Old Mill Updates

Watch it back: ‘Virtual Breakfast’ Q&A with Head of Rural, Andrew Vickery & Rural Tax Adviser, Catherine Vickery

Thank you to everyone who joined our ‘Virtual Breakfast’ Q&A on Friday 24 April, 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.

 

24th April 2020



Business Rate Relief – 2.49

Do I qualify for COVID-19 relief if I’m already covered under the original small business relief grant?

I haven’t declared my business rates before, am I eligible to claim this grant if I register for rates now?

I have a camp site and a holiday let – can I claim a £10k grant for each?


Claiming back tax on lost loans due to COVID-19 – 8.35

Am I able to claim back tax for a loan I gave to my son which will not be repaid due to COVID-19?


Self-employment support including Farmers' averaging - 11.55

How does this work, how is payment calculated and when will I get paid?

What periods does the government pay-out cover if they are paying out in June?

Can you explain how this works with farmers’ averaging and/or tax losses brought forward?


Job Retention Scheme - 18.16

I am a director of a company, can I furlough myself and can I still perform director duties?

How often can an employee be furloughed?

Is the portal to claim now open, how easy is it to use?


Entrepreneurs' Relief - 22.00

Will HMRC be granting extensions to the three-year rule for Entrepreneurs’ Relief if the claim has been affected by COVID-19?


Coronavirus Business Interruption Loan Scheme (CBILS) - 28.02

How do I access the loan scheme?

Can I tap into this loan for cheap borrowing if I want to expand my business or the farm needs investment?


Deferral of Value Added Tax (VAT) payment - 33.29

How do I defer my VAT payments?

Can I claim back VAT on bad debts.

 


Deferral of self-assessment tax payment - 34.50

I know I can defer my self-assessment but can I still pay tax in July if I want to?


Change of year-end for companies - 36.01

I’ve been advised that I should change my company year-end but not sure why I should do this, can you explain?


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.