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 […]
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 […]