Author Archives: Pauline

The self-employed income support scheme (SEISS)

The self-employed income support scheme (SEISS) will be open for applications from 13 May, but tax agents are barred from claiming the grant on behalf of their clients. 5th May 2020 – Source Accounting Web HMRC has also appealed to tax agents to help their clients prepare, but tax agents won’t be able to access

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Update from HMRC

This week we will start contacting people who may be eligible for the new Self-Employment Income Support Scheme. It is worth using the online tool now to see if you are eligible https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference If they are eligible, this scheme will allow them to claim a taxable grant worth 80% of their trading profits up to

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The Pensions Regulator Automatic enrolment

The Pensions Regulator Automatic enrolment: qualifying earnings thresholds increased on 6 April 2020, workplace pensions earnings thresholds changed. The lower threshold of qualifying earnings increased to £6,240, but the upper threshold and the earnings trigger remained the same, at £50,000 and £10,000 respectively. You should make sure that any software you or your clients use

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Small businesses boosted by bounce back loans

New 100% government backed loan scheme for small business Published 27 April 2020 From: HM Treasury ·         businesses will be able to borrow between £2,000 and £50,000 and access the cash within days ·         loans will be interest free for the first 12 months, and businesses can apply online through a short and simple form

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HMRC – Covid-19 Support

The government is committed to supporting people, employers and businesses through the coronavirus (COVID-19) pandemic and HMRC has a range of online support for you. If you’ve missed any of our live webinars, you can catch up with our series of recorded webinars on HMRC’s YouTube channel – available at a time to suit you.

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Small business gets 100% state-backed loan lifeline

Chancellor Rishi Sunak unveiled a new 100% government-backed loan scheme which will provide loans of up to £50,000 for small businesses from Monday.   28th Apr 2020 – Source Accountancy Web The Bounce Back Loan Scheme will enable small businesses affected by the pandemic to borrow between £2,000 and £50,000 in an initiative described by the Chancellor

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A word about scams from HMRC

Stay vigilant about scams, which may mimic government messages such as ‘Stay at home’ and ‘Stay home, stay safe’, as a way of appearing authentic and unthreatening. Don’t give out private information or reply to text messages, and don’t download attachments or click on links in texts or emails you weren’t expecting. You can forward

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Property owners given just 30 days to pay CGT

New rules have come into force that mean property owners must pay Capital Gains Tax (CGT) much faster than they have been used to. As of Monday 6 April 2020, property owners must inform HMRC of any CGT liabilities using an online service and pay amounts due within 30 days of selling the property. Previously

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Coronavirus (COVID-19) helpline From HMRC

Online COVID-19: support for businesses Guidance for employers and businesses on coronavirus (COVID-19) COVID-19: guidance for employees All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. These arrangements are agreed on a case-by-case basis and

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Problems paying tax because of COVID-19?

HMRCs are continuing to follow government advice and are regularly reviewing their processes to make sure they are supporting customers. If your clients are concerned about being able to pay their loan charge or disguised remuneration settlement because of COVID-19, or any other reason, we can agree instalment arrangements with them. We agree these on

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Self-employed but unable to work due to covid-19

If you are “normally” self-employed but are unable to work due to covid-19 you can take a temporary job AND still claim the self-employed grant as long as you meet all the conditions below;  Please note this does NOT apply to directors who have furlonged themselves.  Guidance on gov.uk states:  Who can apply You can

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UHY Hacker Young urges HMRC to be more flexible

Tax authority should make its flexibility over loan charge payments ‘clear to worried taxpayers’ Source – Accountancy Today By signing up for our newsletter you agree that we can send you our news briefings and that we may send you promotions on behalf of our partners from time to time. We promise to not use

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Universal Credit: Get the details right

Victoria Todd gives a brief outline of how Universal Credit works particularly for self-employed people who need to make a claim. 7th Apr 2020 – Source Accounting Web The current coronavirus situation means that some self-employed individuals have seen a significant fall in income with many unable to work at all at the present time.

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Latest news from HMRC

COVID-19 guidance on GOV.UK  All HMRC COVID 19 guidance is included on GOV.UK as part of the Government’s response to COVID 19 at https://www.gov.uk/coronavirus  Specific guidance for businesses and employers is at:  https://www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19  Digital links We’re providing MTD businesses with more time to put in place digital links between all parts of their functional compatible software. It is important for businesses to note that despite this

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COVID-19: Latest Financial Support Flowchart (v.3) plus Other Sources of Support

Source – Sixforward These documents have been updated as at 09 April 2020 (in-line with the Chancellor’s latest announcements) to make sure that we’re providing you with the most relevant and up-to-date information. DOWNLOAD: COVID-19 Financial Flowchart (v.3) DOWNLOAD: Other Sources of Support Available The latest updates include: Details of the Business Support Helpline for England,

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Refund Policy

For online payments taken via the Invoice Payment page, no refunds can be given as payment is only taken after my service has been provided.