With the Self Employment Income Support Scheme being extended to provide support until March 2021 HMRC have published the details for the third grant. The Changes The eligibility rules have changed, however a self assessment tax return for 2018-19 will need to have been submitted and will need to show income from self employment. The … Read more
Capital Gains Tax changes self assessment taxpayers need to know. HMRC is reminding taxpayers that they have until 31 January 2021 to declare any profit made from selling a UK residential property, which was not their main home, during the 2019-20 financial year. Since 6 April 2020 there have been changes to how taxpayers declare … Read more
The help for the self employed and businesses affected by the November 2020 lockdown has been updated. Self Employment Income Support Extension The Self-Employment Income Support Scheme grant extension provides critical support to the self-employed in the form of 2 further grants, each available for 3 month periods covering November 2020 to January 2021 and … Read more
HMRC issue self assessment scam warnings asking self assessment customers to be alert to criminals claiming to be from HM Revenue and Customs. As the department issues thousands of SMS messages and emails as part of its annual Self Assessment tax return push, HMRC is warning customers completing their returns to take care to avoid … Read more
The generosity of the Self-Employment Income Support Scheme (SEISS) Grant Extension will be increased from 40% of average trading profits, to 55%. In addition, the opening of the service has been brought forward from 14 December to 30 November. How will it work? The SEISS Grant Extension provides support to the self-employed in the form of … Read more
Due to coronavirus it was possible to defer the Self assessment payment to HMRC due 31st July 2020. For those that chose to defer due to the impact of coronavirus the tax owing should be paid in full by 31st January, 2021. No penalties or interest will be added as long as it is paid … Read more
HMRC have raised the threshold for the Self assessment ‘time to pay’ online service from £10,000 to £30,000. Following the Chancellor of the Exchequer’s announcement on the 24th September, the limit for the online service used to set up payment plans has been raised to £30,000. This is part of the Governments support for businesses … Read more
HMRC have updated their guidance to reflect that the SEISS (Self-Employment Income Support Scheme) is being extended from 1 November 2020. The extension will provide two grants and will last for six months, from November 2020 to April 2021. Grants will be paid in two lump sum instalments each covering a three-month period. The first … Read more
The self assessment second payment on account (due 31st July, 2020) can be deferred until 31st January 2021. You have this option if you’re: registered in the UK for Self Assessment and finding it difficult to make your second payment on account by 31 July 2020 due to the impact of coronavirus You can still … Read more
The Self-Employment Income Support Scheme is due to be active on the 13th May 2020 but how are HMRC calculating the amounts and what if you are not eligible? The scheme will enable the self employed to claim a taxable grant of 80% of their monthly trading profits. This will be paid in a single … Read more
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