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Self-Employed get second grant from Government

2020-06-02T23:06:52+01:00June 3rd, 2020|Categories: COVID-19, Self Employment|Tags: , , , , , , |

Chancellor Rishi Sunak has said self-employed workers across the UK will be able to access a second Grant from the government to cover lost income while the country is in lockdown. The grants paid out by the Self-Employment Income Support Scheme (SEISS) will be worth 70% of a self-employed person's average monthly trading profits to cover three months' worth of income. They will be capped at £6,570. The scheme so far has been used by 2.6 million people and has paid out £6.8bn in claims to self-employed who have been affected by the impact of coronavirus on the economy. [...]

Check if you can claim a grant through the Self-Employment Income Support Scheme

2020-05-06T16:46:18+01:00May 6th, 2020|Categories: Blog, COVID-19|Tags: , , , , |

HMRC updated their guidance on 4th May to outline the process for applying for SEISS. Full details:  https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme The scheme will allow you to claim a taxable grant of 80% of your average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether. You will get a taxable grant based on your average trading profit over the 3 tax years: 2016 to 2017 2017 to 2018 2018 to 2019 HMRC will work out your average trading profit by adding together your total trading profits or losses for the 3 tax years, then [...]

HMRC Release Details of SEISS Scheme

2020-05-04T22:32:00+01:00May 4th, 2020|Categories: Blog, COVID-19|Tags: , , , , , |

On Friday 1 May 2020 the Government issued the legislation by way of a Direction to introduce the Self-Employed Income Support Scheme. At the same time HMRC issued more detailed guidance on the operation of the scheme. The Self-Employment Income Support Scheme will allow taxpayers to claim a taxable grant of 80% of their average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether. Key points that have changed since the previous version of the guidance: HMRC guidance sets out information required to make a claim The taxpayer has to claim [...]

Covid-19 Self Employed Income Support Scheme Announced

2020-03-26T20:04:21+00:00March 26th, 2020|Categories: Blog, COVID-19|Tags: , , |

Chancellor Rishi Sunak has announced the Self-Employed Income Support Scheme to help Britain's 5m self-employed get through the coronavirus pandemic. Below is a quick summary which may help you navigate the announcement (you can read the full text here), but please note things are changing very quickly so what's accurate right now, might not be so in a few days time! We are aiming to keep this page on our website as up to date as possible so it is worth checking every so often. If you are self employed, you don't need to do anything right now Those eligible for the [...]

Change to Class 4 NIC rate reversed

2019-09-01T12:03:39+01:00April 16th, 2017|Categories: Self Employment|Tags: , , |

The Government has confirmed that the proposed increase in the rate of Class 4 National Insurance Contributions, paid by the self-employed on profits from a business, will not now take effect from April 2018. The Chancellor of the Exchequer, Philip Hammond, had announced that the rate would rise from 9% to 10% from 6 April 2018, and again to 11% from April 2019. In a letter to MPs informing them of the decision, Mr Hammond said 'however difficult the fiscal challenges we face, the tax lock and spending ring-fence commitments we have made for this Parliament should be honoured [...]

Disguised remuneration and the self-employed

2019-09-01T11:55:01+01:00January 29th, 2017|Categories: Self Employment|Tags: , |

Following the announcement in the Autumn Statement, HMRC have published the details of a measure designed to tackle the future use of avoidance schemes currently being used by some self-employed people to avoid paying income tax and NICs on their income. The measure will also tackle the existing use of schemes involving loans with a new charge (a 'loan charge') on outstanding loans taken out as part of avoidance arrangements. This charge will apply if tax is not paid on the loan and the loan is not repaid by 5 April 2019. Various 'disguised remuneration' avoidance schemes currently exist, [...]