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:...
COVID-19: GOVERNMENT SUPPORT FOR THE SELF-EMPLOYED
We hope that you, family and friends are safe and well at this devastating time. Theatre, opera, comedy, TV and film have suffered closures, cancellations and postponements. Let’s hope for a full recovery and a cultural resurgence after the tough times have passed. On...
Having a baby?
There’s a lot to think about when you start a family and the rules surrounding maternity leave and child benefit are not particularly easy to follow so we’ve condensed some of the information for you. Unfortunately, paternity leave and shared parental leave is not...
Tax Return Penalties
This is the season of Late Filing Penalties. The £100 penalty is for missing the 31 January deadline for filing the 2018 Self-Assessment Tax Returns and HMRC has announced they have now been issued. They are automatic penalties, but taxpayers have the right to appeal...
A Good News Headline!
National insurance is usually seen as the dull sibling of Income Tax – a complicated fund-raiser for HM Treasury and HM Revenue and Customs. Complicated because it is divided into classes with starting points which are never memorable round figures. The...