Here at AMR Bookkeeping Solutions, we are wishing all the businesses that have recently reopened or that will be unlocking their doors in the coming weeks the very best of luck for a successful and prosperous future free of restrictions.
With more and more businesses reopening after a long hiatus, we thought it would be useful to take a look at some of the upcoming changes to the government’s pandemic support schemes and how these updates might affect you.
Job Retention Scheme
The Coronavirus Job Retention Scheme, more commonly referred to as furlough, has been extended until 30 September 2021. Monthly claims for furlough payments will need to be made by the 15th of the following month. Claims for periods ending on or before 31 October 2020 can no longer be submitted.
Self-Employed Income Support Scheme (SEISS)
The fourth window for claims is now open. However, if you receive a grant, but were not eligible or you’ve been overpaid, you could face penalties of up to 100% of the amount. HMRC has issued information and guidance about overpayments and how to report any errors on its website.
Business Rates Holiday
The business rates holiday for pubs, restaurants and other non-essential retails businesses will come to an end on 30 June 2021. After this, rates will be discounted to one third of the normal charge for the rest of the financial year, up to a maximum of £2m for closed businesses.
VAT Discount
VAT charged on food and drink sold in pubs and restaurants will continue at the rate of 5% until the end of September. After this, it will increase to 12.5% – below the normal rate of 20% – for a further six months.
Stamp Duty Holiday
Property purchasers across the country were delighted to hear Chancellor Rishi Sunak announce in the March budget that the stamp duty holiday was being extended until the end of June.
Those purchasing properties in England and Northern Ireland will not be required to pay stamp duty on the first £500,000. Once the freeze ends on 30 June, the nil rate band will be set to £250,000 – double the standard level – until 30 September. After this the nil rate band will resume at the usual level of £125,000.
Operating a business from home
Many people are now opting to operate a business from home. You can find out more about insurance, permissions and tax allowances in our blog Operating a business from home – what you need to know.
Different rules apply for people who have been forced to work from home due to the pandemic. You can find out more on our blog Can I claim back expenses while working from home?
While we cannot predict what will happen in the future, we are always here to help. If you need further information or advice about the latest changes to the government’s pandemic support schemes, please give us a call on 01892 559480, or get in touch via our online enquiry form.
