Self-employed Income Support Scheme

If you are self-employed and qualify for the Self-employment Income Support Scheme you will receive a cash grant from HMRC based on 80% of profits, up to £2,500 per month. The initial grant will be for the three months, from 1 March through to the end of May 2020, but could be extended for a longer period. On 30 April …

Government launches £1.25bn plan to support UK start-ups

The government has announced it will invest in innovative start-ups as part of a £1.25bn bailout plan for struggling to survive the effects of the coronavirus pandemic. To qualify to receive the government money, however, start-ups must have raised £250,000 of private funding over the last five years. On top of that, any money put in by the government must …

Support for charities throughout Coronavirus pandemic

The Chancellor, Rishi Sunak, has announced an additional £750m of funding for front-line charities to help them to continue their vital work during the COVID-19 pandemic. The £750m is made up of a direct allocation of £360 million from government departments to charities providing key services during the crisis, including hospices and those charities supporting the victims of domestic abuse. …

COVID-19 and claiming benefits

The government has announced that certain benefits will be increased as part of the package of measures to help households affected by COVID-19. This will see the standard rate of Universal Credit and Tax Credits increased by £20 a week (£1,040 per year) for one year from 6 April 2020. It has earlier been announced as part of the Budget …

Coronavirus Job Retention Scheme

If you have been ‘furloughed’ then the new Coronavirus Job Retention Scheme may be able to help. If you are furloughed it essentially means that your employer has given you a temporary leave of absence or a type of sabbatical to help cope with the economic turmoil resulting from COVID-19. If you are on furlough, then you should be at home …

Less than 100 days to go to submit your Self Assessment!

HMRC has published a news release to remind you that you have less than 100 days to file your 2018-19 tax return. Last year over 11.5 million taxpayers were required to complete a Self Assessment tax return but over 700,000 people missed the deadline. The deadline for submitting your 2018-19 Self-Assessment tax returns online is 31 January 2020. Please also …

Inheritance Tax Update

Our last article about Inheritance Tax (IHT) was prompted by the Office for Tax Simplification seeking views and perceptions of Inheritance Tax. The review and subsequent recommendations were far-reaching and can be read in full here, but we thought it would be useful to provide a summary just in case you are for some reason not keen to read an …

Self Assessment Deadline Reminder

HMRC has published a news release to remind taxpayers that there is now less than 100 days to file their 2017-18 tax return. Last year over 11 million taxpayers completed a 2016-17 self assessment tax return, with 10.7 million of these taxpayers doing so on time. The deadline for submitting 2017-18 self assessment tax returns online is 31 January 2019. …

5 common questions from small businesses regarding self assessment tax returns

With the deadline for tax return submission just a few days away, here are some FAQs from small businesses on self assessment returns. Do I need to register for self assessment? You can consult HMRC’s website to find out if you need to fill in a self assessment tax return: https://www.gov.uk/check-if-you-need-a-tax-return Can I claim for my business phone, which is …