Old Mill Updates

Watch it back: ‘Virtual Breakfast’ Q&A with Director and Rural Accountant, Paul Neate and Rural Chartered Financial Planner, Stuart Coombe

Thank you to everyone who joined our ‘Virtual Breakfast’ Q&A on Friday 22 May, and for those who asked us a question.

In this session we featured the below topics and we’ve highlighted the time they were discussed so you can get to that section with ease.

22nd May 2020

7.35 Self Employment Support Scheme 2020

I did not submit my self-assessment tax return before 23 April. Can I claim support?

I made changes to my tax return when COVID-19 hit will this make a difference?

I am a member of a partnership, does the partnership claim or myself? (21:36)

Does farmers averaging make a difference to my eligibility? (23:20)

12.36 Safety of wealth

What top tips do you have?

Are my savings set up correctly and in the right places?

Do I need to have instant access to my savings?

With COVID-19 I’m looking at all my savings and excess money, is my money save in the banks?

I have sold some land and have a large amount of money in my bank (over the safe point you mentioned of £85,000), is this money safe? What should I do to keep it safe?

What should I invest in? Can I use a SIPP?

30:56 Bounce Back Loan

Should I take advantage of the Bounce Back Loan as the interest is so low?

I’m a cheese producer and have started supplying my produce to the local community and want to buy a van for this, can I use the bounce back scheme?

36:16 Taxation in the future

The Government is currently pledging to keep employees engaged with employers, help out self-employed individuals and guarantee loans to businesses amongst the support offerings, which is all going to cost quite a significant amount of funds. Ultimately the funds pledged will need to be replaced and therefore it’s likely that this will be achieved through raising taxation in the future. What do we have to think about with this?

What tax implications have started to be realised within the COVID-19 environment?

43.56 Key dates of payment

I am selling a property to raise funds, are the revenue still requesting Capital Gains Tax?

For more information, or if you have any questions about any of the above, please contact your Old Mill adviser or email enquiries@om.uk.