MHA Carpenter Box - Monthly Tax & Business Updates
Published: 02 Jul 2020
Easing of lockdown restrictions for Tourism and Hospitality sectors
On 23 June, the Prime Minister Boris Johnson announced that more businesses can reopen from 4 July 2020 in England, providing they adhere to certain COVID secure guidelines.
Leisure and Hospitality sector
The long-awaited news that pubs and restaurants can begin to trade from 4 July was welcomed by the hospitality industry which has been hit particularly hard during lockdown. People will also be able to enjoy ‘staycations’ within England as accommodation sites will be able to re-open for visitors.
Hairdressers are also allowed to open – a sigh of relief for those that undertook bodged DIY haircuts in the last few months.
MHA Construction & Real Estate Survey now open
The MHA Construction & Real Estate specialist team works closely together to ensure our clients in the sector are supported during this challenging time.
As part of this we undertake a national annual survey to gauge what is happening in the sector now and what may lie ahead in the months to come. Our short survey consists of 6 sections and should take no more than 10 minutes to complete.
- Recruitment and employment
- Looking forward
Your responses to our survey will remain anonymous and be used to compile benchmark data, which will help us better understand how the sector is responding to current challenges.
5 tips to get your business booming
As the reports surface of the UK economy shrinking by over 20% in April, with over 600,000 job losses already and the furlough scheme winding down, you’d be forgiven for having a conservative outlook on business right now. A recession seems inevitable and the relatively free flowing money at the turn of the year has very much dried up.
However, the opportunity for growth has never been greater and there’s plenty of success stories out there.
So how do you capitalise on these opportunities and become one of the ‘lucky’ businesses thriving through adversity?
Legal Sector COVID-19 Survey Results
Our national association MHA recently undertook a survey into the legal sector focusing on the impact of COVID-19, and how this is affecting law firms.
The results report on 8 key areas including fee income, business strategy now and for the future, and working practices now and going forward. We have summarised the results in an easy to read infographic.
SEISS claim deadline is 13 July – don't miss out
The deadline to apply for the first SEISS grant is fast approaching. Find out how to make a claim.
The Self-Employed Income Support Scheme (SEISS) is a key part of the financial support that the Government, via HMRC, will provide to many self employed people to help get through the economic downturn caused by COVID-19 and the lockdown.
Not all self-employed people qualify for SEISS and the claims for financial support have to be made by the individual seeking support, not by a third party such as a tax adviser.
We have set out some of the practical aspects claimants will need to be aware of.
Changes to the Coronavirus Job Retention Scheme
On Friday 29 May, Chancellor Rishi Sunak announced significant changes to the Coronavirus Job Retention Scheme.
From 1 July 2020 employers can bring employees back to work on a flexible part-time basis, rather than the current ‘all or nothing’ basis. This is earlier than the 1 August date previously announced.
Where an employee returns on this flexible basis, the CJRS can still be used for the employee’s normal hours they do not work.
Changes to employer contributions
Up to 31 July the existing government support remains unchanged. The government will pay 80% of gross salary up to the £2,500 monthly cap plus employer’s NIC and a pension contribution of up to 3%. There remains no obligation on the employer to pay anything.
From 1 August 2020 the amount employers can claim under the scheme is reducing. Whilst the amount the employer can claim reduces from 1 August, the employee will continue to be entitled to the full 80% of their salary, subject to the previous £2,500 cap.
COVID-19: delay to VAT reverse charge on construction services
On 5 June 2020, HMRC announced a five-month delay to the introduction of the domestic VAT reverse charge for construction services, due to the impact of the COVID-19 pandemic on the sector.
The change will now apply from 1 March 2021 and will overhaul the way VAT is payable on building and construction invoices as part of moves to reduce fraud in the sector. Under the domestic reverse charge, the customer receiving the service must account for the VAT due on these supplies on their VAT return, instead of paying the VAT to the supplier.
The change was originally scheduled to come into effect from 1 October 2019, but was then deferred for 12 months, after industry bodies highlighted concerns about lack of preparation and the impact on businesses.
Now the start date has been put back from 1 October 2020 to 1 March 2021.
CBCF supports Lizzie Williams
This year, the Carpenter Box Charitable Foundation is supporting inspiring British athlete Lizzie Williams. To find out more about Lizzie, read our interview with her.
Tell us a bit about yourself, and how you got started with racing.
Hi there! I’m a queer-disabled-Worthing raised-British Athlete! I have grown up participating in every sport you could possibly think of.
For someone with my disability, Osteogenesis Imperfecta (aka ‘Brittle Bones’), the idea of getting so heavily involved in sport was something incredibly risky, but it could also be incredibly beneficial in making me stronger. Thankfully, it was the latter, and my strength grew and grew.
