Business Support Update - 30th September 2021

Make September CJRS claims by 14th October 2021

The final claim under the Coronavirus Job Retention Scheme (CJRS) is now open for pay periods in September 2021. Claims must be submitted by 14th October 2021.

For further information please visit GOV.UK.

Final Reminder – Deadline Date to Claim Fifth SEISS Grant Ends Today

Claims for the fifth instalment of the Self-employment Income Support Scheme (SEISS) must be made by 30th September 2021. This is scheduled to be the last instalment of the SEISS grants and unlike its predecessors it introduces a turnover test, which will determine the amount of grant awarded to self-employed workers whose businesses have been hit by the coronavirus (COVID-19) pandemic.

HMRC began contacting taxpayers in mid-July but it is the taxpayer who must make the claim: an accountant or agent cannot submit the claim on their behalf.

To read our full article on this grant and how to claim read our full article published in our last business support update here

Reduced VAT Rate Ending for Hospitality, Holiday & Accommodation Sector

On the 25th July 2020 the Government introduced a reduced VAT rate of 5% for the hospitality, holiday accommodation and attractions sectors. This will now end on the 30th September and a new VAT rate of 12.5% will be applied from the 1st October 2021.

This new rate applies to the following:

• Supplies of food and non-alcoholic drinks for consumption on premises from restaurants, pubs, bars, cafes and similar premises in the UK.
• Supplies of hot takeaway food and hot takeaway non-alcoholic drinks.
• Supplies of hotel and holiday accommodation and admission to certain attractions in the UK.

The new rate of 12.5% will be applied from 1st October 2021 for six months until 31st March 2022 and the standard rate of 20% returning in April 2022. For further information visit - Gov.uk >

Creative Wales Development Fund

The New Creative Wales Development Fund (CWDF) is aimed at Wales based businesses that develop content, products and services in the Creative Industries.

There is £1.5 million available for projects in this funding round with two strands of this funding available, focusing on supporting projects within the TV and digital content sectors (including games, animation, Createch and creative services).

A maximum of £25,000 will be allocated to each successful project. The aims of this fund are:

• To provide financial support to enable indigenous production companies to fully develop TV projects, giving these projects a greater chance of getting the project commissioned, greenlit and into production.
• To support the retention of IP by indigenous companies which, in turn, will enable further growth.
• To provide financial support for the development of new games, animation concepts, immersive, VR / MR (Createch) concepts and content development and delivery platforms / services in the creative industries.
• To enable businesses to further market these projects to gain commercial investment, which would otherwise have been difficult to establish without the development funding.

The application process for this funding is now open and will close Monday 11th October at 12.00 noon.

Before you apply you have the option to discuss your proposal with one of the Creative Wales Sector Development Managers via E-mail at CreativeWalesFundingSupport@gov.wales

For further information on eligibility and the application process see the Business Wales website here

Making Tax Digital for Income Tax Self-Assessment Delayed for a Year

The government has delayed the introduction of Making Tax Digital (MTD) for Income Tax self assessment (MTD for ITSA) for a year, HMRC has announced.

The government says it has made the move in recognition of the challenges faced by many UK businesses as the country emerges from the pandemic.

It will now introduce MTD for ITSA in the tax year beginning in April 2024, a year later than planned. It says the later start for MTD for ITSA gives those required to join more time to prepare and for HMRC to deliver a robust service, with additional time for customer testing in the pilot.

For help or advice on the support available for businesses please contact your usual BPU Adviser or contact:

Huw Palin, Director
Email: huwp@bpuaccountants.co.uk