Anthony Cowen Chartered Accountants in Stanmore | Accountant

Anthony Cowen Chartered Accountants

Locality: Stanmore

Phone: +44 20 8385 7700

Address: 1st Floor, Stanmore House, 15-19 Church Road HA7 4AR Stanmore, QLD, Australia

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24.01.2022 Chancellor extends furlough scheme It was announced today that the Coronavirus Job Retention Scheme will continue until end of October. The scheme will continue in its current form until the end of July and then changes to allow more flexibility will come in from the start of August. More specific details and information around its implementation will be made available by the end of this month.... One change announced was that from the start of August, furloughed workers will be able to return to work part-time with employers being asked to pay a percentage towards the salaries of their furloughed staff. https://www.gov.uk//chancellor-extends-furlough-scheme-unt

23.01.2022 Whilst we have been denied an Autumn Budget (sighs of relief all round), there was certainly plenty to take in from today’s announcements. Here is a summary of my understanding: New Job Support Scheme This will open on 1 November and run for 6 months. Employees must be on an employer’s PAYE payroll on or before 23 September 2020 and they need not have been on furlough. The employee must be working at least 33% of their usual hours and for every hour not worked by the employee...Continue reading

23.01.2022 Bounce back loans update: These loans of up to 50,000 that opened on Monday are proving to be really popular. I have already seen a few clients apply for these and the loan money has arrived in their account within a few days. In one case, a few hours which was quite remarkable. They are straightforward to apply for and it is a quick process. https://www.gov.uk//apply-for-a-coronavirus-bounce-back-lo

21.01.2022 CLAIMING THE SELF EMPLOYED COVID GRANT This is an email I sent to my clients this morning and will be of interest to anyone who thinks they are eligible for the grant: The scheme is being driven by HMRC and they advise that there is nothing for tax payers to do other than wait to be contacted by HMRC. They have also said that the claim must be made by the self employed tax payer and cannot be made by the accountant.... However, under the head of information they will require, it looks like they will be asking for your government gateway details. This implies that you will need your own personal tax account, although I cannot be 100% sure this is the case. To be on the safe side, you should look at setting up a tax account up immediately if you do not already have one. The link is below and it should only take you 10 15 minutes to do. You will need your National Insurance number and passport details. https://www.gov.uk/personal-tax-acco/sign-in/prove-identity Create account Create a government gateway account Continue to account Create sign in details Then just follow the instructions. When you make the claim, you’ll have to confirm to HMRC that your business has been adversely affected by coronavirus. So if you are continuing to trade, then it implies that you would not be eligible to apply. Although I don’t know how far this definition goes. It might be clearer when you look to claim. Eg if your trade is only 10% down, then are you still eligible for the grant?

21.01.2022 Grants of 25,000 and 10,000 useful award update I have come across this link which lists all the councils and the number of the business grants they have processed to date (as of April 27). Not great if your business is in Harrow (London Borough of) who are the worst performing council with only 18% processed. It maybe a long wait for businesses in this borough for their grant to come through. I calculate the average performance of all councils is 65%. Harrow council shou...ld be held to account for this. Business needs this money now. They are holding on to Government money assigned to the rates payer. https://assets.publishing.service.gov.uk//Coronavi/preview

21.01.2022 Received this notice from HMRC which will be of interest: As announced by the Chancellor last week, Self Assessment customers can now apply online to spread the cost of their tax bill into monthly payments without the need to call us. The online self-serve 'Time to Pay' service, has been increased to 30,000 for Self Assessment customers, to help ease any potential financial burden they may be experiencing due to the coronavirus pandemic.... Once you've completed your tax return for the 2019-20 tax year, you can use the online self-serve 'Time to Pay' service through GOV.UK to set up a direct debit and pay any tax that is owed in monthly instalments, up to a 12-month period. If you wish to set up your own self-serve 'Time to Pay', you must meet the following requirements: no outstanding tax returns no other tax debts no other HMRC payments set up your Self Assessment tax bill is between 32 and 30,000 it is no more than 60 days since the tax was due for payment. If you do not meet these requirements, you might still qualify for Time to Pay, but you will need to call us to set this up. If you set up a 'Time to Pay' arrangement, you will have to pay interest on the tax paid late. Interest will be applied to any outstanding balance from 1 February 2021. See more

15.01.2022 This information is for the self employed. HMRC have updated their guidance, and one very important change is that: If you make a claim for the second grant you will have to confirm your business has been adversely affected on or after 14 July 2020. So if you are returning to work before then, and everything is pretty much normal, then you will likely not be eligible for the second grant. This is particularly relevant to those in the beauty business who are anticipating ret...urning on 4 July. If in doubt, then speak to your accountant. HMRC have also provided a number of examples to illustrate adversely affected and see below. https://www.gov.uk//how-different-circumstances-affect-the

