a job in the future.

For more information visit https://www.gov.uk/government/collections/kickstart-scheme

As always, if you have any questions about whether a scheme applies to your business, feel free to give us a call on 01772 367303 and we will be happy to discuss your options.

Sponsorship of Lancashire’s highways

Xoba are proud to announce the start of our sponsorship of Lancashire’s highways. Our new sign on Penwortham way certainly brightens up the road and it helps to fund the maintenance of the highway.

So, keep an eye out when you pass through Whitestake – you can’t miss it!

Summary
Article Name
February 2020 Newsletter
Description
In the latest Newsletter, find out about the extension to the self-assessment deadline and learn more about the COVID schemes still available.
Author
Publisher Name
Xoba - Chartered Accountants in Preston

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