Since our last Covid Financial Support Packages update, there have been a number of developments which have occurred in relation to the support available for businesses during the ongoing pandemic.
Please see below for a summary of the schemes which we would like to draw to your attention. For further detail on each scheme, the specified deadline and access to the relevant NI Business Info page, please CLICK HERE.
SELF EMPLOYED INCOME SUPPORT SCHEME (SEISS)
- Claims for the fourth SEISS grant have now closed.
- Claims for the fifth SEISS grant covering the period May to September 2021 will open from late July 2021. Further information on this grant can be found using the link below. Please note that the fifth grant differs from the previous four grants, particularly on how much taxpayers will be entitled to claim.
REPORTING SEISS GRANTS ON SELF ASSESSMENT TAX RETURNS
- Taxpayers should be aware that the SEISS grants are subject to income tax and NIC which means they need to report their grants on their tax returns.
- In general, the first 3 SEISS grants should be included within the 2020/21 Tax Return form which is due to be submitted by 31 January 2022. However, this is subject to some exclusions.
- Taxpayers should also be aware that it is their responsibility to notify HMRC if they have overclaimed a grant to which they were not entitled to and repay it within the specified time frames. Failure to do so could lead to penalties and interest.
SMALL BUSINESS GRANT TOP UP
- The Small Business Grant Top Up provides support of up to £5,000 to businesses which received the £10,000 Small Business Support Grant in 2020. These businesses have been automatically assessed for eligibility for this Top Up grant. Therefore, applications are not required.
- However, businesses which started trading after applications for the original £10,000 Small Business Support grant closed in May 2020, which would have been eligible for the grant, will have the opportunity to apply for the Top-Up element from late June 2021.
RETAIL, HOSPITALITY, TOURISM AND LEISURE TOP-UP SCHEME
- The Retail, Hospitality, Tourism and Leisure Grant Top Up provides support of up to £10,000 to businesses which received the £25,000 Grant in 2020. These businesses have been automatically assessed for eligibility for this Top Up grant. Therefore, applications are not required.
- However, businesses which started trading after applications for the original £25,000 Retail, Hospitality, Tourism and Leisure grant closed in May 2020, which would have been eligible for the grant, will have the opportunity to apply for the Top-Up element from late June 2021.
VAT DEFERRAL NEW PAYMENT SCHEME
- The VAT Deferral New Payment Scheme will close to new applications on 21 June 2021.
- Alternatively, businesses may still be able to avoid being charged penalties or interest on VAT which was deferred during the periods 20 March 2020 and 30 June 2020 by paying the deferred VAT in full by 30 June 2021.
COVID-19 DIGITAL SELLING CAPABILITY GRANT
- The second call for applications regarding the COVID-19 Digital Selling Capability Grant (CDSG) is now open. This will help established retail and wholesale businesses in Northern Ireland to grow their business online.
- The scheme is open to any small or medium sized retailer or wholesaler with 5 employees or more. The business must have an existing online presence and want to enhance its digital offering to expand its customer base, improve e-commerce capability and increase online sales.
Please note the upcoming deadlines for applications for a number of the schemes, in particular the VAT Deferral New Payment Scheme which closes to new applications on 21 June 2021.
Finally, please note that each scheme is subject to its own eligibility criteria and deadline. Therefore, we would highly recommend that you take the time to review these in advance of making any applications.
We hope the above is of some help to you. If you have any queries or require any assistance during the application process, please do not hesitate to contact us on 02841764540 or forward an email to ku.oc.nniuqydrupnull@eciffo.