It was in 2015 when I was volunteering at a youth disability sport event, when I met a young guy who told me that he trained locally as a wheelchair racer and asked whether I would like to come down to the track and try it out. I had been going through a difficult period at the time, so I saw this as an opportunity, and later that week I went down to the track to give it a go. And then I guess you could say the rest was history
The latest episode of our financial planning podcast, The Retirement Gym, is now available to download.
In this episode Roy is joined by David Cooke, Investment Manager and Partner at Saltus Investment Management. They discuss the importance of investment risk and the returns you can achieve on your retirement funds.
- The returns we can expect on invested money
- Considering the right level of investment risk for retirement plans
- Future gazing in the investment market
How to listen
You can listen to the podcast on our website, or on streaming services including:
Subscribe on your favourite platform to hear the latest episodes as soon as they're released!
MHA Carpenter Box Financial Advisers news update
Read the June Wealth Management newsletter!
In the news, the focus has been on the changes to lockdown measures and what these will mean for both public safety and the economy. As with the past couple of months, the situation has been changing rapidly, but we remain resolutely optimistic. As usual, we will keep a close eye on wider developments and keep you informed.
The MHA Carpenter Box Financial Advisers team put together this monthly newsletter to help keep you informed of the latest changes in the financial markets, both domestically and overseas.
This month's insightful newsletter covers:
- Recent financial movements within the UK, including industry updates and the state of the economy
- Brexit and European news
- A global overview: the US, Far East and Emerging Markets
Not for Profit news update
Read the latest Not for Profit newsletter from the sector team.
In this edition we provide an update through MHA publications in relation to the SORP Committee guidance for audited financial statements, guidance for independent examinations and academy insights in relation to contingent works.
We also review government updates on the gradual easing of lockdown and extension of the JRS to October 2020, HMRC deadline extensions, and the latest findings in relation to digital donations and legacies.
- Coronavirus Hub
- MHA Real Estate Matters – Issue 15
- MHA The Engine – Issue 7
- COVID-19 Charities SORP Committee Guidance
- How to guide: Charities and COVID-19
- Financial projections and funding support for your business
- Coronavirus: Wealth planning checklist
- Tax Rates 2020-21
- Wealth Management June newsletter
- Not for Profit June newsletter
For a full listing of our resources and information sheets, visit our resources page on the MHA Carpenter Box website.
30 Jun 2020
End of CT61 quarterly period.
- Company accounts filing deadline
Filing deadline at Companies House of accounts for private companies with a year ended 30 September 2019 and for public companies with a year ended 31 December 2019.
- Corporation tax return
Filing deadline for corporation tax return self-assessment form CT600 for the period ended 30 June 2019 to be submitted to HMRC.
01 Jul 2020
- Corporation tax payment
Corporation tax payment due for year end 30 September 2019, for those companies not liable to pay their liability by instalments.
06 Jul 2020
- PAYE settlement agreements
Final date for agreeing any PAYE settlement agreements for 2019/20.
07 Jul 2020
- VAT return
Due date for May VAT returns unless exempted.
14 Jul 2020
- EC sales list
Deadline for paper monthly or quarterly return filing.
- CT61 payment
Due date for income tax for the CT61 quarter to 30 June 2020.
19 Jul 2020
- Quarterly postal PAYE/class 1 NICs payment
Q1 (2019/20) PAYE/NIC payment due where paid by cheque. The cheque must be with HMRC by this date in order to avoid automatic interest charge.
- CIS return
Construction Industry Scheme: monthly return due for period up to 5th of previous month.
- NICs postal payments for 2018/19
Deadline for postal payments to reach HMRC for any outstanding class 1A NICs for the tax year ending 5 April 2019.
- Monthly postal PAYE/class 1 NICs/student loan payment
If you pay by cheque through the post, monthly payments due for PAYE, class 1 NICs and student loan deductions from June 2020.
21 Jul 2020
- EC sales list
Deadline for online monthly or quarterly return filing.
Due date for payment of supplementary declarations for June 2020.
22 Jul 2020
- Monthly electronic PAYE/class 1 NICs/student loan payment
If paying electronically, pay PAYE, class 1 NICs, student loan deductions and deductions from payments to subcontractors for the month up to the 5th of this month.
- Quarterly electronic PAYE/class 1 NICs payment
Q1 (2020/21) PAYE/NIC payment due where paid electronically in order to avoid automatic interest charge.
- NICs electronic payments for 2018/19
Deadline for any electronic payments to reach HMRC for any outstanding class 1A NICs for the year ending 5 April 2019.
31 Jul 2019
- Company accounts filing deadline
Filing deadline at Companies House of accounts for private companies with a year ended 31 October 2019 and for public companies with a year ended 31 January 2020.
- Corporation tax return
Filing deadline for corporation tax return self-assessment form CT600 for period ended 31 July 2019 to be submitted to HMRC.
- Deadline for self-assessment (payment on account)
Deadline for second payment on account for tax year ended 5 April 2019.