Ongoing COVID 19 Pandemic News Update & JRS/SEISS scheme extensions
COVID 19 and the response in dealing with it seems to change on an almost daily basis. The UK went into a second lockdown on 5th November, for a minimum of 4 weeks (to 2nd December 2020 at least). In addition, the government's Job Retention Scheme (JRS) which was due to end at the end of October has now been continued until 31st March 2020 with employees set to receive 80% of their normal wages up to a monthly cap of £2,500.
Similarly, the Self Employment Income Support Scheme (SEISS) has been extended for 6 months ie from 1st November 2020 to 30th April 2021. Grants will be paid in 2 instalments ie once every 3 months with grants payable at 80% of 3 months average monthly trading profits paid out in a single instalment and capped at £7,500 in total.
Self Assessment for the Year Ended 5th April 2020
The deadline for filing your Self Assessment for the tax year which ended on 5th April 2020 is 31st January 2021. The deadline of 31st October for the filing of paper returns has now passed meaning that if you attempt to file a paper return now, you will incur a late filing penalty of £100. This can be avoided by filing your return electronically and you have until 31st January 2021 to do this without incurring a penalty. The majority of taxpayers file their Self-Assessment returns electronically and this is also our preferred method of filing. Please contact us for details.
Limited Company Accounts
If you are a director of a limited company, you will at some point need to file your company accounts. Your limited company accounts must be filed within 9 months of the end of your company's accounting period or within 21 months of the date of incorporation if it is your company's first accounting period. For example, if you incorporated your company on 24th March 2019, accounts will need to be prepared and filed with Companies House and HMRC by 24th December 2020.
If you have reached the end of your first accounting period and are unsure what to do next, please get in touch with us as we will be able to completely take care of this for you and will prepare your accounts and company tax return and file these on your behalf.
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