COVID-19 Update #77: Income tax and National Insurance will be applied to SEISS grants
The Self-Employment Income Support Scheme (SEISS) is one of the many grants introduced by the UK government in a bid to help struggling business survive the COVID-19 outbreak. Within days of the scheme opening, the number of applications topped one million. As of 21... read more COVID-19 Update #71: Parents returning to work after extended leave eligible for furlough
People on paternity and maternity leave who return to work in the coming months will be eligible for the government’s furlough scheme, HM Treasury announced 9 June. In essence: Parents on statutory maternity and paternity leave who return to work in the coming months... read more COVID-19 Update #70: Businesses need to reinstate VAT direct debits
If you are a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020, you have the option to: defer the payment until a later date pay the VAT due as normal HMRC will not charge interest or penalties on any amount deferred as a... read more COVID-19 Update #69: How circumstances affect 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... read more