Applications for the second self-employed income support scheme (SEISS) grant opened on 17 August.
If you are self-employed and your business has been adversely affected by the COVID-19 pandemic on or after 14 July 2020 you can apply for the grant as long as you meet the following criteria:
• your self-employed profits make up at least half of your average annual income;
• you started your business before 6 April 2019;
• you submitted your 2018-19 tax return before 23 April 2020; and
• your average annual self-employed profits for 2016-17 to 2018-19 were no more than £50,000.
The grant will be paid at the rate of 70% of your average annual profits for 2016-17 to 2018-19, capped at £6,570 for a three-month period. If you missed applying for the first SEISS grant between 13 May and 13 July 2020 you can still apply for the second grant. Unfortunately I cannot do this on your behalf; you need to go to the gov.uk website and search for 'claim SEISS'. You will need your:
• national insurance number;
• self assessment UTR number;
• government gateway ID and password (this can be applied for at stage 1 of the grant application); and
• bank account number and sort code for the account you would like the grant paid into.
This will be the final SEISS grant and applications will close on 19 October 2020.
Please find attached Budget Report:
A dedicated helpline has been set up to help businesses and self-employed individuals with outstanding tax liabilities. Businesses may be able to agree a bespoke Time to Pay arrangement.
If you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated helpline on 0800 0159 559.
Emergency legislation will make SSP payable to employees who are advised to self-isolate at home and those caring for others who have self-isolated. The employee will be able to obtain a fit note from NHS111 online or by phone.
The government will reimburse employers for the costs of SSP paid for up to 14 days per employee (as long as the absence from work is due to the coronavirus and not for any other reason).
The allowance can cover up to £1,000 of trading income per tax year. This means that the income is not taxable. If you have trading income of more than £1,000 you can deduct the allowance from your trading income (this is instead of deducting your expenses). Please contact me for more information.
Making Tax Digital (MTD) is an HMRC initiative that requires VAT-registered businesses above the £85k threshold to keep digital records and submit VAT returns using compatible software such as Xero. If that's your business you will need to be compliant from 1 April 2019. Please download the flyer below for more information!
The deadline for submitting your 2017/2018 Tax Return is the 31st January 2019. HMRC will issue an automatic penalty of £100.00 if your Tax Return is submitted late. Why not let me prepare your Tax Return for you?. I am able to offer a first year discount of 20% if I receive your records by 21.12.18! (normal price £99.00).
Are you wondering how the Autumn Budget will effect you or your business? If so, I hope that you will find the attached newsletter helpful! Please let me know if you have any questions relating to anything contained within the newsletter.