R J Hull & Company Certified Practising Accountants

COVID-19 Coronavirus Update

We are still open and working for you.

With the announcement yesterday we will be working remotely but with full access to information (via the cloud). You can still call 01202 533370 and it will divert to a mobile (at no cost to you). You can also call, text or whatapp 07921 316166

Where possible please use electronic means to get records to us. All bank statements, invoices and bills paid etc can be scanned and / or converted to pdf (a free converter https://smallpdf.com/ or microsoft computers often have a converter when you go to print). Please also use CSV's from your bank.

You can get this to us by:

If you don't have a shared folder please email me and I will share one. If you do please continue to use the same folder. Where possible our preference is to use dropbox over google drive.

I would suggest unless you are fluent in the use of Quickbooks, Xero (etc) you do not upload to these softwares and let us do this if necessary.

Please stay safe and contact us if you have any questions

Regards

All at R J Hull & Company

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27th March Update

As promised we are providing an update regarding the latest Government statement of support for the Self Employed during the COVID-19 outbreak.

With immediate effect self employed people can apply for the Universal Credits system which must be done online.  Payments can take up to 5 weeks to be paid but upon application, you can ask for an advance (this is a loan to be repaid). To apply please use the following link:- https://www.gov.uk/apply-universal-credit 
 
The Self-Employment Income and Support Scheme that was announced by the Government is allowing some self-employed workers to apply for a taxable grant worth up to 80% of their average monthly profits up to £2,500 per month.
 
The grant will initially be paid out to cover the months of March, April and May but this could be extended if the Government decide is necessary.  The grants will start to be paid from June and should cover 80% of your profits based on your 2016/17, 2017/18 and 2018/19 Tax Returns. The grant will be paid directly into your bank account as one payment.
 
To be able to apply for the grant the following must apply;-
 
- You must have been self employed prior to the 6th April 2019 and filed your 2018/19 Tax Return.  If you have not yet filed this Tax Return HMRC are giving you an extension until the 26th April 2020.
- More than half of your total income  must be from self employment.  If not you should claim through your employer under the Coronavirus Job Retention Scheme for Employees.
- Your average trading profit must not be above £50,000.  If your average trading profit is above the £50,000 you will be unable to apply for this scheme.
 
 As it currently stands, you do not need to contact HMRC.  They will contact you as soon as the scheme is up and running and request you fill in an online form.  We will of course help you with this.
 
In the meantime to help with cashflow if required, you can defer making your 31st July Payment on Account for your Self Assessment tax and defer it until the 31st January 2021. 
 
Coronavirus Business Interruption Loans are available through commercial lenders (your bank). Please apply direct. If they ask for any information we can supply please let us know. The link below is a list of the lenders available:
https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/accredited-lenders/  
HMRC will cover the first 12 months of interest on your behalf if it is an approved CBILS loan.
 
For further information on all the above please refer to the Government website using the following link:-
 
https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme 
 
Please contact us should you require any further information to support your applications. 
 
Please note due to Government guidelines are offices are currently not maned, but we are remotely working and can be contacted by phone or email.
 

01202 533370

01202 534267

07921 316166 (text or Whatsapp)

office@rjhullaccountants.co.uk

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24th March 2020 Update - Coronavirus (COVID-19)

We are still open and working for you. With the announcement yesterday we will be working remotely but with full access to information (via the cloud). You can still call 01202 533370 and it will divert to a mobile (at no cost to you). You can also call, text or whatapp 07921 316166

Where possible please use electronic means to get records to us. All bank statements, invoices and bills paid etc can be scanned and / or converted to pdf (a free converter https://smallpdf.com/ or microsoft computers often have a converter when you go to print). Please also use CSV's from your bank.

You can get this to us by:

Email

share via dropbox in a specific folder we will set up for you on request

share via google drive in a specific folder we will set up for you on request

If you don't have a shared folder please email me and I will share one. If you do please continue to use the same folder. Where possible our preference is to use dropbox over google drive.

I would suggest unless you are fluent in the use of Quickbooks, Xero (etc) you do not upload to these softwares and let us do this if necessary.

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23rd March 2020 Update regarding Government Support - Coronavirus (COVID-19)

As promised we are updating you with the latest information we have. Some may be duplicated from previous emails but we would like you to have all the information. Please be assured we will keep you up to date. 

To enable us to get this to you quickly we will no longer address the emails by name so please excuse the formality.

