Budget Round Up including Fourth SEISS Details
Yesterday the Chancellor gave us his budget. Key for many is the detail of the fourth SEISS grant. A bit of a double-edged sword: the good news is the addition of the newly self-employed who started trading during 2019/20. The inclusion of 2019/20 as a fourth year in...
Final Days To Claim 3rd SEISS Grant and Time To Pay Tax
REVISION 26TH JANUARY 2021 TO THIS BLOG POSTED 25TH JANUARY 2021 AS HMRC ANNOUNCES: "Self Assessment customers who cannot file their tax return by the 31 January 2021 deadline will not receive a late filing penalty if they file online by 28 February." Link to the...
New guidance published by HMRC on the tax status for those working in live performance, film, television and radio
Anyone who has listened to Philippe give one of his popular “How to survive the UK tax system” talks may well remember him explaining how to ensure you are classified as self-employed rather than employed. The main advantage of the former being that business expenses...
Self-Employment Income Support Scheme Grant Extension – 5th November 2020 Revisions!
Remember, remember the 5th of November! More revisions to the revisions...here we go! As at 5th November 2020 this is what the third Self-Employment Income Support Scheme (SEISS) grant is going to look like: The third SEISS grant = first SEISS grant extension The...
Self-Employment Income Support Scheme Grant Extension – 2nd November 2020 Revisions
Hold onto your masks! More updates/revisions/U-turns! As quickly as I’m blogging the guidance is changing. As at the end of 2 November 2020 this is what the third Self-Employment Income Support Scheme (SEISS) grant is going to look like: The third SEISS grant =...
CHANCELLOR INCREASES FINANCIAL SUPPORT
Yesterday, the government announced that the third SEISS grant will be doubled from 20% to 40%, meaning the maximum grant will increase from £1,875 to £3,750. This grant will have the same eligibility criteria as the earlier SEISS grants, for those who are continuing...
WINTER ECONOMY PLAN
Today the Chancellor announced further measures to aid the economy due to the ongoing ill effects of Covid-19. Four of these are summarised below: 1.Extension to the Self-Employment Income Support Scheme (SEISS) There are to be two further taxable grants, which have...
SELF-EMPLOYMENT INCOME SUPPORT SCHEME PART II
Good news for many of our clients: there will be a second tranche to the Self-Employment Income Support Scheme (SEISS). The eligibility criteria are exactly the same as the first grant. The amount this time, however, will be based on 70% of average monthly trading...
BOUNCE BACK LOAN
The “bounce back loan” initiative is a 100% government guaranteed bank loan that you can apply for between £2,000 and up to 25% of turnover or £50,000 maximum. Your turnover figure is fees before expenses which is found in box 15 on page SEF1 on your tax return or the...
APPLYING FOR THE COVID-19 SELF-EMPLOYMENT INCOME SUPPORT SCHEME
We have at last been given guidance on how to apply for the SEISS government grant. The bad news is that accountants are not able to apply on clients’ behalf. The first step is to check if you are eligible for the grant:...