Further to our previous update, we would like to draw your attention to the NI Charities Fund which went live on 15 June 2020.
Furthermore, there are a number of important changes and updates in relation to schemes which have already been in place, such as the Deferral of VAT payments, the Self Employed Income Support Scheme (SEISS) and the Coronavirus Job Retention Scheme (CJRS) which businesses must be aware of.
Please see below for more information:
- CHARITIES FUND
The charities fund was launched to provide financial support to local charities who have lost income due to the impact of the Coronavirus pandemic.
For more information on the conditions and how to apply, please CLICK HERE.
- DEFERRAL OF VAT PAYMENTS
- The ability for businesses to defer the payment of VAT ended on 30 June 2020.
- Therefore, if your business cancelled the direct debit for VAT, you will need to set this up as soon as possible using your online VAT account (at least 3 working days before your next payment is due) to allow enough time for HMRC to take the next VAT payment.
- For example, VAT returns covering the period ended 31 May 2020 will not be eligible for the deferral as the deadline for receipt of these returns and payments will be 7 July 2020.
- VAT returns should continue to be submitted within the normal filing deadlines and any VAT due post 30 June 2020, should be paid in full.
- Any VAT payments your business has deferred between 20 March and 30 June should be paid in full on or before 31 March 2021. Additional payments can be made with subsequent returns.
- If you are unable to pay the VAT due and require a Time to Pay arrangement, we would advise that you contact HMRC as soon as possible and in particular, before the payment is due. If you need further details on this process, please contact us.
- SELF EMPLOYED INCOME SUPPORT SCHEME (SEISS)
For additional points and clarification in relation to the second grant which will be made available under the SEISS and examples of how businesses might be ‘adversely affected’ by Coronavirus, please CLICK HERE.
**Please note that applications for the first grant close on 13 July 2020.**
- CORONAVIRUS JOB RETENTION SCHEME (CJRS)
For more information on key dates relating to the CJRS and further clarification on the ability to flexibly furlough staff, please CLICK HERE.
The attached updates are based on information available on 1 July 2020. However, as the situation continues to evolve on a day by day basis, this information is subject to change.
If you have any queries in respect of the above, please do not hesitate to contact us using the details below: