The door to the office will be open to our clients but we ask that you inform us before you come to the office and follow Covid 19 regulations.
We are always available on the phone and by email and are holding meetings over Zoom.
We understand that the current situation could lead to difficulties for our clients with regards to their finances and decisions to be made regarding how to proceed.
If there are any issues that you believe that we can help you with, please contact us and we will do our best to help you.
We at Llyr James Cyf believe that the most important thing is that we follow the guidelines from the Government to ensure that everyone remains as healthy as possible.
Guidance is changing almost daily however we believe that these websites, outlining the support available, are updating regularly: -
GOVERNMENT SUPPORT as of 23rd December 2020
Coronavirus Job Retention Scheme
Deadline: Extended until April 2021
Available in: England, Scotland, Wales, Northern Ireland
The Coronavirus Job Retention Scheme (CJRS) will now remain open until April 2021.
The Government will pay at least 80 per cent of employee wages up to a maximum of £2,500 a month. Employers will be required to pay the National Insurance and pension contributions for each employee.
Claims for December 2020 must be made by 14 January 2021. You can no longer submit claims for claim periods ending on or before 31 October 2020.
Job Support Scheme
Starts: May 2021 (expected)
The Job Support Scheme (JSS) will now not be introduced until the CJRS scheme ends.
This will follow the Coronavirus Jobs Retention Scheme. The Government will support employers with wages, allowing employees to work shorter hours rather than being made redundant.
The Chancellor also announced that the Job Support Scheme (JSS) will be expanded to protect jobs and support businesses required to close their doors as a result of coronavirus restrictions.
There are two types of support available for businesses to help cover employment costs.
- JSS Open – if your business is operating but facing decreased demand.
- JSS Closed – if you’re legally required to close as a direct result of coronavirus restrictions in the UK.
- All SMEs are eligible, even if you haven’t used the furlough scheme.
The Job Retention Bonus
The Job Retention Bonus was announced as part of the ‘plan for jobs’ announced by the Chancellor of the Exchequer, Rishi Sunak in July 2020.
The bonus will now not be paid in February, and a retention incentive will be redeployed at the appropriate time.
Self-Employment Income Support Scheme
Deadline: 30 April 2021
The Self-Employed Income Support Scheme has been extended to 30 April 2021. The grant extension is for self-employed individuals who are currently eligible for the Self-Employment Income Support Scheme and are actively continuing to trade but are facing reduced demand due to coronavirus (COVID-19).
The extension will provide two grants and will last for six months, from November 2020 to April 2021. Grants will be paid in two lump sum installments each covering a three-month period.
The first grant will cover a three-month period from the start of November until the end of January. HMRC will provide a taxable grant covering 80 per cent of average monthly trading profits, paid out in a single installment covering 3 months’ worth of profits, and capped at £7,500 in total.
The Self-Employment Income Support Scheme is open to those who are self-employed or a member of a partnership that has been adversely affected by coronavirus (COVID-19).
To claim you must:
- Have been previously eligible for the Self-Employment Income Support Scheme (Even if you did not claim)
- Be currently actively trading and intending to continue to trade but are impacted by reduced demand due to coronavirus
- Have been unable to trade due to the impact of coronavirus
- Reasonably believe there will be a significant reduction in your trading profits due to reduced demand or your inability to trade.
- Limited companies or trusts cannot claim the grant. The online portal for the next grant will be available to access from 30 November 2020.
You must make your claim on or before 29 January 2021.
Coronavirus Bounce Back Loan
Deadline: 31 March 2021
Businesses who have borrowed less than their maximum will be able to top-up their existing loan.
If you meet the following criteria:
- UK based business
- Negatively impacted by coronavirus
- Existed by 1 March 2020
- Not ‘undertaking in difficulty’ on 31 December 2019
- Have a tax return or business tax account
You may be eligible for the Bounce Back Loan Scheme, which allows SMEs to borrow between £2,000 and £50,000.
