Just a quick update as it been a quieter time for the news from HMRC If you are eligible, you can make a claim for the second SEISS grant on 17 August 2020 The scheme is not open yet and details can be found here, the application process should be the same as the 1st grant Again, details of who can claim , the reason you can make a claim and the records to keep are here. Our advice is to keep as much information
HMRC are sending out tax statements if you have a tax on account payment due on 31 July 2020, the date for payment will show as 31 January 2021 not 31 July 2020, it is correct and there is an explanation from HMRC. If you don’t owe tax on 31 July 2020 then it won’t apply to you You can still make the payment by 31 July 2020 as normal if you’re able to do so. The June 2020 Self
You will be able to apply from 17th August 2020 You can claim if you’re a self-employed individual or a member of a partnership and all of the following apply: you traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year you traded in the tax year 2019 to 2020 you intend to continue to trade in the tax year 2020 to 2021 you carry on
The chancellor has announced plans to include in the Finance Act sweeping draconian powers to investigate self employment income support grant claims ; if investigated you will have to prove that your business was adversely affected, so keep records and notes of the reasons for making your claim in case they are ever needed HMRC will be handed powers to target beneficiaries of the Self-Employment Income Support Scheme (SEISS) and small companies that received grants of up to £25,000 to
Self Employed Income Support Scheme Extension This scheme is being extended, and you’ll be able to claim a second and final grant in August 2020. HMRC will work out your eligibility the same way as the first grant. If you make a claim for the second grant you will have to confirm your business has been adversely affected on or after 14 July 2020. This grant will be a taxable grant worth 70% of your average monthly trading profits, paid out
Sasha Owen
BSc FCA
Chartered Accountant
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Sasha Owen
BSc FCA
Chartered Accountant