14.01.2022 Self employed grant - important I have already recommended to set up a personal tax account and I set out instructions how to do this. I was correct and this is required. If you do not have a personal tax account yet then you need to set one up now. See my post further below. You should then click on the link below. It will ask for your UTR and NI number. It will then advise if you are eligible or not for the grant. If you are eligible, it will then ask you to login to your p...ersonal tax account which you should do. Then you will be asked to update your contact details. Claims open on 15 May and it should just be a case of logging on and entering your bank account details. Time will tell. CLICK ON CHECK NOW ON THE GREEN BUTTON (scroll down the page) https://www.gov.uk//claim-a-grant-through-the-coronavirus-

12.01.2022 Update 2 November: To be honest, things are moving so quickly that by the time you read this it might already be out of date! Furlough scheme... You are probably already aware that the Job Support Scheme, as recently amended, has now been replaced for the month of November by the reinstated furlough scheme. We are back to 80% claims (up from the 60%) but with the employer having to pay the NIC and Pension. Flexi furlough is still available. Self employed grant The next grant had been announced at the 40% level for three months of November through January, however I have just read that November alone has been increased to 80%. Grants will also be paid faster than previously planned with the claims window opening at the end of November rather than the middle of December. So if relevant to you, keep an eye out to make a claim at the end of this month. I expect it to be by way of the usual procedure. Business support grants (England only) Businesses required to close in England due to local or national restrictions will be eligible for the following: For properties with a rateable value of 15k or under, grants to be 1,334 per month, or 667 per two weeks; For properties with a rateable value of between 15k-51k grants to be 2,000 per month, or 1,000 per two weeks; For properties with a rateable value of 51k or over grants to be 3,000 per month, or 1,500 per two weeks.

12.01.2022 The new micro loan scheme, for those businesses in need of smaller loans: businesses will be able to borrow between 2,000 and 50,000 and access the cash within days the loans of up to 6 years will be interest free for the first 12 months, and businesses can apply online through a short and simple form no loan repayments required in the first 12 months... Small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders. The loans cannot exceed 25% of your turnover You should contact your bank in the first instance. Definitely worth a look. https://www.gov.uk//small-businesses-boosted-by-bounce-bac

07.01.2022 A couple of recent points of interest: Extension of the self employed grant The extension will last for six months, from November 2020 to April 2021. Grants will be paid in two lump sum instalments each covering a three-month period....Continue reading

06.01.2022 Some headline comments below from today’s announcements. The introduction of the Job Retention Bonus: This is a one-off payment of 1,000 to employers that have used the Coronavirus Job Retention Scheme (CJRS) for each furloughed employee who remains continuously employed until 31 January 2021. The bonus will provide additional support to retain employees. To be eligible, employees will need to:... earn at least 520 per month on average for November, December and January have been furloughed at any point and legitimately claimed for under the Coronavirus Job Retention Scheme have been continuously employed up until at least 31 January 2021. Employers will be able to claim the bonus from February 2021 once accurate RTI data to 31 January has been received. More information about this scheme will be available by 31 July and full guidance will be published in the Autumn. At first sight this seems exceptionally generous. Say you furloughed an employee back in April for three weeks, but they have been working continuously since and there is no intention to make that employee redundant. It would appear that the Employer would be eligible for the 1,000. And what happens after 31 January? Has he not just kicked the potential redundancy can down the line? And finally, I have already heard some rumblings that this will not apply to Directors as they are considered to be office holders and not employees. I’m not sure about that one and watch this space. Other new measures announced The Chancellor also announced other measures, including: the Eat Out to Help Out Scheme during August, diners can get 50% off Monday to Wednesday on meals and non-alcoholic drinks, up to 10 per person, when eating at participating restaurants, bars, cafes and other establishments that have registered VAT reduction from 15 July until 12 January 2021, the UK government will cut VAT from 20% to 5% on any eat-in or hot takeaway food and drinks from restaurants, cafes and pubs, excluding alcohol. This VAT reduction also applies to all holiday accommodation in hotels, B&Bs, campsites and caravan sites, as well as attractions like cinemas, theme parks and zoos an increase in the Stamp Duty Land Tax (SDLT) threshold in England and Northern Ireland increasing the threshold under which no SDLT is paid on the purchase of a main home from 125,000 to 500,000, with immediate effect until 31 March 2021.

05.01.2022 SECOND SELF EMPLOYED GRANT IS NOW AVAILABLE TO CLAIM: Please note that if you were not eligible for the first grant, then unfortunately you will not be eligible for this one. The second and final taxable grant is worth 70% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at 6,570 in total. Whatever you received for the first grant, then the second grant should be just over one tenth less.... You can make a claim, even if you did not make a claim for the first grant, if your business has been adversely affected on or after 14 July 2020. There is helpful guidance on adversely affected here: https://www.gov.uk//decide-if-your-business-has-been-adver HMRC have advised that you must maintain records to prove your eligibility. You should keep any evidence that your business has been adversely affected by coronavirus at the time you made your claim, such as: business accounts showing a reduction in turnover or increase in expenditure confirmation of any coronavirus-related business loans you have received dates your business had to close due to lockdown restrictions dates you or your staff were unable to work due to coronavirus symptoms, shielding or caring responsibilities You will need your: Self Assessment Unique Taxpayer Reference (UTR) National Insurance number Government Gateway user ID and password (you would have set this up when you claimed the first grant) UK bank details. To make a claim follow the link below and click on the green start now button. https://www.gov.uk//claim-a-grant-through-the-self-employm