However, the following businesses are exempt:
- Insurer or re-insurer (but not insurance broker)
- Public-sector body
- Grant-funded further education establishment
- State-funded primary and secondary school
Loans are capped at 25% of turnover, but there is no turnover limit. The government will guarantee 100% of the loan, with no fees or interest in the first 12 months. Loan terms will be up to 10 years, and no repayments will be due in the first 12 months. If you do decide to pay back in the first year, there is no penalty.
The Pay As You Grow scheme will extend repayments of the Bounce Back Loan:
- Extended loan terms are estimated to halve the average monthly repayment
- The option of interest only repayments
- No impact on credit rating
- Those in financial difficulty can suspend repayments for up to six months
Further details on the scheme are expected shortly.
VAT Deferral Payments
Deadline: 31 March 2022
On 24 September 2020, the Chancellor announced that businesses who deferred VAT due from 20 March to 30 June 2020 will now have the option to pay over the course of 11 payments up until the end of March 2022.
This scheme will require you to opt-in, we will update you on how you can do this when details are published.
To prepare for the scheme, you must:
- create your own Government Gateway account if you don’t already have one
- submit any outstanding VAT returns from the last 4 years. You will not be able to join the scheme if you have not done so
- correct errors on your VAT returns as soon as possible. Corrections received after 31 December 2020 may not show in your deferred VAT balance
- make sure you know how much you owe, including the amount you originally deferred and how much you may have already paid
Deferral of Self Assessment payments on account
Self-assessed income taxpayers can spread their outstanding tax payments over a 12-month period from January 2021. Payments deferred from July 2020, and those due in January 2021, will now not need to be paid until January 2022.
If you owe less than £10,000, you might be able to set up a Time to Pay Arrangement online. This lets you pay your Self Assessment tax bill in installments.
We will update this entry when further details are published.
Coronavirus Statutory Sick Pay Rebate Scheme
Deadline: Not yet announced
If you’re an employer, you may be able to use the Coronavirus Statutory Sick Pay Rebate Scheme to claim back employees’ coronavirus-related Statutory Sick Pay (SSP).
The repayment will cover up to two weeks, starting from the first day of sickness due to COVID-19. The scheme can be used if you had a PAYE payroll scheme that was created and started on or before 28 February 2020, and you had fewer than 250 employees on 28 February 2020.
WELSH GOVERNMENT SUPPORT
ERF Restrictions Business Fund
On the 30 November the First Minister announced a £340m package of support directed primarily at the hospitality, tourism and leisure related supply chain sectors.
The purpose of the fund is to support businesses into the new year with cash flow support to help them survive the economic consequences of the restrictions put in place.
Hospitality businesses who received the Lockdown Business Grant in October via their Local Authority will begin receiving payments via the ERF Restriction Fund into their back account during December. These businesses will not be required to re-register their details.
For all other eligible businesses to receive any of the ERF Restrictions Fund, businesses will need to register their details, as well as making a short on-line application to their respective local authority for the discretionary elements. These payments will start to reach businesses in January. The fund includes two different grants.
Following the announcement of further restrictions from the 24 December the Business Restrictions Fund package of support has been enhanced to a £270m package to include non-essential retail business forced to close.
ERF Restrictions Business Fund:
Eligibility for the Business Restrictions Fund is:
- Businesses in the hospitality and non-essential retail sector that are in receipt of Small Business Rate Relief (SBRR) and have a rateable value of £12,000 or less will be eligible for a £3,000 payment. Tourism, leisure and supply chain businesses qualifying for SBRR will also be eligible for this support if they have greater than 40% reduction in turnover during the restriction period.
- Hospitality and non-essential retail businesses with a rateable value of between £12,001 and £51,000 will also be eligible for a £5,000 payment if impacted by the restrictions. Tourism, leisure and supply chain businesses in the same rateable value bracket will also be eligible for this support if they have greater than 40% reduction in turnover during the restriction period.
