Insights – May 2021
Summer is here! That’s according to the meteorological calendar – summer starts tomorrow 1st June. The late May bank holiday summer weather has brought some lovely sunshine for us all. Let’s hope Barra and Angie can keep it going for the next three months that officially make up summer!
We bring the following key focus points to your attention this month:
1. Last day for SEISS 4 claims
The fourth of the Self Employment Income Support Scheme claim windows closes tomorrow 1st June. If you have not yet completed your claim, and you meet the eligibility criteria, get your claim in tomorrow at the latest – otherwise you are excluded.
Contact Karen Conway on Tuesday morning if you have problems submitting your claim.
2. Upcoming PAYE deadlines
Today is the deadline for issuing P60s to your employees. Your payroll system should run P60s automatically – if you need guidance, contact our Payroll team.
Employers with staff receiving benefits in kind must report the benefits on a P11d form annually to HMRC. P11d submissions must be made, and any additional employer NICs must be paid, on or before 6th July.
Employers who have issued shares to employees in the 2020/2021 tax year must report the share issue to HMRC on an “Employment Related Securities” return on or before 6th July. This return is mandatory – whether the shares were paid for at market value, were free issue or anywhere in between.
For any queries on P11ds or employee share returns, contact Orla Mallon.
3. Is your first bounce back loan repayment falling due?
It’s 12 months since the first bounce back loans were approved and drawn down. Recent changes to the scheme allow for varied repayment terms. Aisling Muldoon from our Restructuring & Insolvency team sets out the options available for borrowers on our website click here.
4. Intertrade Ireland Covid-19 consultancy grant closing soon
Intertrade Ireland have been supporting businesses in the past 12 months with various forms of support. Their Emergency Business Solutions voucher offers businesses up to £2,000/€2,250 of professional consultancy to address key business challenges related to Covid-19. Consultancy support can be used for staff training, finance, HR and health & safety or for product diversification. The scheme is expected to close during the summer. If you would like to hear more on the scheme contact Reuben Young.
5. Do you pay for VAT by direct debit? Check to make sure HMRC have a valid email address.
Many businesses pay their VAT by direct debit. As well as giving an extra few days after the 7th to pay any VAT due, it is much easier and quicker than sending payment by BACs. Over the next short while, HMRC will be contacting businesses to ensure they have valid email details attached to your online VAT account. If you receive any correspondence to this effect, please make sure to deal with it. If not, DDs may be cancelled without further notice and you could end up paying interest and surcharges.
6. Stamp duty land tax (SDLT)
SDLT reductions have proven to be one of the most popular measures announced by the UK government in response to the Covid-19 crisis. The SDLT rate reductions will be phased out between 30 June and 30 September 2021. If you are involved in a property sale/purchase transaction, speak to your solicitor or contact Paul O’Reilly to find out how the changes may affect you.
Should you have any queries on any of the above, please do not hesitate to contact us on 028 8772 4697 or at info@gildernewandco.com.
Enjoy the rest of the bank holiday weekend!
Everyone at Gildernew & Co.
Gildernew & Co. Ltd make every effort to ensure the accuracy of the information herein. However, no reliance should be placed on any of the above without seeking independent professional accountancy, legal and/or financial advice.
Posted on May 31, 2021
