Welcome to our round up of the latest business news for our clients. Please contact us if you want to talk about how these updates affect your business. We are here to support you!
We wish you a happy new year and let’s hope 2022 is more stable from a business perspective and that by the end of the year we can return to some kind of “normality”.
What is the Best Use of your Time in January?
We encourage all clients to consider taking time to prepare a 2022 Strategic plan.
“A sailor without a destination will never get a favourable wind”
It is easier to get to your destination with a plan. We all know this simple truth. If you are driving from A to B it helps to know where A is and the directions you need to take.
If you have a vision of what you want your business to look like when it is “complete” then you are in a position to drive your business towards the vision and you can monitor how you are doing as you go along.
If you do not have a strategic plan then you could get blown around like flotsam in the sea. This way and that way without any control.
If you agree it is hard to accomplish anything without a plan, let’s start thinking about putting one in place. A plan looks at all the things a business could do and narrows it down to the things it is actually good at doing. A strategic plan also helps you determine where to spend time, resources and money.
How do you do a Strategic Plan?
- Take time to review your own personal objectives – the business is there to provide you with what you want from life, do not forget this.
- Look at where you are now, your strengths, weaknesses, opportunities and threats so you have a clear understanding of your position in the marketplace, the competition, your systems and the way you do things and what you are good at and what you are not.
- Focus on where you want to be (say) in 2 years, what you want your business to look like when it is running profitably and successfully. Then you can determine your priorities – the big issues that you need to focus on – this is the strategic plan!
- Write down your vision and define what you must achieve and the actions you need to take. Monitor how you are doing each month and what actions have been completed and what needs to be done to keep you moving towards your plan.
- Allocate responsibility for taking the actions.
- Review and adjust your regular activities to keep you on track.
We have useful tools and checklists to help you analyse where you are now, set a strategy, agree actions and monitor them. Please talk to us about how we can help you achieve your goals – we have helped many other businesses grow and succeed!
Remember to Declare COVID-19 Grants on your Tax Return
HM Revenue and Customs (HMRC) is reminding Self-Assessment tax payers to declare any COVID-19 grant payments on their 2020 to 2021 tax return.
These grants are taxable, and you should declare them on your 2020 to 2021 tax return before the deadline on 31 January 2022.
The Self Employed Income Support Scheme (SEISS) application and payment windows during the 2020 to 2021 tax year were:
- SEISS 1: 13 May 2020 to 13 July 2020
- SEISS 2: 17 August 2020 to 19 October 2020
- SEISS 3: 29 November 2020 to 29 January 2021
SEISS is not the only COVID-19 support scheme that tax payers should declare on their tax return. If you received other support payments during COVID-19, you may need to report this on your tax return if you are:
- self-employed
- in a partnership
- a business
You need to report grants and payments from the following COVID-19 support schemes:
- the Self-Employment Income Support Scheme (SEISS)
- test and trace or self-isolation payments in England, Scotland and Wales
- the Coronavirus Job Retention Scheme (CJRS)
- Eat Out to Help Out
- Coronavirus Statutory Sick Pay Rebate
- Coronavirus Business Support Grants
For information on reporting coronavirus (COVID-19) grants and support payments see:
Reporting coronavirus (COVID-19) grants and support payments – GOV.UK (www.gov.uk)
Full Customs Controls Started on 1 January 2022
HMRC have written to traders with a reminder of the changes coming into force from 1 January 2022 and how they might affect the way goods are imported and exported between Great Britain and the EU. You can read this letter, along with more information about these changes by going to GOV.UK
Temporary Arrangements for Movements from Ireland and Northern Ireland
The UK government has announced that current customs arrangements for goods moving from Ireland and Northern Ireland to Great Britain, will be extended for as long as discussions between the UK and EU on the operation of the Northern Ireland Protocol (NIP) are ongoing.
This means that full customs controls will be introduced as planned on 1 January 2022 for goods moving between the rest of the EU and Great Britain, and for goods exported from Great Britain to Ireland.
If you move goods into or out of Northern Ireland, the free Trader Support Service can guide you through the process.
Where you can Get Help with Importing and Exporting
HMRC have a range of webinars and YouTube videos on importing and exporting with the EU that you can watch by going to their help and support for UK transition page.
If you export to the EU, the Export Support Service is a free service giving you access to online and phone support. You can find more information on GOV.UK or by calling 0300 303 8955.
HMRC customer service advisers are available to answer your queries on the Customs and International Trade (CIT) helpline. They’ll help you with importing, exporting and customs reliefs. You can call 0300 322 9434 to speak to an adviser.
If you need urgent help with goods at the border outside of these hours the helpline will divert your call to 24/7 support – choose option one on the helpline menu.
See: Full customs controls start on 1 January 2022 – GOV.UK (www.gov.uk)
Statutory Sick Pay Rebate Scheme (SSPRS)
The government is reintroducing the Statutory Sick Pay Rebate Scheme (SSPRS). This will be a temporary scheme to support employers facing heightened levels of sickness absence due to COVID-19. The SSPRS will refund small and medium-sized employers’ COVID-related SSP costs for up to two weeks per employee. To qualify for the scheme employers must have less than 250 employees.
Employers will be eligible for the scheme if they are UK-based, employed fewer than 250 employees as of 30 November 2021, they had a PAYE payroll system as of 30 November 2021 and they have already paid their employees’ COVID-related SSP.
