In the wake of the spread of Covid-19 we are seeing stringent measures being put into place to safeguard as many people as possible from contracting the virus and becoming ill. However, these measures are also having a huge impact on the way we live our daily lives and run our businesses.

The Government and other organisations are putting in place measures to try and help support you and your business during these tough times.

The list below contains all the information that we feel business owners, whether self-employed or heading up companies, may need and we hope can act as a comprehensive guide.

As always, we are here for our clients to try and help them navigate their finances so please do get in touch if you would like to talk anything through.

Covid-19: Business Interruption Guidance

• Business Rates
• Business Loans to help with Covid-19
• Coronavirus Job Retention Scheme (CJRS)
• Statutory Sick Pay(SSP)
• Self-employment Income Support Scheme
• Payment of Tax
• Companies House Filing Deadlines

If you are VAT registered and trade between the UK and EU, then Brexit will have an impact on the way you do business.

What will happen after Brexit?

From 1 February 2020 the UK will no longer be a member of the EU, and we’ll enter an implementation period that lasts until 31 December 2020. During this time there will be no changes to the terms for trading with the EU or the rest of the world, unless the rules change for the whole of the EU. This means EU rules for customs, VAT and excise will continue to apply to the movement of goods and trade for this limited time. There will be no new customs procedures at present.

What will happen after 31 December 2020?

From 1 January 2021, the way businesses trade with the EU will change, and we will need to prepare for life outside the EU, including new customs arrangements. For example, for trade between Great Britain (GB) and the EU, we will need to make customs declarations to import and export goods once the UK is outside of the EU’s customs territory.

What you need to do now:

• Keep up to date

Follow us on Twitter for updates and go to www.gov.uk/hmrc/business-support and select ‘Sign up to help and support emails from HMRC’.

• Make sure you have your Economic Operator Registration and Identification (EORI) number

You’ll need a UK EORI number that starts with the letters ‘GB’ to be able to submit customs declarations to move goods between GB and the EU after the implementation period ends.
If you already have a UK EORI number starting with ‘GB’, keep it safe as you will need it when the implementation period ends.
If you do not have a UK EORI number starting with ‘GB’ you should register for one at www.gov.uk/eori .

• Decide how to make customs declarations

You’ll need to make customs declarations to import and export goods between GB and EU countries once we are outside of the EU’s customs territory. If you’ve only ever traded with the EU, or if you already trade with non-EU countries but need to expand or change your processes to cover your GB-EU imports and exports, you should start to prepare now to make customs declarations, by deciding if you want to use a third party such as a customs agent or make declarations yourself.

If you decide to use a customs agent, you should start contacting agents now, to find out about the services they provide. You can find guidance by going to www.gov.uk/guidance/appoint-someone-to-deal-with-customs-on-your-behalf .

If you want to make declarations yourself, HMRC will soon be providing more information and guidance about what will be required. They will also be providing more information about customs processes for Northern Ireland soon.

Transitional Simplified Procedures

Registration and use of Transitional Simplified Procedures (TSP) for imports from the EU is currently suspended.

You will not need to use TSP between February and December 2020. If you applied for this service, please keep your paperwork safe. In addition, postponed VAT Accounting is currently not available during the implementation period.

If you have any questions, or would like further guidance from a business specialist, please contact us and one of our team will be happy to talk things through with you.

Image: Enrapture Captivating Media

A new workshop aimed at encouraging ambitious firms to ask the right questions about the financial future of their business is launching in Norwich.

Designed by Norfolk accountants Stephenson Smart, the Business Smart workshop takes place at the Hethel Engineering Centre on October 1, as part of a series of workshops at the innovation hub, aimed at supporting growing and start-up businesses.

It will be hosted by Henry Pettitt, Partner at Stephenson Smart’s Great Yarmouth office and Accounts Assistant Aaron Hunter.

Stephenson Smart is one of the largest accountancy firms in the area, with six offices based across Norfolk and Cambridgeshire.

The workshop will focus on four key topics to help investigate where a business is headed – finding the right tools and resources, finance and risk management methods and how to navigate the reporting landscape.

Mr Hunter said the workshop would offer a different perspective to finance and accountancy as a whole.

He said: “These types of workshops often involve just listening to a speaker for one or two hours, but in this case we’ve designed it to engage with the businesses themselves and help them ask the right questions, such as whether their current resources support their goals and what they might need to put in place to make their objectives a reality.

“We start by asking people to share one or two goals, and by discussion move through the topics of resourcing growth, cashflow and finance, risk and control and reporting and regulation, considering how these areas can affect their business’s performance.

“We will use various tools and activities to assist the discussion in each area. The next step for us is then to help each business find the answers they are looking for, directly and by working in partnership with other professional services.”

The two-hour workshop begins at 9am and is free of charge.

To watch Aaron explaining the workshop in more detail visit https://www.youtube.com/watch?v=LGaSrXjPjuE

To register, visit https://business-smart-hec.eventbrite.co.uk or for more information email aaron.hunter@stephenson-smart.com

A series of seminars have taken place in Kings Lynn to support business owners and individuals with the upcoming changes in UK tax.

Accountancy firm Stephenson Smart held three seminars at Knights Hill Hotel and Spa for existing clients, to explain the introduction of Making Tax Digital, which comes into effect on April 1.

Run by manager Dan Jastrzebski, the sessions explained the new requirements to existing clients and included a demonstration of how cloud-based software systems can support them.

Making Tax Digital is the government’s new initiative to introduce one of the most digitally advanced tax administrations in the world, making it more effective and easier for taxpayers to keep on top of their affairs.

VAT-registered businesses with a taxable turnover above the VAT threshold will be asked to use the service to keep records digitally using appropriate software to submit VAT returns.

Jon Brown, owner of Fairfield Farm, in Kings Lynn, said the seminars helped explain the transition in a simple fashion.

“MTD has been an added burden on businesses and it was the fear of the unknown that has been worrying a lot of people.

“Stephenson Smart have been on the ball with their approach to MTD and have helped me significantly in adopting a completely new system, as well as keeping me updated all the way throughout the process.”

Claire Melton, partner at Stephenson Smart said: “We are about to enter a new era and naturally some of our clients are a little reticent about the future and whether they can adapt to the new legislation.

“The seminars were designed to find out how our clients are feeling about it and to support them step by step through the changes.

“As expected, all clients have different requirements and questions. For some it is a matter of getting to grips with the appropriate software, but for others it will represent a big shift from paper documentation to electronic.

“Our job is to make sure the transition for each client is as seamless as possible.”

Presenter: Dan Jastrzebski
For more information on Making Tax Digital call Stephenson Smart on 01553 774104.