The chancellor has announced the winter economy plan, which provides some additional support to individuals and the self-employed: SEISS Grant ExtensionThere are to be two further payments under the Self-Employed Income Support Scheme. These payments are to cover the period from November 2020 to April 2021. Payments are to be made in two lump-sum amounts, […]
Countdown to HMRC Digital Income Tax in 2023
HMRC has recently announced the proposed timescale to introduce the next stage of Making Tax Digital (MTD) for Income Tax. Who does it affectPreviously MTD applied to those that were VAT registered – from 2023 it will expand to include an additional two groups of people: 1) Those with rental income above £10,000 per year. […]
taxhelp celebrates 14 years in business
I started taxhelp.uk.com back in 2006, specifically to help the self-employed and individuals with their personal tax. Having helped many clients through the last downturn in the economy, from 2008 – 2013, I am sure that their will again be many success stories from small businesses in the coming years. Over my first decade in […]
When is the best time to start a small business?
You could actually find that it may be during a downturn… as many perceived obstacles are actually opportunities if you are aware of them and take advantage. Having started my own business in 2006, I have both grown my own business during the last downturn from 2008-2013 as well as help hundreds of small business […]
Confirmation of payee for bank payments
In order to reduce fraud, confirmation of payee has been introduced for bank payments. This service aims to tie up payments to the correct account name, whereas in the past only the sort code and account number was used. At present, the new systems work for faster payments or standing orders, as well as for […]
Small Business Saturday 2020 & the #SmallBiz100
Many people will be looking to promote their business in the current market, something I can highly recommend is Small Business Saturday and also the Small Business Saturday 100. There are many great opportunities to gain publicity for your small business, and there are no costs involved. Small Business SaturdayNow in its eighth year in […]
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 equipmentUsually, the purchase of equipment such as monitors, printers, desks, etc personally by an employee and […]
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?Assuming that you are a basic rate taxpayer, there […]
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