Moore Accountancy Update

CONTINUING TO STAY POSITIVE

As the week's continue, the status quo remains with the impact of Covid-19 continuing to affect us all financially, emotionally and mentally.

This week saw our first virtual networking event and also our first online conference - both things we never thought would happen; and it shows how flexible and resourceful the business community are; and how together we can continue to survive during this period and work to grow over the coming months.

The Moore Accountancy team continues to work remotely, albeit around family, pets and working partners - so thank you for your patience during this time.

Finally, thanks for the 10th birthday greetings - we got a nice hamper from Sage to help us celebrate!

If you have missed any of our previous newsletters, then our website has a backlog of them here.

COVID-19 UPDATES

Please keep checking our regularly updated website page.

https://mooreaccountancy.co.uk/moore-accountancy-covid-19-support-update-small-business-and-individuals/

This details information provided by the Government on schemes which you may be able to access during this difficult time.

Links are provided to:

VAT Deferral scheme
Bounce Bank Loans
Job Retention Scheme
Self Employed Grants
Universal Credit
The various other support options

Keep an eye on the page as it is updated as and when the Government provide the detail behind their headline notices.

If you have any questions, please email us at info@mooreaccountancy.co.uk

WHAT IS YOUR POST-LOCKDOWN STRATEGY?

Now is the time to think about how you are going to grow your business, after the lockdown.

Set out your goals
The current disruption being experienced by businesses across the world is a huge challenge; however it may also be an opportunity.
Start by thinking about your current market position, relative to your key competitors. Where would you like to be in 12 months’ time? Is there an opportunity to overtake a competitor?
Set out your key business objectives for the next year including the key deliverables that you will need to focus on each month.

New opportunities
Is there an opportunity to make some changes to your business model? Maybe embrace automation, take a new approach to its distribution model or expand into new markets. As businesses return to normal in the next few months, they will have to contend with various unknowns. The businesses that succeed will be the ones that are agile enough to pivot their strategic focus, when the right opportunity presents itself.

Cultural change
Changing the culture of a business is a very difficult thing to do. However, the return to “business as usual” post-pandemic gives us all an opportunity to drive cultural change. Will you embrace remote working after the lockdown?
It’s important to set out your vision and communicate that to everyone across the business.

Be prepared
Take time to map out the key behaviours that you will need to adopt as you move forward, after the lockdown. If training is going to be needed, perhaps this could be provided online. Doing as much pre-work as possible now will ensure that you are ready to hit the ground running as the country emerges from lockdown. Be careful not to take on too many new projects at once. Regardless of the size of your business, resources are finite. Prioritise the key projects that are likely to have the biggest impact on your business.

Review the goals that you set out at the beginning of your strategic planning process and identify the projects that align with the achievement of those goals.

SELF-EMPLOYED GRANT SCHEME

The Self-Employed Income Support Scheme (SEISS) allows the self-employed to claim 80% of their average profits for the period up to 2018/19, limited to £2,500 a month, initially for a three-month period.

We have written to all clients who may be eligible with instructions of what to do to check.

Applications are being staggered and are open now with invitation from HMRC, with funds to be received within a week of application.

At present, there has been no extension to this scheme beyond 3 months support, but this could change at any point.

Like CJRS there are lots of conditions that need to be satisfied such as being self-employed in 2018/19 and continuing to trade in 2019/20 and 2020/21, or would be doing so if it the business had not been impacted by coronavirus.

In order to be able to make a successful claim the self-employed profits in 2018/19 must not exceed £50,000 and must be more than 50% of the individual’s total income. If that test is not met, then the same £50,000 and 50% tests are applied to average profits and total income over the three years (or shorter period) to 5 April 2019.

Unlike the furlough scheme mentioned below the self-employed can continue trading, albeit at a reduced level.

Use the checker to find out if HMRC should be writing to you - https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference

Logon to your government gateway now to check you have access - https://www.gov.uk/log-in-file-self-assessment-tax-return/sign-in/prove-identity

There is a reset password option if you are struggling to access your government gateway - https://www.gov.uk/log-in-register-hmrc-online-services/problems-signing-in

FURLOUGH SCHEME

Remember that CJRS allows employers to claim 80% of an employee’s regular pay subject to a limit of £2,500 a month if they have been “furloughed”, in other words unable to work during the crisis, and would otherwise be P45d.

The claim can also include both employer’s NIC and the 3% AE pension contribution on the restricted amount.

Note that company directors may be furloughed provided they do not work for the company other than complying with their statutory obligations. The furlough claim only applies to their salary, not dividends.

This has now been extended to October, but from August the government will also ask employers to share the costs of paying people’s salaries and more details about the extension will follow by the end of May.

We will be writing to our payroll clients once further information has been provided by the Chancellor.

KEY DATES

19/05/20 - PAYE & NIC deductions for month ended 05/05/20 (April payroll)

31/05/20 - Corporation tax due for year to 31/08/19

07/06/20 - Final submission of VAT return under MTDfVAT for quarter ending 30/04/20

30/06/20 - Corporation tax due for year to 30/09/19

07/07/20 - Final submission of VAT return under MTDfVAT for quarter ending 31/05/20

For any businesses struggling with payments, please contact HMRC to see if they will agree a Time To Pay arrangement - https://www.gov.uk/difficulties-paying-hmrc

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Moore Accountancy · 1 Northway · Altrincham · Cheshire, WA14 1NN · United Kingdom