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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 [...]