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APH Accountants COVID-19 Business Support Update 18/05/20

APH Accountants Wirral COVID-19 Business Support Update 13/05/20

Hi All,
Please take the time to read the latest APH Accountants Wirral update – It will take less than 8 minutes of your time and contains important information.
I hope you are keeping well. After a brief interlude of handing the reigns over to Matt & Carla, by popular demand I am back!

Matt is back to cooking, cleaning and housework..

APH Accountants Wirral Matt Team Member

Carla has decided to take up cycling.

APH Accountants Wirral Carla Team Member bike
(What she thinks she looks like vs What she actually looks like)

Now that phase two is under way it does feel like some normality is returning. Despite some of the crazy rules introduced at least we can meet up with friends again, one at a time and socially distanced, better than nothing I suppose!
Some businesses are attempting to return to some sense of normality albeit with the restrictions advised by the government, but nonetheless a positive step in the right direction.
Those in the retail, leisure and hospitality will continue to suffer for another 6-7 weeks yet before they can re-open and get back on track.
However now is the time for us all to start planning our return to work and thinking about the changed landscape we will need to embrace.
If your return to work is still a few weeks away, spend your time wisely now learning new skills, planning for the new business landscape, updating your working practices and possibly thinking about new business ventures and opportunities that are ahead.


1. Employers’ Furlough Scheme 

2. Self-employed Income Support Scheme (SEISS) 

3. Bounce Back Loan 

4. Business as Usual 

5. Fee Protection Service 

6. Sanitising Your Workplace


We are doing our level best to answer every single query – but if we have missed anything please do get in touch with APH Accountants Wirral. Our contact details are below.

Contact APH Accountants Wirral Merseyside chartered accountants for self employed limited companies and start ups

Office Number: 0151 630 4542    
Email: accounts@aphaccountants.co.uk

Paul White: 0151 556 7247           
Email: paulwhite@aphaccountants.co.uk

Helen White: 0151 556 7241        
Email: helenwhite@aphaccountants.co.uk

Matt Newman: 0151 556 7246     
Email: mattnewman@aphaccountants.co.uk

Carla Ashley: 0151 556 7244       
Email: carlaashley@aphaccountants.co.uk

Kerry Roe: 0151 556 7240            
Email: kerryroe@aphaccountants.co.uk

Dave Parry: 0151 556 7245          
Email: daveparry@aphaccountants.co.uk

Danielle Levy: 0151 556 7243     
Email: daniellelevy@aphaccountants.co.uk

Katy Holmes: 0151 556 7249       
Email: katyholmes@aphaccountants.co.uk

Lauri Murphy: 0151 556 7248       
Email: laurimurphy@aphaccountants.co.uk


1. Employers’ Furlough Scheme

Employers Furough Scheme Extended APH Wirral Accountants Chartered Accountants Merseyside

As you all know the scheme has been extended to the end of October and will allow some workers to return part time if needed from the 1st August 2020.
In the meantime, we will start making furlough claims from Monday 18th May for the entire month of May. So that we do not make an erroneous claim on your behalf, please let us know of anyone to be UNFURLOUGHED immediately upon receipt of this newsletter. Otherwise we will assume there are no changes and make the claim on your behalf.
Equally if you are unsure please let us know and we will hang on with submitting your claim until you have more clarity.
We remain committed to submitting your furlough claims on your behalf Free of Charge for as long as possible.


2. Self Employed Income Support Scheme (SEISS)

Self Employed Income Support Scheme (SEISS) APH Wirral Accountants Near Me self emplyed accountants Wirral

Many have now done their claims and so far, all has gone well despite the odd hiccup. If you haven’t yet made your claim, then please click on the link and see if you are eligible.
https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference
 
You will need your Unique Tax Reference number (UTR) and your National Insurance number.  They can be found on any correspondence from HMRC or from the Self-assessment return we send out to you or just contact us for your details.
Don’t forget you need to set up an online government gateway account which is required to make your claim, if you have not already done so click on the link below:
https://www.gov.uk/personal-tax-account


3. Bounce Back Loans

Bounce-Back-loans-Wirral Chartered Accountants

I can not overstate the success of this scheme in terms of both it’s ease of the application process and the speed of the payout. For many who didn’t qualify for other forms of help, this has made a huge difference to them. Some clients have used the money to survive on, some have used it to invest in further equipment in the business and some have used it as an emergency fund until they are back to operating as normal and some have used it to pay off more expensive debt.
If you haven’t considered it yet it may be worth doing so now as I have never in 30 years seen money so readily accessible to businesses.


