From today (Monday 4 May), HM Revenue and Customs (HMRC) will begin contacting customers who may be eligible for the government’s Self-Employment Income Support Scheme (SEISS). Check your eligibility here: https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference It’s imperative that you have a government gateway account if you intend on claiming as your tax agent or adviser cannot make the claim for you….
- Chancellor extends furlough scheme until October
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- Calculating taxable profits using the cash basis
- Deferring your state pension
- Self-employed invited to get ready to make their claims for coronavirus (COVID-19) support
- VAT is scrapped for digital publications
- New 100% government backed loan scheme for small businesses
- Changing a will after death
- Annual investment allowances
- Take advantage of interest-free loans
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WAGES PAID TO FAMILY MEMBERS: To reduce profits, consider employing members of your family who are not currently employed. They can use their unused personal allowance to cover the wages that you pay them. You can claim their wages against your profits. You must, pay them a competitive market rate for their services and only pay for the hours that they work for you. National Minimum Wage rules also need to be applied.
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