Business and Tax Newsletter January 2022
BUSINESS NEWS NORTHERN IRELAND
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”.
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:
- 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)
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 off 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
Coronavirus: Omicron Hospitality Payment
Over 3,200 businesses will be eligible for a one-off grant payment under the scheme, subject to regulations. Payment levels will align with the Net Annual Value (NAV) for the relevant business property, as follows:
- £10,000 for businesses that are the primary occupant operating from a property with a Net Annual Value (NAV) up to £15,000; or businesses that are occupied as part of a property
- £15,000 for businesses that are the primary occupant operating from a property with a Net Annual Value (NAV) between £15,001 to £51,000
- £20,000 for businesses that are the primary occupant operating from a property with a Net Annual Value (NAV) over £51,000
Eligible businesses will include:
- Restaurants licensed under Article 5(1)(e) of the Licensing (Northern Ireland) Order 1996
- Unlicensed restaurants
- Coffee shops
- Snack bars
- Public houses licensed under Article 5(1)(a) of the Licensing (Northern Ireland) Order 1996
- Social clubs and private members clubs (excluding sporting clubhouses)
Land & Property Services (LPS) will contact eligible businesses who received support from the Localised Restrictions Support Scheme (LRSS) directly during the week commencing 10 January 2022 for confirmation of relevant business information in order to enable payments for the Omicron Hospitality Payment to issue.
Hospitality businesses which did not receive support from the Localised Restrictions Support Scheme who would have been eligible for LRSS based on their current circumstances, will also have the opportunity to apply for support through this payment using an application portal.See: Coronavirus: Omicron Hospitality Payment (nibusinessinfo.co.uk)