Some Quick Updates and Reminders
We’ve spared you the rousing rally calls or feeble attempts at humour this week to quickly issue these business support updates and reminders.
But fear not, as normal service will be resumed soon!
Business Support Funds Opening Today!
On Friday the Welsh Government announced support for start up businesses who have so far fallen through the cracks. Applications open today so please act now!
To be eligible for the start-up grant, your businesses must have:
- not received funding from the Welsh Government’s Economic Resilience Fund or the non-domestic rates grant
- been set up between the 1 April 2019 and 1 March 2020 and not qualified for the UK Government’s Self Employment Income Support Scheme
- less than £50,000 turnover
- experienced a drop in turnover of more than 50% between April and June 2020
You will need to submit a two-page application form and self-declaration supported by evidence.
Local authorities are administering the grant. Check your eligibility by visiting the Business Wales website
Established Business Support
Also opening today is the second phase of the Economic Resilience Fund.
This latest phase will operate in broadly the same way as the first phase but with an update to the eligibility of the micro scheme. This will enable limited companies which are not VAT registered to access the fund, subject to other criteria being met.
Large businesses, which have suffered more than a 60% reduction of turnover since 1 March 2020 may also qualify for funding if they meet other conditions.
Are you self-employed and experienced a drop income between April and June due to Coronavirus? Have you claimed support under the Self Employed Income Scheme?
If not you need to make your claim by 13th July– so please act now!
You continue to suffer adverse effects you will be able to claim a second grant in August for More info Click Here
VAT PAYMENTS RE-STARTING
Don’t be caught out!
Although VAT payments between March and 30 June 2020 could be deferred until 31 March 2021, VAT returns with a payment due date after 30 June must be paid in full, on time.
If you cancelled your VAT Direct Debit please reinstate it at least three working days before submitting your VAT return so HMRC can take payment.
If you need help setting up your DD please let us know.
1st July -Flexible Furlough Begins- How it works
The Furlough Scheme is becoming more flexible from this Wednesday.
You will be able to use Flexible Furlough from 1st July click here for further details.
We also included more detailed guidance in last weeks newsletter if you need more clarification!
Flexible Furlough Explained
What’s the Impact of Coronavirus Loans?
Last week we highlighted that the Government Covid Support packages are classed as notified state aid, which can have implications R&D tax relief claims.
We have since had confirmation that this could also affect Land Remediation and Enhanced Capital Allowance Claims. Let us know if you’re claiming covid support and you’re likely to claim any other state aid. We can then look at the best way for you to utilise the support available.
Please contact your client manager if you would like to discuss this or anything else further. We are always happy to help.
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