05.01.2022 Self Employment Grant: Meaning of ‘adversely affected’ HMRC has provided some guidance on the meaning of ‘adversely affected’. This includes being unable to work because the taxpayer is shielding, self-isolating or is on sick leave or has care responsibilities because of coronavirus. ... It also includes scaling down or temporarily stopping trading because the supply chain has been interrupted, the business has fewer or no customers or staff are unable to work. There is a lack of any specific measurable reductions in income. The taxpayer should keep evidence of the impact on their trade, but crucially there is no link between the amount of the grant and the financial loss. So the scheme allows a claim where the trade has continued, so long as the trade is ‘adversely affected’. As I mentioned in my original post, this was probably quite easy to determine in the March to May period when most businesses were affected for the majority of that period. However, what about industries that can recommence, say, from the beginning of July, a good example likely being the beauty industry, of which a large number of people are self employed. Do they legitimately claim the full grant because they have been adversely affected for at least one month?. So in effect they will claim 70% of profits for 3 months when they have only lost out in full for 1 month. The whole scheme is being self-policed and reliant on the honesty of the tax payer, albeit I’m sure HMRC will be looking at profit trends next year when tax returns get submitted and they will also have data on specific unaffected industries. So, in the spirit of self-policing, why not allow the taxpayer an option to claim only part of the grant. Say 1/3, or 2/3 etc?

03.01.2022 Self-Employment Income Support Scheme update May 29 The Chancellor announced plans to extend the Self-Employment Income Support Scheme (SEISS) for those people whose trade continues to be, or is newly, adversely affected by COVID-19 (coronavirus). Eligible self-employed people will be able to claim a second and final SEISS grant in August; this will be a taxable grant worth 70% of their average monthly trading profits for three months, paid out in a single instalment and capp...ed at 6,570 in total. The eligibility criteria for the second grant will be the same as for the first grant. People do not need to have claimed the first grant to claim the second grant: for example, their business may have been adversely affected by COVID-19 (coronavirus) more recently. I am still not clear on what defines adversely affected which I think will become even more significant once the self employed start to return to work from June. 10% drop in income, 20%., 30%, 70%.....I don’t know. Claims for the first SEISS grant, which opened on 13 May, must be made no later than 13 July. Eligible self-employed people must make a claim before that date to receive the first SEISS grant (a taxable grant of 80% of their average monthly trading profits, paid out in a single instalment covering 3 months' worth of profits, and capped at 7,500 in total). It's really important to note that as with the first SEISS grant, the eligible individual must make the claim themselves. More information about the second SEISS grant will be available on GOV.UK on 12 June. Perhaps we might get more guidance on adversely affected. I would assume the profit basis of the calculation will be exactly as before. See more

02.01.2022 Coronavirus Job Retention Scheme update May 29 What started as a simple scheme, and then gradually become more complicated as every day life situations had to be factored in, has now become even more complicated. The Chancellor has announced three changes to the job retention scheme: 1. From 1 July 2020, the scheme will be made more flexible to enable employers to bring previously furloughed employees back part time and still receive a grant for the time when they are not wo...Continue reading

02.01.2022 Extension to furlough It is extended until the end of March 2021 for all parts of the UK. For claim periods running to 31 January 2021, the UK Government will pay 80% of employees’ usual wages for hours not worked, up to a cap of 2,500 per month. The UK Government will review the policy in January to decide whether economic circumstances are improving enough to ask employers to contribute more. Probably unlikely. It was also confirmed that the Job Retention Bonus will no lon...ger be paid in February 2021, as CJRS will be available at that time. An alternative retention incentive will be put in place at the appropriate time. Self employment grant The extension will last for 6 months, from November 2020 to April 2021. Grants will be paid in 2 lump sum instalments each covering a 3 month period. The third grant will cover a 3 month period from 1 November 2020 until 31 January 2021. The Government will provide a taxable grant calculated at 80% of 3 months average monthly trading profits, paid out in a single instalment and capped at 7,500 in total. This is an increase from the previously announced amount of 55%. The Government has already announced that there will be a fourth grant covering February 2021 to April 2021. The Government will set out further details, including the level, of the fourth grant in due course. It looks like the third claim (November through January) will again be an all or nothing. I have written about this before and it does strike me as somewhat bizarre, particularly this time around. Assuming the lockdown ends 2 December, then what does someone who is self employed and was only restricted for the month of November do? Do they claim all three months or do they claim nothing. On the basis they have lost a whole month’s profit then it seems only right to make a claim. But they would have to claim all three months. The Government needs to look at this and allow claims to be made monthly. Time will tell. See more

01.01.2022 SELF EMPLOYED SCHEME OPENS TODAY Contrary to what I said below, the scheme has a staggered opening between today and 15th May. If you have followed my posts below then you will have your date. Please remember to login and follow the instructions.