Government support for Covid second wave/Covid 19 winter rescue plan
Posted on 28th April 2022 at 20:22
Are you making use of the Government’s COVID 19 winter rescue plans?
With the second wave of the global pandemic hitting the world, the UK Government has put measures into place to support small to medium scale businesses as well as the general public. It is up to each of us to educate ourselves on these measures and plans and to understand how to make use of them to reap the proper benefits. While the country gears for a state of national preparedness it is important that individually we take the necessary actions to assist with this.
This assistance comes in many forms from tax concessions, VAT changes and job support schemes, to name a few. A professional accounting firm will help you understand these concessions and benefits properly while giving you the proper advice and guidance on how to avail yourself of these. Small yet professional firms for accounting Bexley are a great way to get affordable help, as they offer custom services that cater to your budget and requirements.
What are the VAT changes under the rescue plans?
Normally you would enlist an accountant to help you file your returns on time and ensure you pay the correct amount for VAT. However, now you can use this same accounting service to help you apply for deferrals, which will normally represent the payment due for one VAT quarter. Businesses that took advantage of this deferral will be able to spend the VAT payments over 11 equal instalments, to be paid between April 2021 and March 2022.
And what about Government’s state-backed loan schemes?
All of these have been extended until the end of the years, which gives more companies a chance to apply. Further, you can make use of Bounce Back Loans option to pay as you grow, offering flexible payment plans such as extended 10 year repayment plans. There is a further Coronavirus Business Interruption Loan Scheme scheduled to be open until November 30th with a December 31st deadline for approvals.
Did you know there were further SEISS grants?
Especially helpful if you are self-employed, a third SEISS will be granted to cover 20% of average monthly profits for three months. This is for those who were eligible for the first and second SEISS grants while a projected fourth grant is said to be made available, again for three months, covering February to April 2021. The fourth grant could be based on average self-employed profits for taxpayers that submit their 2019/20 tax returns by January 31st, 2021.
Why professional help is important
Year end accounts as you can see, will be important this year as it will be your gateway to making use of the Government’s rescue plans. Prepared tax returns, whether for your business or for you individually, will help keep you on track regarding what you have to pay and where you are entitled for concessions.
Contact us for all your accounting needs, even if you simply want advice or clarification on the current situation and government rescue plans, we can help you with adhoc tax advice Bexley, as we have a dedicated team of professionals at hand to assist you.
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