The payment will be based on an average of the trading profits for the three years: 2016/17, 2017/18 and 2018/19. However HMRC are mindful that some businesses may have not traded in 2016/17 or 2017/18. HMRC will average 2017/18 and 2018/19 or base the payment on 2018/19 alone, depending on the trading history. HMRC will use data on the tax returns already submitted to identify those eligible to claim. Comment As accountants we cannot apply for SEISS grants on your behalf, but we can request a review if the result of HMRC’s systems returns a ‘not eligible’ outcome with which you disagree. Please contact us if you have any concerns or require our help. Support for cultural, arts and heritage institutions In a joint press release issued two days before the Economic Update, HMTreasury and the Department for Digital, Culture, Media & Sport announced a number of support measures.
The new funding will also mean an extra £188 million for the devolved administrations in Northern Ireland (£33 million), Scotland (£97 million) andWales (£59 million). Decisions on awards will be made working alongside independent figures from the sector including the Arts Council England and other specialist bodies such as Historic England, National Lottery Heritage Fund and the British Film Institute. Comment Details on the repayable finance aspects of the package will be available when the scheme opens for applications in the coming weeks.
The package includes:
• £1.15 billion support pot for cultural organisations in England delivered through a mix of grants and loans. This will be made up of £270 million of repayable finance and £880 million grants • £100 million of support for the national cultural institutions in England and the English Heritage Trust • £120 million capital investment to restart construction on cultural infrastructure and for heritage construction projects in England which were paused due to the coronavirus pandemic.
Disclaimer - for information of users: This Summary is published for the information of clients. It provides only an overview of the regulations in force at the date of publication and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this Summary can be accepted by the authors or the firm. July 2020
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