Support for the self-employed The chancellor is extending the self-employed grant on similar terms to the Job Support Scheme A grant will be available to those eligible for the Self Employment Income Support Scheme Grant The grant will cover three months’ worth of profits for the period from November 2020 to the end of January 2021 It will cover 20% of average monthly profits up to a total of £1,875 for November 2020 to January 2021 inclusive A further grant
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
Sasha Owen
BSc FCA
Chartered Accountant
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Sasha Owen
BSc FCA
Chartered Accountant