Employers will be able to claim the costs for up to two weeks of SSP per employee that has to take time off because of COVID-19. This two-week limit will be reset so an employer will be able to claim up to two weeks per employee regardless of whether they have claimed under the previous scheme for that employee.
The scheme is being reintroduced so that employers can claim for COVID-related sickness absences occurring from 21 December 2021 onwards. Employers will be able to make a claim through HMRC from mid-January onwards, using this website:
This is a temporary scheme to support employers facing heightened levels of sickness absence due to COVID-19. The government will keep the duration of the scheme under review.
Employers must keep records of Statutory Sick Pay that they have paid and want to claim back from HMRC. Employers must keep the following records for 3 years after the date they receive the payment for their claim:
- the dates the employee was off sick
- which of those dates were qualifying days
- the reason they said they were off work due to COVID-19
- the employee’s National Insurance number
See: COVID-19 economic support package – GOV.UK (www.gov.uk)
Fairtrade Fortnight 2022
Fairtrade Fortnight will be back Monday 21 February to Sunday 6 March 2022. For two weeks each year thousands of individuals, companies and groups across the UK come together to share the stories of the people who grow our food and drinks and who grow the cotton in our clothes.
See: Fairtrade Fortnight – Fairtrade Foundation
Covid-19 ERF Business Support – December 2021 February 2022 Eligibility Checker
The Economic Resilience Fund (ERF) is targeted at businesses in the hospitality, leisure and attraction sectors and their supply chains who have been materially impacted by a greater than 60% reduction of turnover between 13 December 2021 and 14 February 2022.
The funds seeks to compliment other COVID-19 response measures to support businesses, social enterprises and charitable organisations in Wales.
The ERF will support:
- Businesses impacted between 13 December 2021 and 14 February 2022 and closed by regulations from 26 December 2021.
- Event space and attractions materially impacted between 13 December 2021 and 14 February 2022.
- Other businesses with greater than 60% impact on turnover between 13 December 2021 and 14 February 2022.
And (applies to all):
- Have experienced a material impact through reduced turnover of 60% or more between December 2021 and February 2022 as compared to December 2019 and February 2020.
See: Economic Resilience Fund (ERF) December to February 2022 | Business Wales (gov.wales)
Non Domestic Rates (NDR) Linked Grant Fund to Non-Essential Retail, Hospitality, Leisure and Tourism Businesses (NERHLT).
In addition to the Economic Resilience Fund, Local Authorities will be delivering NERHLT grants.
There will not be an application process for this element, however in order to receive payment, businesses will be required to register with their local authority to confirm their details. NDR linked grants will then be paid directly to rate payers as follows:
- NERHLT businesses in receipt of Small Business Rate Relief (SBRR) and with a rateable value of £12,000 or less will be eligible for a £2,000 payment.
- NERHLT businesses with a rateable value of between £12,001 and £51,000 will be eligible for a £4,000 payment if impacted by the restrictions.
- NERHLT businesses with a rateable value of between £51,001 and £500,000 will be eligible for a £6,000 payment if impacted by the restrictions.
Local Authorities will also be delivering a discretionary fund via a short application process with sole traders, freelancers and taxi drivers able to apply for £500 and businesses that employe people but do not pay business rates will be able to apply for £2,000.
The registration process for the NDR linked grants and application process for the discretionary fund will open week commencing 10 January 2022.
See: COVID-19 Support for Business | Business Wales (gov.wales)
Cultural Winter Stability Fund
The Welsh Government is making £5.25 million available to assist Wales’ arts organisations, museums, libraries and independent cinemas through the winter months.
The purpose of this fund is to support organisations that are in genuine difficulty – at risk of closure or that jobs will be lost – unless further support is provided. This risk must be as a direct result of the ongoing impact of Covid-19.
The new fund will provide essential support to organisations in these cultural sectors across Wales, many of which are run on a voluntary or not-for-profit basis.
The Welsh Government and the Arts Council of Wales have worked together to analyse these sectors and identify the need for additional support, to ensure that organisations in these sectors remain viable over the coming months.
The fund, which will cover the period from 1 October 2021 to 31 March 2022, opens for applications on Wednesday 12 January 2022 and applicants will need to have submitted an online application no later than the deadline of 5pm on Wednesday 26 January 2022.
For further information visit Gov.Wales
Non-Domestic Rates Relief for Businesses in 2022-23
The Welsh Government will be providing an additional £116m package of non-domestic rates relief for businesses in the sectors most directly affected by the Covid-19 pandemic.
Retail, leisure and hospitality ratepayers in Wales will receive 50% non-domestic rates relief for the duration of 2022-23. Like the scheme announced by the UK Government, the Welsh Government’s Retail, Leisure and Hospitality Rates Relief scheme will be capped at £110,000 per business across Wales. The approach means that businesses in Wales will receive comparable support to that provided in other parts of the UK.
For further information visit Gov.Wales
Apprenticeship Recruitment support
To help businesses recruit apprentices, Welsh Government are offering incentives until 28 February 2022 (subject to budget availability).
Businesses of all sizes and across all sectors are eligible.
Most of the training will be carried out by the employer who works with an approved training provider.
The employer is responsible for paying the apprentice’s salary and for any additional training. Training costs are supported by the apprenticeships programme.
It is important to work with a training provider at a very early stage in the process. They can provide help, support and guidance.
For further information visit Funding available | Business Wales Skills Gateway (gov.wales)
