Are you a builder, plumber, renewables engineer, gas engineer or another installer of energy saving materials? This article will help you understand the basics of how the reduced rate of VAT could apply to you, your business and your customers! Many people aren’t aware that if they are installing energy-saving materials, they may be reduced-rated for VAT purposes, even if the installation is grant funded! HMRC defines three social policy conditions. If all three are met, then the whole supply of materials and installation of energy saving materials becomes subject to a reduced VAT rate of 5%.  The three social policy conditions are: Supply to a “qualifying person” i.e. a person who is aged 60 or over or received one of the following benefits: Child tax credit Council tax benefit Disability living allowance Disablement pension Housing benefit Income based jobseeker’s allowance Income support War disablement pension Working tax credit Supply to a “relevant housing association” as ...

Following on from our latest newsletter, information about the Recovery Loan Scheme has come to light that we feel it's worth sharing before the next one: The Recovery Loan Scheme  What is the aim of the RLS? To enable UK businesses who have been affected by the Covid-19 pandemic to access Government backed loans from accredited lenders. When does the RLS open? It opens on 6th April 2021 and will run until 31st December 2021. What type of business is eligible for the RLS? Sole traders, Corporations, Limited Partnerships, Limited Liability Partnerships. Co-operatives and Community Benefit Societies. Any other legal entity carrying out business activity in the UK through a business bank account. Businesses which have already had a Coronavirus loan, such as through the Bounce Back Loan Scheme (BBLS) or the Coronavirus Business Interruption Loan Scheme (CBILS) or the Coronavirus Large Business Interruption Loan Scheme (CLBILS), can still apply, although in certain circumstances, it mig...

I hope you have all enjoyed the Easter weekend and eaten lots of chocolate? Tomorrow sees the start of a new financial year and as always, that means change for a number of things. Today’s newsletter look at the changes but firstly let's have a look at the Brexit Support Fund. Please don’t hesitate to get in touch if you have any questions. Contact details can be found at the bottom of the newsletter.                                BREXIT SUPPORT FUND Who is it aimed at? It is aimed at SME businesses who incur costs for training or professional advice to deal with their customs excise, import/export VAT or safety and security declarations. What is the size of the grant? It provides grants of up to £2,000. It could be a training grant or one for profession advice or both. The total grant cannot exceed £2,000 What is the eligibility criteria for a business? It must be established in the UK. It must ha...

Employer Update End of Year 2020/21 and P60 End of Year Certificate The final submission for the tax year is due this month. Please ensure all payments made to employees have been recorded through the payroll. If this is not the case please let us know straight away as we may need to submit an amended submission for the year. If you have not yet received the P60 End of Year Certificates for your staff, we will be sending these to you shortly. These need to be given to your employees by the deadline of 31st May 2021. Working Patterns and Weekly Hours It is important that we know the working patterns and weekly hours for your employees. We need these details when calculating statutory payments, such as Statutory Sick Pay, in order to calculate the correct weekly amount due. This also aids us when calculating the hourly rate for your employees and ensuring that you meet the National Minimum Wage requirements. Increase in the National Minimum Wage and National Living Wage The National Min...