by James McBrearty | Jun 1, 2020 | Blog
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...
by James McBrearty | May 25, 2020 | Blog, Personal tax
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...
by James McBrearty | May 18, 2020 | Blog, Personal tax, Self-employed
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...
by James McBrearty | May 11, 2020 | Blog, Personal tax, Self-employed
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....
by James McBrearty | May 4, 2020 | Blog, Personal tax, Self-employed
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...
by James McBrearty | Apr 27, 2020 | Blog, Personal tax
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...
by James McBrearty | Apr 20, 2020 | Blog, Personal tax, Self-employed
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...
by James McBrearty | Apr 13, 2020 | Blog, Self-employed
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...
by James McBrearty | Apr 6, 2020 | Blog, Personal tax
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...
by James McBrearty | Mar 30, 2020 | Blog, Self-employed, Start-up
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...
by James McBrearty | Mar 26, 2020 | Blog, Personal tax, Self-employed, Start-up
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...
by James McBrearty | Mar 25, 2020 | Blog, Personal tax
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...
