The office of Llyr James is closed to the public, but it is our intention to maintain a presence for the duration of the current restrictions.
We are available on the phone and by email.
GOVERNMENT SUPPORT as of 1st April 2020
REGIONAL SUPPORT FROM THE WELSH GOVERNMENT
The Welsh Government continues to update and provide details of its specific support for businesses in Wales.
This includes the Business rate reliefs and grants:
- Retail, leisure and hospitality businesses with a rateable value of £12,001 and £51,000 - you will get a grant of £25,000.
- Businesses with a rateable value of £12,000 or less - All businesses that are eligible for Small Business Rates Relief will get a grant of £10,000. Click on the link below to take you to your local council website.
- Development Bank of Wales Loan Scheme- Loans of Between £5,000 and £250,000, with 12-month capital and interest repayment holiday
- Welsh Economic Resilience Fund- Grants of £10,000 for small businesses employing up to nine people. Grants of up to £100,000 for small and medium sized business employing between ten and 249 people. Details to follow shortly.
For the full details visit https://businesswales.gov.wales/financial-support-and-grants
HELP FOR THE SELF EMPLOYED
Chancellor Rishi Sunak has announced measures to support the self-employed and partnerships.
The scheme is called the Coronavirus Self-employment Income Support Scheme (CSEISS).
If you have suffered a loss in income, a taxable grant will be paid to the self-employed or partnerships, worth 80% of profits up to a cap of £2,500 per month.
Initially, this will be available for three months in one lump-sum payment and will start to be paid from the beginning of June.
You cannot apply for this scheme yet. HMRC will contact you if you are eligible for the scheme and invite you to apply online.
CORONAVIRUS JOB RETENTION SCHEME (CJRS)
Under the Coronavirus Job Retention Scheme, all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis. This applies to employees who have been asked to stop working, but who are being kept on the payroll, otherwise described as “furloughed workers”. HMRC will reimburse 80% of their wages, up to £2,500 per month. This is to safeguard workers from being made redundant. The Coronavirus Job Retention Scheme will cover the cost of wages backdated to 1st March and is initially open for 3 months but will be extended if necessary.
All UK-wide employers with a PAYE scheme will be eligible – this includes the public sector, Local Authorities and Charities.
Please contact us if you need help in managing the CJRS.
BUSINESS INTERRUPTION LOAN SCHEME
The UK government has set up a new temporary Coronavirus Business Interruption Loan Scheme. Small and medium sized (SMEs) businesses will be able to apply for bank loans and overdrafts.
The UK government will provide lenders with a guarantee of 80% on each loan (subject to a per-lender cap on claims) to give lenders further confidence in continuing to provide finance to SMEs. The UK government will not charge businesses or banks for this guarantee, and the Scheme will support loans of up to £5 million in value.
Businesses can access the first 6 months of that finance interest free, as UK government will cover the first 6 months of interest payments.
Please contact us for how you can apply, and the information required.
For VAT, the deferral will apply from 20 March 2020 until 30 June 2020.
All UK businesses are eligible. How to access the scheme.
This is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period. Taxpayers will be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period. VAT refunds and reclaims will be paid by the government as normal.
If you normally pay by direct debit you should cancel the direct debit with their bank if they are unable to pay. Please do so in sufficient time so that HMRC do not attempt to automatically collect on receipt of your VAT return.
INCOME TAX PAYMENT ON ACCOUNT DEFERRAL
For Income Tax Self-Assessment, payments due on the 31st July 2020 will be deferred until the 31 January 2021.
If you are self-employed you are eligible. This is an automatic offer with no applications required.
No penalties or interest for late payment will be charged in the deferral period.
HMRC have also scaled up their Time to Pay offer to all firms and individuals who are in temporary financial distress as a result of Covid-19 and have outstanding tax liabilities (See below)
SUPPORT FOR BUSINESSES PAYING TAX: TIME TO PAY SERVICE
All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time to Pay service.
These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities. You are eligible if your business pays tax to the UK government and has outstanding tax liabilities.
If you have missed a tax payment or you might miss your next payment due to COVID-19, please call HMRC’s dedicated helpline: 0800 0159 559. If you’re worried about a future payment, please call them nearer the time.
SUPPORT FOR BUSINESSES WHO ARE PAYING SICK PAY TO EMPLOYEES
The Government will make legislation to allow small and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The eligibility criteria for the scheme will be as follows:
- this refund will cover up to 2 weeks’ SSP per eligible employee who has been off work because of COVID-19
- employers with fewer than 250 employees will be eligible - the size of an employer will be determined by the number of people they employed as of 28 February 2020
- employers will be able to reclaim expenditure for any employee who has claimed SSP (according to the new eligibility criteria) as a result of COVID-19
- employers should maintain records of staff absences and payments of SSP, but employees will not need to provide a GP fit note. If evidence is required by an employer, those with symptoms of coronavirus can get an isolation note from NHS 111 online and those who live with someone that have symptoms can get a note from the NHS website
- eligible period for the scheme will commence the day after the regulations on the extension of SSP to those staying at home comes into force
- the government will work with employers over the coming months to set up the repayment mechanism for employers as soon as possible.
You are eligible for the scheme if your business is UK based and your business is a small or medium-sized and employs fewer than 250 employees as of 28 February 2020.
COMPANIES TO RECEIVE 3-MONTH EXTENSION PERIOD TO FILE ACCOUNTS DURING COVID-19
From 25 March 2020, businesses will be able to apply for a 3-month extension for filing their accounts.
This joint initiative between the government and Companies House will mean businesses can prioritise managing the impact of Coronavirus.
As part of the agreed measures, while companies will still have to apply for the 3-month extension to be granted, those citing issues around COVID-19 will be automatically and immediately granted an extension. Applications can be made through a fast-tracked online system which will take just 15 minutes to complete.
Applying for an extension:
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: -
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