- An additional measure to previous rounds, hospitality and non-essential retail businesses with a rateable value of between £51,001 and £150,000 will also be eligible for a £5,000 payment if impacted by the restrictions. Tourism, leisure and supply chain businesses in the same rateable value bracket will also be eligible for this support if they have greater than 40% reduction in turnover during the restriction period.
As with hospitality businesses in the first round of the ERF Restrictions Business Fund, non-essential retail businesses that were previously registered under the firebreak will be paid directly. For non-essential retail businesses without registration, a registration process will be opened in January 2021 and payment made as soon as possible. All information will be available on the Business Wales website and linking through to the relevant local authority websites.
How to access the ERF Restrictions Fund:
Businesses must be on the non-domestic rates (NDR) rating list for their local authority on 1 September.
Hospitality businesses who received the Lockdown Business Grant in October via their Local Authority will begin receiving payments via the ERF Restriction Fund into their bank account during December. These businesses will not be required to re-register their details.
For all other eligible businesses to receive any of the ERF Restrictions Fund, businesses will need to register their details, as well as making a short on-line application to their respective local authority for the discretionary elements. These payments will start to reach businesses in January.
Business will be able to access the registration and application process to access the funding through the Business Wales and Local Authority websites. Further details on the process will be published shortly.
ERF Restrictions Discretionary Grant
- Local authorities will continue delivering the Lockdown Discretionary Grant to businesses that are materially impacted. As was the case for the Firebreak, this will continue to be targeted at businesses that are not on the non-domestic rates (NDR) system and therefore not eligible for the NDR linked grants. The grant level for this strand would be set at eligible costs of up to £2,000 per business.
- This will provide support to sub VAT sole traders without a property who are materially impacted (>40% reduced turnover) as a result of the restrictions, e.g. cleaners providing services to the hospitality industry.
- Application forms for the ERF Restrictions Discretionary Grant can be accessed by visiting the relevant local authority website. Please check your relevant local authority website for details. When all local authority schemes have opened, direct links to the relevant web pages will be published on the Business Wales website.
You are not eligible for this grant if:
- You are eligible for, or have received a Non-Domestic Rate Grant from your Local Authority
- If you have 50 or more employees
- If the business generated less than 50% of your income, the business must be your main source of income.
Applications will be dealt with on a first come first served basis. This may lead to applications not being appraised after they have been submitted if the fund is fully committed.
If you are not eligible for the above grants you may be eligible for the ERF Sector Specific Fund, more details are available on the ERF Sector Specific Support page.
Business Wales Barriers Grant
The Welsh Government’s Covid-19 commitment, put in place a programme of employment and skills support to help people back to work.
Part of this programme includes additional support for individuals considering self-employment. In addition to the existing start-up service, a grant to support unemployed individuals that face greater economic barriers to starting a business is being made available. This discretionary grant will help up to 600 individuals become self-employed or start a business, between December 2020 and March 2021.
The grant will be open to all unemployed individuals, however priority in allocating funding will be given to those most affected by the Covid-19 outbreak:
- Disabled people
- People from BAME backgrounds
- Young people not in education or training (NEETS) aged 18-24 or a College and University leaver in 2019 or 2020
- Individuals will be able to apply for up to £2,000 to contribute towards the essential costs of starting a business.
The grant will be managed through the Business Wales service.
The fund will open for applications on 1 December 2020.
For further information please visit the Business Wales Barriers Grant pages.
We offer a full-range of accountancy and auditing services to large and small companies and sole traders.
We are professional, bilingual and client focused.
We always aim to smooth out the complications of accounting for our clients. We get to know you and always return phone calls the same day, queries are answered promptly.
Our relationship with clients is of prime importance - there will be at least two team members familiar with every aspect of each client's requirements.
- Accounts Preparation
- Audit of accounts
- Tax Compliance Work
- Self Assessment Tax Returns – Individual and Corporate
- Tax and VAT Planning
- Advice on Accountancy Systems
- Management Information
- Cash Flow Projections
- Full assistance and advice in the process of making tax digital
- Tax credits