Update – 24 February 2021
SUPPORT STILL AVAILABLE
After Monday’s announcement of a Roadmap to Recovery, you may be asking what support is available to businesses still struggling from the impact of a third full lockdown.
While no fresh support is yet announced, with the Government Budget Day approaching next Wednesday 3rd March expected to be the day of new measures and financial packages, we thought best to advise you on what you need to be aware of and the approaching deadlines of currently available support measures.
The Key Dates to be aware of are as follows:
|28 February 2021||2019/2020 Self-Assessment Tax Return Deadline|
|1 March 2021||Start of VAT Reverse Charge for Construction Industry|
|3 March 2021||Government 2021/2022 Budget Announcement|
|3 March 2021||Expected Announcement for Self Employed SEISS 4th Grant|
|31 March 2021||Deadline for Bounce Back and CBIL Loan Schemes|
|31 March 2021||Stamp Duty Land Tax Holiday Ends|
|31 March 2021||Deferred VAT between 20 March 2020 – 30 June 2020 is due for payment|
|1 April 2021||End date for paying 2019/2020 Self-Assessment Tax or arranging a payment plan to avoid 5% penalty.|
|6 April 2021||Start of IR35 for Large and Medium Sized Private Sector|
|30 April 2021||Planned End Date for Job Retention “Furlough” Scheme|
All dates are correct at the time of writing but may be subject to change following the Government’s Budget announcement.
As well as the above, individuals and businesses should be aware of the following detail:
SELF-ASSESSMENT TAX RETURNS AND TIME TO PAY
While the deadline for filing your tax return falls on midnight 28 February 2021, HMRC have further announced that no 5% penalty will be charged if you settle your tax liability by 1 April 2021, or arrange a formal payment plan with HMRC by this date.
VAT TIME TO PAY
Businesses who delayed paying their VAT liability between the period of 20 March 2020 and 30 June 2020 will now be able to further defer payment by using HMRC’s VAT deferral new payment scheme.
The new scheme allows businesses to set up and spread their deferred VAT liability through 2-11 interest free payments.
Agents cannot make the claim on your behalf and you will need to have set up a Government Gateway online account to do so. You must also join the scheme by 21 June 2021.
Further detail and link to access the scheme can be found here.
BOUNCE BACK LOANS AND PAY AS YOU GROW SCHEME
With the 12-month repayment holiday shortly coming to an end for first applicants to the Bounce Back Loans, the Government have announced a further 6-month extension so nothing need be paid for a further 6 months, should businesses should take this up.
Further extensions to the repayment period mean that businesses can structure the terms of their loan from 6 years to 10 years.
Businesses also have the choice to make interest only payments for 6 months, this option is available 3 times throughout the period of the loan.
Your loan provider is expected to contact you and put these new terms in place before the first payment falls due.
There has currently been no change or extensions announced for the CBILS scheme.