4. Business as Usual

aph accountants merseyside office window photo

Remember it has been business as usual for us at APH Accountants Wirral. Although we are home based, we continue to operate as normal and for all businesses there is still the normal requirements to run payroll. VAT Returns, CIS Returns, Self-Assessments & Year End accounts.
If you are ready to have your self-assessments done or year end accounts please contact us immediately. Your individual Accountants contact details can be found on our website or above at the top of this newsletter.
Please provide your information to us in electronic format. This can be done in a number of ways.

  • If you are using cloud based software such as Xero or Quickfile then there is no need to send us anything.
  • If you have 20 or less paper documents to send us, then please scan them in and email them to us. You can use a free app called Camscanner to scan documents in and email them to us in pdf format
  • If you have more than 20 paper documents. Then please list your income and expenditure chronologically in a spreadsheet and send the spreadsheet to us.

If you are unsure about how to get any information to us, please let us know so we can advise you accordingly.

Don’t leave getting your Accounts sorted to the last minute – now is a great opportunity to get them done.


5. Fee Protection Service

aph accountants fee protection service wirral merseyside wirral accountants aph

For those that have this service we will shortly be sending out a copy of your policy. For those that don’t it may well be worth considering it. Due to the amount of government support made available during this crisis then at some point they will start to audit the claims and make enquiries.
Unfortunately, this is something we do have to charge clients for as it’s an expensive and time-consuming process when HMRC come calling.
The fees for dealing with HMRC investigations range from £75/hour to £150/hour depending on which member of staff is dealing with the investigation. Investigations can in some cases be ongoing for 18 months and longer depending upon the nature of them.
Therefore, when this crisis is over no doubt they will be looking at who claimed what and why and making sure it was justifiable.
HMRC has also increased the levels of its compliance checks for self-assessment returns opening more than 300,000 tax return investigations for 2016/17 and netting over £1bn in extra tax in 2017/18.

HMRC’s methods of data collection are more invasive than in some other countries.
For example, HMRC can scan social media accounts to see if someone is clearly living beyond their reported means. So be careful what you post!

Even a straightforward compliance check can sometimes take several months to complete. Apart from it being very stressful and taking up a lot of time, there is also the possibility of incurring penalties. A careless mistake could incur a maximum penalty of 30% of the amount of tax in question, a deliberate inaccuracy 70% and a deliberate and concealed miscalculation could lead to a penalty as high as 100%

Penalties can be reduced to the minimum values depending on the amount of help the taxpayer gives to HMRC. Unprompted disclosure of a mistake will see the
penalty for a careless error reduced to nil.

During the last 12 months thousands of landlords have been caught out and in some cases incurred several thousand pounds in Accountancy Fees, along with Tens of thousands in taxes owed and penalties incurred.
My suggestion is to also take out the fee protection services as it protects you from the cost of incurring Accountancy fees in HMRC investigations and at least alleviates some of the worry.
Our service costs the following

  • Sole Traders £36-£80 dependent upon the size and nature of the business
  • Limited Companies (Includes the Directors) – £180

The service will provide cover for up to £100,000 with no excess for:

  • Any compliance check, visit (regardless of whether a dispute has yet arisen) or investigation started by HMRC regarding compliance with:
  • Corporation Tax
  • Income Tax Self-Assessment
  • PAYE
  • P11D
  • National Insurance
  • Construction Industry Scheme
  • IR35
  • VAT & VAT Visits
  • Employer Compliance visits
  • Check of employer records
  • Interventions
  • Requests for information
  • Capital Gains Tax

The Fee Protection Cover represent great value for money and should be seriously considered. Please let me know if you would like to take it out, or require further information.


6. Sanitising Your Workplace

Sanitising your workplace fintal ltd client covid 19

If you’re planning on opening your workplace or indeed want your home sanitizing against Covid-19, then Fintal Limited are offering discounted rates for APH Accountants Wirral clients.
They use a fogging technique to sanitiize the workplace or home which has immediate results and once treated, the area is covered by their virus and bacteria disinfectant. There is no need to move furniture as the mist pervades your entire workplace or home and all surfaces will be safe to use in 30 minutes.
Fintal are an exceptional company and nothing is too much trouble, from the smallest job to the biggest. Highly professional, courteous and clean. Highly competitive pricing, friendly and knowledgeable.
I would highly recommend them.
https://www.facebook.com/FinTalLtd/
Call Roger on 0845 652 1539 for more information


That’s all for now folks! We will be back in touch over the next few days with regards to moving your business into the cloud if you have not done so already. This will help futureproof you and your business, give you up to date and relevant information on your business and help with financial and tax planning.
The weather is supposed to be great this week, though every time I look at my app it changes! Fingers crossed it is, in the meantime stay safe everyone and let’s work together to get back to business!

Kia Kaha,
Paul.

APH Accountants Wirral

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