Sizer Accounting Solutions

23/12/2020

04/12/2020

This year more than ever our small businesses need our support

05/05/2020

-EMPLOYED

The Government have launched an on-line tool which tells you if you are eligible to claim for the Self-Employed Income Support Scheme and tells you what you need to do next.

Claims will be able to be made from 13 May and you will receive your payment within 6 working days

Here is a link to the on-line tool. You will need your UTR, NI number and Government Gateway login.

30/03/2020

If you are VAT registered and want to take advantage of HMRC's option to defer VAT payments between 20 March and 30 June you should note the following:

You must submit VAT returns as normal

You do not need to tell HMRC you are deferring - you just don't make a payment

If you currently pay by direct debit you must cancel it before the next payment is made else payment will automatically be taken

Any repayment returns will be treated as normal

You have until 31 March 2021 to pay VAT due

26/03/2020

Here are the full details on the self-employed grant from HMRC

Use this scheme if you're self-employed or a member of a partnership and have lost income due to coronavirus.

26/03/2020

After today's press conference in relation to the self-employed, here is a summary:

• Self-employed workers can now receive a taxable grant of up to 80% of the average business profits of the last three years, up to £2,500 per month.

• Only open to those with trading profits less than £50,000

• Payments will be made in one go by beginning of June backdated to 1 March

• HMRC will contact those eligible and applications will be done via an online form

• People who submitted a tax return in 2019 will be able to apply and if you haven't filed your overdue 5 April 2019 tax return yet you have 4 weeks to do so

• The Business Interuption Loans scheme will also be open to the self-employed

For cash flow difficulties between now and June consider
• universal credit
• talk to mortgage provider / landlord for payment holiday
• talk to local council for deferal on council tax payments