26 August 2021

Rates relief and HMRC enquiries

HMRC enquiries

A little while ago an external enquiry specialist mentioned an increase in the number of enquiries being lodged by HMRC in relation to VAT, PAYE, R&D claims and Company Accounts. We have since seen evidence of this increased activity and it is relevant to consider Professional Fee Protection Insurance. We have an arrangement with PFP Tax Services Limited who attend to administration and premium collection.

An application form and Direct Debit instruction can be issued on request if not attached hereto. The premiums are :-

Personal Tax Return only £ 59.40
Sole trader, Partnership (to £2mill turnover) or Rental income (over £50k) £102.60
Limited Company to £2 million turnover £118.80
Limited company or Partnership greater than £2 million turnover £199.20

Business Rates Relief for certain sectors

While we do not know any more than the information publicly available we are advised that the 100% relief for 20/21 and the three months to June 2021 are automatically applied there is a further 66% relief for the remainder of this year for which you have to apply. The information is here https://www.gov.uk/apply-for-business-rate-relief/retail-discount and an extract below

Retail discount
You could qualify for retail discount if your business is a:
shop
restaurant, cafe, bar or pub
cinema or music venue
hospitality or leisure business - for example, a gym, a spa, a casino or a hotel
Contact your local council to find out if you're eligible.

If you are eligible, you could get:

66% off your business rates bills for the rest of the 2021 to 2022 tax year (1 July 2021 to 31 March 2022) - up to a total value of £2 million

If your business was legally allowed to open during the national lockdown starting 5 January 2021, your discount for 1 July 2021 to 31 March 2022 will be capped at £105,000 rather than £2 million.