Self Assessment Extension
As you may have heard, HMRC extended the Self Assessment deadline at the last minute, to prevent anyone receiving penalties for late submission on the 31st January 2021. They have put a temporary pause on this, only charging a late filing penalty if your return is still late at the 1st March. 99% of our clients have submitted their returns, with only a small minority who remain outstanding, if this is you, please get in touch and let us help you bring things up to date. It would be reasonable to think that any future funding may be based on the 19-20 return, and if this hasn't been submitted it may affect your ability to claim this. Just a thought!
Bounceback Pay as You Grow Scheme
A change to the repayment terms of the original bounce back loan agreement can be requested should you feel that you require some additional flexibility in being able to make repayments. You can request the following;
- Extend the length of the loan from six years to ten
- Make interest-only payments for six months, with the option to use this up to three times throughout the loan
- Pause repayments entirely for up to six months
Contact your bank directly to request this.
Launching the B-Able App
In the next couple of weeks we will be launching our B-Able App, this will be free for all clients to download and has a number of features to help keep you organised, including;
- Tax Tables and Tax Calculators
- Invoice/Estimate Portal
- Mileage Tracker
- Request an Appointment with B-Able
- Get our Updates on the move
- Access your Quickbooks Account
- Store and Log Expenses
- Send Sales/Purchases or Mileage to us at the touch of a button at year end
- Key Tax Dates
- Currency Converter
And much more. We are going to continue to develop this App continually as we move forward and will update you with the download information as soon as we have things finalised in the coming weeks.
MAJOR VAT CHANGES FROM 1ST MARCH
From the 1st March 2021 the Reverse Charge VAT Scheme comes into play and this will affect the following clients;
- individuals or businesses who are registered for VAT in the UK
- reported within the Construction Industry Scheme
The charge applies to standard and reduced-rate VAT services.
What does this mean?
If you are a VAT registered business that operates within the Construction Industry Scheme and would normally be subject to CIS deductions on your sales, then the reverse charge will apply. This means that when your customer deducts CIS on your sales, they also deduct the VAT and pay this over to HMRC on your behalf aswell as the CIS. We then record this as such on your VAT return.