The fifth Self-Employment Income Support Scheme (SEISS) grant is due to open for claims from mid-late July. Despite the fifth grant encompassing a five-month period from 1st May to 30th September, individuals will only receive three months’ worth of average trading profits for this five-month period. Eligibility critieria Eligibility will be the same as for
HMRC have recently announced that they have come across several issues whilst processing a number of 2020/21 self-assessment tax returns, due to apparent inconsistencies in claims from previous SEISS grants. The Institute of Chartered Accountants have produced a report into the matter stating that, HMRC have been unable to automatically process numerous 2020/21 self-assessment tax
The fourth Self-Employment Income Support Scheme (SEISS) grant is due to open for claims from late April. HMRC has confirmed it will be contacting those self-employed workers who are eligible for the fourth grant, by either email, letter or within the online service. Eligibility will be based on the individuals tax returns. There are no
Chancellor Rishi Sunak confirmed, in last week’s Budget announcement, further details for the fourth Self-Employment Income Support Scheme (SEISS) grant. The grant will allow those who are self-employed, whose business and income has been effected by the coronavirus pandemic, to claim support from the government. The fourth SEISS grant will be available to claim through
HMRC will be writing to 100,000 taxpayers who became newly self-employed in 2019/20. HMRC aims to protect the Self-Employment Income Support Scheme from fraud and will therefore ask these taxpayers to complete a pre-verification check. Taxpayers will be asked to confirm their identity as well as providing evidence of trade. Selected taxpayers will receive a
HMRC has issued 11,000 people with letters questioning their claims for self-employment support grants. Last year, the UK’s tax authority sent 24,000 similar letters to claimants who said they had stopped trading. Letters have been sent to those who said they had stopped trading either on their 2019/20 self-assessment tax return or by amending their
Chancellor Rishi Sunak is set to announce the latest details for the fourth Self-Employment Income Support Scheme (SEISS) grant, in the upcoming Budget on 3rd March 2021. The grant will take into account self-employed worker’s earnings from February to April 2021. The government has spent £13.7billion on SEISS grants since the pandemic began in March
HMRC have issued guidance on penalties that might be incurred where there is failure to notify of an overpayment made under certain coronavirus support schemes, the following schemes are included: Coronavirus Job Retention Scheme, Self-Employment Income Support Scheme and Eat Out to Help Out Scheme. Failure to notify if you have received a coronavirus support
Coronavirus Job Support Extended by Chancellor On 5th November 2020, the Chancellor announced in the House of Commons that he would be extending the Furlough Scheme and the Self-Employed Income Support Scheme, following the news of a second national lockdown for England. The Furlough Scheme was set to end in December 2020 however, it has
In an announcement today, Chancellor Rishi Sunak confirmed the Furlough Scheme will be extended until the end of March 2021. The government will pay employees, who are on the Furlough Scheme, 80% of their wages however, employers are still expected to make contributions to National Insurance and pensions for hours not worked. The scheme is
Following on from Boris Johnson’s announcement to extend the Furlough Scheme through until December, it has been further announced that the Self-Employment Income Support Scheme grant will also be extended. The scheme will last for 6 months from November 2020 to April 2021 with grants being paid in two instalments, each covering a three month
Earlier this week the Chancellor, Rishi Sunak, made a statement to the House of Commons to offer support to businesses who are struggling as a result of further restrictions required, due to the coronavirus pandemic. In these challenging times the Chancellor has acknowledged that additional support is required in order to keep people in jobs
Keep up to date with the key announcements made over the last 2 weeks. Winter Economic Plan The Chancellor, Rishi Sunak has laid out the latest support package for the ongoing coronavirus pandemic. In his speech to the house of commons yesterday, Sunak confirmed that the furlough scheme would indeed end on 31st October as