VAT payments are deferred from the 20th March 2020 to the 30th June 2020. All VAT returns WILL STILL NEED SUBMITTING on time. The payment is deferred not compliance. Any deferred VAT will need paying to HMRC by the 5th April 2021. This does not affect VAT refunds.

All July 2020 self assessment payments on account have been deferred to the 31st January 2021.

The VAT and Self assessment deferrals do not need to be applied for. Just don't pay now.  

There has been NO announcement of any PAYE, CIS or Corporation tax derferals. If possible these should be paid as normal.

A dedicated helpline has been set up to help businesses, self-employed individuals in financial distress. They will offer help with outstanding tax liabilities. Through this, businesses may be able to agree a bespoke Time to Pay arrangement. If you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated helpline on 0800 0159 559.    

SSP is payable from day one for all self isolating or who have COVID-19. It is to be paid for 2 weeks and any employers with less than 250 employees (not self-employed) can reclaim this at a later date. It is NOT being offset against your P30 monthly payment.

If an employee is off for a different illness then the normal SSP rules apply. Let us know if you need details.

If you are no longer able to pay employees their wages and they are Furloughed workers you may be able to claim 80% of the wages they would be due (limited to £2,500 per month). You would have to pay this to your employees (less tax, NI and pension). You as the employer would incur employer NI, but this could be covered by the employers NI allowance. This is to help against redundancies. At present the payment covers three months from the 1st March 2020. The employee could not be doing any work for you to be classed as Furloughed. If you feel any employees are covered by this please email us a list of their names and the date from which the are  Furloughed. HMRC are still setting up a system to enable the payments. Once we have more details we will contact you.

Coronavirus Business Interruption Loans are available through commercial lenders (your bank). Please apply direct. If they ask for any information we can supply please let us know. The link below is a list of the lenders available:

https://www.british-business-bank.co.uk/ourpartners/coronavirus-business-interruption-loan-scheme-cbils/accredited-lenders/  

HMRC will cover the first 12 months of interest on your behalf if it is an approved CBILS loan.

Self-employed who have employees please see above. You could also apply for a loan through the above. If you are finding you have no income or little income the government have said to apply for Universal credit. Please see the link

https://www.understandinguniversalcredit.gov.uk/coronavirus/

If you are part of the industries that the government told to close (pub's restaurants, club's etc) and have cover for pandemic and government -ordered closure you should be able to make a claim as of the 17th March 2020.

If you rent (personally not business) the government's bringing in laws to stop evictions for three months. It would be advisable to speak direct to your landlord if you can't pay your rent. Mortgage companies should also give three months before chasing for mortgage payments, but we are on the understanding this is via prior arrangement and you should also contact the bank. This covers personal and buy to let mortgages.

Local government grants will be made available  in early April for business who have business rates relief.

As always please contact us if we can help with any applications and please stay safe.

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To all our valued clients,

We hope you are all keeping safe and well in these strange times we find ourselves in.

The next few weeks are concerning for us all and changing on a daily basis as the Government makes any necessary plans.

We are still here to support you and are studying the plans as the Government reveal them.  We appreciate many of you are waiting in anticipation to hear what support their may be for you and your businesses financially.  As soon as this information is confirmed we can provide further details to you.

In the meantime as it stands:-

The government has announced there will be a £10,000 cash grant to small businesses, delivered by local government (council). Small businesses that pay little or no business rates and are eligible for small business rate relief will be contacted by the local government rather than making an application. It is understood the funding will be provided to them in early April and letters sent directly by local government departments.

Employers with less than 250 employees will be refunded 14 days of Statutory Sick Pay per employee (if an employee is off due to the Coronavirus Virus). This is NOT being offset against the monthly P30 payment, and will be refunded at a later date.

Introduction of business rates holiday for retail, hospitality and leisure businesses in England for the 2020 to 2021 tax year. 

A £25,000 grant will also be provided to retail, hospitality and leisure businesses operating from smaller premises with a rateable value between £15,000 and £51,000.  

A dedicated helpline has been set up to help businesses, self-employed individuals in financial distress. They will offer help with outstanding tax liabilities. Through this, businesses may be able to agree a bespoke Time to Pay arrangement. If you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated helpline on 0800 0159 559.  

The Government are aiming to release further information to local authorities on how businesses can receive these grants/reliefs so hopefully we will know more then.