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Self Employment

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

What Affects The Self-Employment Income Support Scheme?

The Self-Employment Income Support Scheme currently allows you to claim a taxable grant worth 80% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total. If you are self-employed or member of a partnership find out how your circumstances can affect […]

Read more June 15th, 2020

Extension Of Self-Employed Support Scheme

Alongside the announcement of changes to the Job Retention Scheme on 29 May 2020, the Chancellor also provided detail of the extension to the Self-Employed Income Support Scheme (SEISS). Self-employed people can continue to apply for the first grant up until 13 July 2020 which is for 80% of their average monthly trading profits. This […]

Read more June 2nd, 2020

Self-Employed Deferment Of Second Payment On Account

Option for self-employed to defer their second payment on account due 31 July 2020. Choose how and when you can delay making your second payment on account for the 2019 to 2020 tax year. You have the option to defer your second payment on account if you are: registered in the UK for Self-Assessment and […]

Read more May 18th, 2020

Check If You Can Claim A Grant Through SEISS

HMRC updated their guidance 4 May to outline the process for applying for the Self-Employment Income Support Scheme (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 […]

Read more May 7th, 2020

Opening A Government Gateway Account For SEISS

HMRC have issued some more details relating to the claims for the Self-Employed Income Support Scheme (SEISS). The latest guidance was issued on 1 May. Full details on the SEISS can be found on our article here. As with many HMRC “guidance notes” issued recently, these tend to be quite basic, and, unfortunately, leave many […]

Read more May 6th, 2020

HMRC Update Their Guidance On The SEISS Scheme

The following text is extracted from HMRC website regarding the Self-Employment Income Support Scheme (SEISS): Who can claim? You can claim if you are a self-employed individual or a member of a partnership and: you carry on a trade which has been adversely affected by coronavirus you traded in the tax year 2018 to 2019 […]

Read more May 6th, 2020

Covid-19: Personal Affairs Guide

This is a guide for families and individuals on how to financially survive or manage through the Pandemic. It is a tough time for many of us and the idea of this guide is to help people who may have reduced employment income and increased uncertainty about their future. The aim of this guide is […]

Read more May 4th, 2020

More Details On Self-Employed Grant Scheme

Like the CJRS scheme for employers the initial HMRC guidance on the grant scheme to support the self-employed and members in partnerships was also very sketchy. In outline the Self-Employed Income Support Scheme (SEISS) allows the self-employed to claim 80% of their average profits for the period up to 2018/19 limited to £2,500 a month, […]

Read more April 24th, 2020

Universal Credit / Benefits Calculator

Many people will need to consider Government Benefits because of the Pandemic. For some, this will be the first time and you may require guidance on what you can claim and how much. If you are at all unsure we have included links to guidance from independent Benefits Calculators. Benefits Calculators If you want to […]

Read more April 3rd, 2020

Self-Assessment Tax Payment Deferral

HMRC have now clarified the position regarding those entitled to defer the self-assessment tax payment falling due on 31 July 2020. The original indication was that this would only apply to those whose self-assessment liability was generated by self-employment income. HMRC have now expanded this to cover all self-assessment liabilities. Whether it has been caused […]

Read more April 1st, 2020

Coronavirus Video Resources

We’ve compiled all the recordings for our Coronavirus webinars on this one page for ease of use. Please be aware that some things may have changed since the release of the videos. If you have any questions about any of the content, please contact us. Disclaimer: The information provided by Shapcotts Accountants in this video […]

Read more March 31st, 2020

Coronavirus Self-Employment Income Support Scheme Update

Help for the Self-Employed Chancellor Rishi Sunak has announced measures to support the self-employed and partnerships. The scheme is called the Coronavirus Self-employment Income Support Scheme (CSEISS). If you have suffered a loss in income, a taxable grant will be paid to the self-employed or partnerships, worth 80% of profits up to a cap of […]

Read more March 27th, 2020