Big business dates for independent practitioners

On 23 September,2020 | In News

Some key Coronavirus Business Support Schemes come to an end as we approach October and doctors’ accountants have drawn up a check-list for you.

A summary of the key dates, compiled by Humphrey and Co are listed below for the following:

  • Coronavirus Job Retention Scheme (CJRS)
  • Self-Employment Income Support Scheme (SEISS)
  • Coronavirus Business Interruption Loan Scheme (CBILS)
  • Coronavirus Large Business Interruption Loan Scheme (CLBILS)
  • Bounce Back Loan Scheme (BBLS)
  • Plus VAT and income tax payments
Date Scheme Action
30 September 2020 CBILS The application window for this loan is open until this date, but the Government has the option to extend beyond this date. Lenders have two more months to consider the cases. That pushes the final approvals date to November 30.
1 October 2020 CJRS
  • For the final month of the scheme, the Government will pay 60% of wages up to a cap of £1,875 for the hours the employee does not work – employers will pay ER NICs, pension contributions and 20% of wages to make up 80% of the total, up to a cap of £2,500.
  • This also applies to employees that are furloughed part-time.
19 October 2020 SEISS Claims for the second grant must be made on or before this date.
20 October 2020 CLBILS The application window for this loan is open until this date, but the Government has the option to extend beyond this date. Lenders have two more months to consider the cases. That pushes the final approvals date to December 31.
31 October 2020 CJRS CJRS ends for all furloughed employees.
Mortgage If you have not taken a mortgage payment holiday you have until this date to apply.
4 November 2020 BBLS The application window for this loan is open until this date, but the Government has the option to extend beyond this date.
30 November 2020 CJRS All CJRS claims for the period July-October must be submitted to HMRC.
12 January 2021 VAT The six-month period when the rate of VAT applied on tourism and hospitality related activities was cut from 20% to 5% comes to an end.
31 January 2021 Self-assessment
  • Deadline for filing electronic self-assessment personal tax returns for 2019-20.
  • The deferred payment on account from 31 July (along with the balancing payment for 2019-20) is now due plus the first payment on account for 2020-21 is due.
CJRS Employers will receive a £1,000 bonus for each furloughed employee who is still employed as of 31 January 2021.
1 March 2021 VAT Due to the coronavirus pandemic, the domestic reverse charge for VAT relating to certain construction services was postponed; it comes into effect on this date.
31 March 2021 VAT If you deferred March-June 2020 VAT payment, it must be paid by this date.
Stamp Duty No Stamp Duty on the first £500k ends today.
March/April 2021 CBILS & CLBILS You will need to start repayments of the loan and interest 12 months from the date you took out the loan.
May 2021 BBLS You will need to start repayments of the loan and interest 12 months from the date you took out the loan.