Friday 17 April 2020 Update

Friday 17 April 2020 – general update

Good morning and we hope that this latest communication from Mostons HQ finds you well and looking forward to a weekend.  In this last 4 day working week, a few things have developed, that are worthy of a mention.

The most outstanding news item this week must be the efforts of Captain Tom Moore and his phenomenal fund-raising effort for NHS charities. a stunning amount of money raised and certainly more newsworthy than footballers pay cuts and Trump saving the American people single-handily.

Yesterday we heard that we will be under lockdown for another three weeks, which wasn’t a surprise and in the long run will prove to be the right decision for the health of the nation.

In the world of financial support:

SELF EMPLOYED

We have heard from a few sole traders, wondering about the financial support and when HMRC may be in touch.  There is no news to share here but we just want to put this topic first to remind these clients that help is on its way if you qualify.  You have, for once, been put first.

JULY PAYMENT ON ACCOUNT

We will be shortly contacting all clients with July 2020 tax payments coming up, reminding them that they can defer this tax payment until 31 January 2021 without interest or penalty.

PAYE/NIC LIABILITIES

There has been no official softening of taxes due on payroll deductions (YET).  However, we have clients that have contacted HMRC to explain why they will not be able to pay the employment liability due on 22 April.  Some have not been able to pay March.  These clients have received an agreeable response, which extends to possible deferment of May and June as well as earlier months.

HMRC will require July’s PAYE & NI paid on time and then a separate agreement put in place to cover the arrears.  This will be agreed when we reach that point.  This is encouraging and we strongly advise client to call HMRC if you would like time to pay.  We further advise you to make the call before HMRC write to you.

Payment Support Service
Telephone: 0300 200 3835
Monday to Friday, 8am to 4pm

 Coronavirus Business Interruption Loan Scheme (CBILS) 

We have yet to have our first client successfully apply to their bankers for financial support by way of a business support loan.  Please do share your experienced with me.  In the meantime, look at this BBC news story.

https://www.bbc.co.uk/news/business-52288258?intlink_from_url=https://www.bbc.co.uk/news/business&link_location=live-reporting-story

This is a major frustration for many businesses.

FURLOUGHING

HMRC issued an update yesterday (16/4) to all employers, which extended to eligibility to employees on the payroll before 19 March.

The portal is going to be available for claims from 20 April (Monday).  If you have furloughed staff, please be patient whilst we process your claims.  Please do let us know if you intend to make your own claim.

TAX RETURNS

Whilst we are all busy with client payroll, business finance applications and support calls and emails we really would like you to be collating your tax return information for 2019/20.  There is plenty of time to address this later in the year, but we urge you to think ahead and get this paperwork to us so we can help you to manage your tax liabilities more accurately.

FEEDBACK

We are grateful for the positive feedback we receive from clients.  There are a few things you can do to help us.

  • Let us know if there is something you would like us to address in future updates and
  • If you have time, please jot down a testimonial (anonymous if you wish) that we might use on our website. Alternatively, perhaps you might write a Google review.  We only have 3 and we would love a few more.

OUTLOOK  

Now we are facing a further 3-week lockdown we are being told that the peak may have be reached.  That may be true but please do all look after yourselves. We wish all of you good health in body and mind.