TSA Update

CHARTERED CERTIFIED ACCOUNTANTS AND ADVISORS

0117 923 5394

enquiries@tsabusinessadvisors.co.uk

www.tsabusinessadvisors.co.uk

Business rates relief - business rates relief is available to some business. Check your eligibility Your one stop shop for Accountancy, Tax and Business Advice Employers will continue to able to choose to top up employee wages above the 80% total and £2,500 cap for the hours not worked at their own expense here. https://www.gov.uk/guidance/check-if-yourif they wish. Employers will have to pay their emretail-hospitality-or-leisure-business-is-eligible-forployees for the hours worked. business-rates-relief-due-to-coronavirus-covid-19

The table shows Government contribution, Time to Pay - HMRC have new powers to offer required employer contribution and amount extended time to pay. In our experience a quick employee receives where the employee is phone call should be sufficient to secure time and furloughed 100% of the time. in most cases they will defer payment and just ask Wage caps are proportional to the hours not worked. Local Authority Discretionary Grants Fund - this Business Advice TSA Accountants Bristol Ltd 124 Gloucester Road Patchway Bristol BS34 5BP Accounting Services Sole Trader Self Employed Limited Company Partnership Contractor SEISS - Self Employment Income Support Scheme This scheme is being extended until 19 October 2020. You’ll be able to claim a second and final grant from 17 August 2020 when the online service will be available. is new and has only been out a few weeks. This is available to those businesses not eligible for other grant schemes but have significant ongoing property costs. Further details can be found here. https://www.gov.uk/guidance/apply-for-the-corona virus-local-authority-discretionary-grants-fund Universal credit - If you aren't eligible for anything Free Initial Consultation We oer a free initial consultation to assess the level of accountancy services you require. Professional business advice to help set you on the path to growth and success. This is included within our services as standard. We will work out your eligibility the same way as else, it's worth calling Universal credit to see if you the first grant. If you make a claim for the second are eligible. grant you will have to confirm your business has Self-assessment payments due in July can be deferred until the 31st March, no action is necessary. for a call back in 3 months. been adversely affected on or after 14 July 2020. Receipt of funds for the above schemes - please be aware that whilst we can confirm when we This grant will be a taxable grant worth 70% of have submitted furlough information etc. We've no your average monthly trading profits, paid out in control over when HMRC will make the payment a single installment covering a further 3 months’ to you. HMRC will occasionally undertake further worth of profits, and capped at £6,570 in total. checks, involving a call to us as the agent or to the client directly just to confirm that the claim is You can claim for the second and final grant even if legitimate and this can add additional time to them you did not make a claim for the first grant. paying out. HMRC are extremely busy and so it can be difficult to get hold of them as well. The online service for the second part of the However, HMRC have been pretty swift in scheme is not available yet, but we will send a processing payments, with furlough payments further update when it becomes available. typically taking 6 days in most cases. Due to the Bounceback loans - these are still available on them directly as we may not be able to call very favourable terms. Please refer to my previous immediately due to our workload and these update or contact your business bank. payments are often urgently needed.

large volume of claims, it may be quicker to call Thank you again for your patience, understanding and support during these difficult times and I will send another update as soon as there is more news.

Stay safe.