In this month’s newsletter, Retiring or looking to sell your business, annual Christmas bash, additional grants available and recording customers’ details.
Are you thinking or retiring or looking to sell your business?
If you are thinking about retiring or looking to sell your business in the near future, Then you might like to speak to John Groves of Transworld Business Advisors. John has sold three of his own businesses, in deals worth over £10m. John understand the intricacies of selling a business. Combining his experience, with the 40+ year, global success of Transworld Business Advisors, He is able to support you, in selling your company, with no up-front fees. At Transworld, they have a proven system for assisting the sale of your business, and fees are only payable on completion of the deal. From the market valuation and presentation of your business for sale, to securing genuine buyers, the due diligence process, and moving your deal forward to completion. Good accounting records are at the heart of a good company sale, as a trained accountant, originally, John can help present your business in the right way to maximise value and price. For more information then please contact John directly on 07769 906050 for a no obligation conversation.
Annual Christmas bash?
Trying to double guess the social distancing rules is rather like placing a bet on the getting the correct score in the latest football matches. The current exhortation from the Prime Minister ‘to observe the rule of six’ is yet a further change in the endless attempts at controlling coronavirus by manipulating social distancing regulation.
But we all need respite; we need to be able to look forward to a cheery Christmas. Unfortunately, based on current progress to control COVID-19, this is looking an increasingly remote possibility.
However, if an annual Christmas bash is on the cards we have outlined below the rules to observe from a tax point of view to ensure that the cost of your annual staff party will not create unintended tax issues for you or your staff.
Perhaps you could book a local restaurant and break up your party into tables of six?
Additional grant aid for local lockdown businesses
Last month the Treasury announced further support for businesses adversely affected by lockdown in local areas to control local outbreaks.
Local Authorities will be funded to pay the grants now offered.
Businesses in England required to close
Businesses in England required to close due to local lockdowns or targeted restrictions will now be able to receive grants worth up to £1,500 every three weeks, To be eligible for the grant, a business must have been required to close due to local COVID-19 restrictions.
Grants will be paid out every three weeks businesses are required to close. During each three-week period:
H M Treasury also released the following notes:
Making a claim
Contact your Local authority to see if you are eligible. And please note, the eligibility of businesses not on the business rates list will likely be discretionary so an early call to clarify your position may be beneficial.
Are you recording customers’ contact details?
In a press release issued 10 September 2020, the Department for Health and Social Care has reminded affected businesses that they have a legal obligation to record the contact details of their customers, visitors and staff.
Affected concerns in England should note:
Premises and venues across England like pubs, restaurants, hairdressers and cinemas must have a system in place by law to record contact details of their customers, visitors and staff in the latest move to break the chains of transmission of coronavirus.
These businesses and organisations had been advised to collect and share data, with many effectively doing so, but following the recent move to ban social gatherings of more than 6 people, the data collection programme is now formally mandated and has applied since 18 September.
Please note regional variations in these regulations may apply.
Smart Data laws on the way?
Consumers and small businesses will benefit from better deals and savings through innovative services, thanks to new Smart Data laws proposed by government.
Smart Data enables businesses to provide consumers with more intuitive, easy-to-use services such as better account and bill management, switching services for savings, and targeted support for vulnerable consumers, by allowing businesses to share customer data with authorised third-party providers in an easy and secure way. For example, Smart Data has facilitated services which could alert a vulnerable consumer’s trusted contact (such as a family member or friend) if there is unusual activity on a bank account.
New laws will see more sectors, such as communications like broadband, taking advantage of Smart Data to drive competition and innovation, while providing more choices and lower prices for consumers. The powers would make it possible for government to mandate industry involvement in Smart Data initiatives across the economy where they are not participating already, subject to sector-specific assessment and consultation.
Tax Diary October/November 2020
1 October 2020 – Due date for Corporation Tax due for the year ended 31 December 2019.
19 October 2020 – PAYE and NIC deductions due for month ended 5 October 2020. (If you pay your tax electronically the due date is 22 October 2020.)
19 October 2020 – Filing deadline for the CIS300 monthly return for the month ended 5 October 2020.
19 October 2020 – CIS tax deducted for the month ended 5 October 2020 is payable by today.
31 October 2020 ? Latest date you can file a paper version of your 2020 Self-Assessment tax return.
1 November 2020 – Due date for Corporation Tax due for the year ended 31 January 2020.
19 November 2020 – PAYE and NIC deductions due for month ended 5 November 2020. (If you pay your tax electronically the due date is 22 November 2020.)
19 November 2020 – Filing deadline for the CIS300 monthly return for the month ended 5 November 2020.
19 November 2020 – CIS tax deducted for the month ended 5 November 2020 is payable by today.