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Self Employment

MTD For Income Tax Postponed To 2024/25

Having listened to stakeholder feedback from businesses and the accounting profession, the government have announced that they will introduce Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned, in the tax year beginning in April 2024. This will give the self-employed and buy to let landlords an extra year to […]

Read more October 13th, 2021

Big Tax Bills For Self-Employed In 2022/23

In August we mentioned that draft legislation has been published to change the basis periods for the assessment of self-employed profits to coincide with the tax year. The proposed new rules provide that from 2023/24 onwards profits or losses will be apportioned to tax years where the period of account does not coincide with the […]

Read more September 10th, 2021

Guidance On SEISS Turnover Test Issued By HMRC

The fifth (and final) Self-Employed Income Support Scheme (SEISS) grant has been available for the self-employed to claim since the end of July. HMRC has contacted those traders that may be eligible with their claim date. The eligibility criteria remain broadly the same as the fourth grant. Self-employed profits in 2019/20 must not exceed £50,000 […]

Read more August 9th, 2021

Fifth Self-Employed Income Support Grant To Be Paid In July

The fifth (and final) Self-Employed Income Support Scheme (SEISS) grant will be available for the self-employed to claim towards the end of July. The eligibility criteria remain broadly the same as the fourth grant. Self-employed profits in 2019/20 must not exceed £50,000 and must be more than 50% of your total income. If that test […]

Read more July 12th, 2021

Taxation of Self Employed Income Support Scheme

HMRC have now confirmed the basis on which the Self Employed Income Support Scheme (SEISS) will be taxed on individuals. It will be taxed in the tax year in which it was received, rather than being treated as additional income in the accounts year in which it was received. There will be a separate section […]

Read more June 15th, 2021

Details Of Fourth Self-Employed Income Support Grant

Like the CJRS scheme for employers, the Self-Employed Income Support Scheme (SEISS) has been extended to September 2021, and details of claims for the fourth grant have now been released. This fourth grant covers February, March and April 2021. There will then be a fifth grant covering May to September 2021. The latest grant allows […]

Read more May 11th, 2021

New Personal Service Company Rules Start This Month

The “off-payroll” working rules that apply to certain workers supplying their services to clients via their own personal service companies start from 6 April 2021. Under this new regime end user businesses will be required to determine whether that individual would have been treated as an employee or not if directly engaged. This will be […]

Read more April 13th, 2021

Third Grant For SEISS

The third grant for SEISS is now open. To make a claim for the grant, your business must have been impacted by coronavirus on or after 1 November 2020. You can make a claim for the third grant if you are eligible, even if you did not make a claim for the first or second. […]

Read more December 9th, 2020

Make A Claim If You Are Working From Home

With more of us working from home there is good news from HMRC that employees can now make a claim for tax relief to cover some of their costs while they are working remotely from home. The previous rule for employees was that there had to be a home working arrangement with their employer under […]

Read more December 9th, 2020

New Penalties For Overclaimed CJRS, SEISS And “Eat Out To Help Out” Grants

HMRC have announced that they will be imposing penalties of up to 100% of the amounts overclaimed on businesses so make sure that your claims are correct. The penalties depend on whether or not the overclaim is the result of a deliberate error and whether or not the disclosure was prompted by HMRC. The penalty […]

Read more December 9th, 2020

Extention Of Self-Employed Income Support Scheme

The Self-Employment Income Support Scheme (SEISS) allowed you to claim a first taxable grant. Applications for the first grant closed on 13 July 2020. The second taxable grant is worth 70% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £6,570 in total. […]

Read more October 16th, 2020

Job Support Scheme Starts 1 November

The Chancellor has announced a new 6 month Job Support Scheme to help businesses and employees survive the winter months. We are still awaiting full details of the scheme that will replace the current “flexible furlough” scheme but the main features are as follows:- Employers of all sizes will be eligible for the new scheme […]

Read more October 15th, 2020

Self-Employed Income Support Scheme Update

The existing self-employed income support scheme (SEISS) grant is to be extended on the same basis as the job support scheme The new Government scheme will last for six months to 30 April 2021. An initial taxable grant will be provided to those who are currently eligible for SEISS and are continuing to actively trade […]

Read more September 25th, 2020

Property Business Owners Liable To Class 2 NICs

Class 2 National Insurance Contributions (NICs) are currently paid at the rate of £3.05 per week by self-employed earners. A person who is liable to Income Tax on the profits arising from the receipt of property rental income will only be a self-employed earner for NICs purposes if the level of activities carried out amounts […]

Read more September 7th, 2020

Summer Economic Update

On Wednesday 8th July, the Chancellor Rishi Sunak made a speech entitled “Summer Economic Update” where he unveiled further Government supports and he unveiled the Government’s plan for jobs which he described as the “Second phase in the Government’s economic response to the crisis.” Here are the highlights and we will update you on the […]

Read more July 9th, 2020