Practical guidance for our rural and farming clients #34
In this week’s Rural Update we take a look at:
- COVID-19: Fourth Self-Employed Income Support Scheme (SEISS) announced
- COVID- 19: New Restart Grant
- Brexit: New SME Brexit support fund
- Making Tax Digital: Deadline 6 April
- Young and new farmer entitlements for Basic Payment Scheme (BPS)
- Rural Insight Spring 2021 – Download your copy
If you have any questions about any of the topics we discuss in this update or relating to your own business please do get in touch with your Old Mill adviser in the first instance, or alternatively click here…
24th March 2021
Andrew Vickery See profile
The eagerly awaited forth SEISS grant will be available to claim from late April and will then be open until 31 May 2021.
The fourth SEISS grant is worth 80% of three month’s average trading profits, capped at £7,500.
If you’re eligible, HMRC will contact you in mid-April to give you your personal claim date.
Click here for full details.
Of interest to rural clients operating in hospitality and accommodation, the Government have announced a new grant to support the reopening of businesses once COVID-19 restrictions are lifted. The Restart Grant will be a one-off cash grant administered by your local council.
You may be eligible for up to £6,000 if your business operates in the non-essential retail sector and up to £18,000 if you are involved in the hospitality, accommodation, leisure, personal care or gym sectors.
To qualify you must be:
- Based in England
- Involved in a sector mentioned above
- Trading on 1 April 2021
The grants will be available from 1 April but you can complete a claim form before this date as and when your local council releases the details.
A small contingent of our rural clients trade directly with the EU and are, therefore, new to the importing and exporting processes. As of 15 March (2021), the Government has set up a grant for smaller businesses to apply for up to £2,000 to assist them in adapting to the new customs and tax rules when trading with the EU.
This grant can be used towards the payment of professional advice such as excise and import VAT queries which is where Old Mill can help so please do get in touch.
For more information on eligibility and how to apply click here.
From the 6 April 2021 Her Majesty’s Revenue and Customs (HMRC) will be seeking to continue consolidating all VAT returns and records onto one single platform.
For VAT periods starting on or after 1 April 2021, all businesses with taxable turnover above the VAT registration threshold and who aren’t exempt from MTD must have digital links set up for any transfer or exchange of data between software programmes, products or applications used to prepare their VAT returns.
If you want to make sure you are up to date with MTD we have produced an article along with FAQs here.
If you are unsure of your current MTD status or have any queries that we can help with, please do get in touch with our Digital Services Team at email@example.com.
When completing your Basic Payment 2021 form, you may be able to claim an additional payment if you are deemed as a ‘young’ or ‘new’ farmer.
Eligibility and full details on how to claim can be found here…
In both cases, you will need to complete a ‘Young and new farmer form’ and you will require a registered professional to confirm your status. Old Mill will be able to validate and confirm your status ready for submission.
Rural Insight Spring 2021 - Download your copy
Rural clients should have now received our Rural Insight magazine for Spring 2021 through the post. The insight is a collection of accountancy and financial planning articles specifically prepared to advise and aid farming and rural businesses.
We would be very happy to discuss further any topics that resonate with you and your own business, please contact your usual Old Mill adviser or firstname.lastname@example.org.