SEISS second payment announced
The Self Employed Income Support Scheme (SEISS) has been extended to cover a further period of three months. The second payment, which will be the final one under the SEISS scheme, is to be capped at £6,570. The second grant will open for applications in August, and will cover up to 70% of self-employed average […]
WFH – Homeworking Expenses for Employees
With many employees currently working from home, there have been two welcome concessions for HMRC regarding the tax treatment of expenses. Personal purchases of equipment to be used for work purposes. Tax relief on homeworking expenses. Personal purchases of equipment Usually, the purchase of equipment such as monitors, printers, desks, etc personally by an employee […]
Remember that SEISS grants are taxable income
This week should see the first payments from the Self Employed Income Support Scheme (SEISS) being made to claimant’s bank accounts. However, it is important to remember that this grant is classed as taxable income and will need to be accounted for. How much to set aside for SEISS tax? Assuming that you are a […]
Claiming the HMRC SEISS grant
HMRC has been able to move up the expected timescale for claims under the Self-Employment Income Support Scheme (SEISS.) They are now starting to contact those who qualify, and aim to have contacted them on how to proceed with a claim, within the next few weeks. Eligible people will have to confirm claim details online […]
Bounce back loans launched
The government has launched the bounce back loan scheme, which may be of interest to you or someone you know. These are loans of between £2,000 and £50,000 over 6 years specifically for small business. They are available up to a maximum loan amount based on either 25% of 2019 turnover or £50,000 whichever is lower. The loans will be […]
HMRC notice to complete a 2020 tax return
HMRC has been issuing the notices to complete 2020 tax returns – if these arrive in the post they are called a SA316 form. If you have a personal tax account, then you will receive a message (as above) containing the same information. These notices to complete a tax return are a standard format, setting […]
HMRC 2020 tax refunds in only 7 days
Due to starting preparation work early, I was able to submit the first 2019/20 tax returns online to HMRC on Monday 6th April. These were processed by HMRC online next day, and in the case of refunds these then started their journey through HMRC’s checks and systems for issue. Despite two bank holidays, after only […]
Adapting consultancy businesses during the lockdown
This is a sample handout from my online course – start and grow your own consultancy small business from home. During the current situation, there are many technologies that you can employ to continue helping others through your consultancy business even though you may be restricted from your normal methods of business: Holding meetings remotely […]
HMRC 2020 Paper Tax Return Form SA100
Every year, one of the issues people without an adviser face online is actually trying to find the tax return form itself to complete. This year it is especially important, as HMRC have announced that they are no longer automatically issuing blank printed tax return forms to people. One of the issues people face is […]
Equipment recommendations for working from home (WFH)
This is a sample lecture from my online course – start and grow your own consultancy small business from home. When people start out in business they can be unsure of what equipment they need – and can either waste huge amounts of money on unnecessary items, or else not be able to provide a […]
Government help for the self-employed due to coronavirus
The chancellor has just announced the Self-employed Income Support Scheme, due to the coronavirus situation. The scheme aims to pay 80% of self-employed profits, as a taxable cash grant, up to a maximum of £2,500 per month. The scheme is planned to last for a minimum of 3 months. The first payments are expected to […]
National Insurance threshold increase 2020/21
From 6th April 2020, the threshold for national insurance is increasing. The new threshold will be £9,500 and will apply to both the self-employed as well as employees. For the self-employed, you pay class 4 national insurance contributions at 9% above the threshold on up to £50,000 a year. (In addition to flat rate class […]