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Taxation of the Self-Employment Income Support Scheme Grant (SEISS) All SEISS amounts received will be subject to income tax and National Insurance contributions and will need to be included on your Tax Return. Croner Taxwise have released some notes providing further detail on this, which we should suggest that you have a read through: https://www.cronertaxwise.com/community/my-vip-tax-team-question-of-the-week-taxation-of-seiss-grants/…
March 2021 Budget Notes The following notes are not intended to be a comprehensive narrative on all of the Budget announcements but rather a summary of the items that we believe may be of value to clients. Please do let us know if you require any clarification or if there are any items that you…
Deferral of VAT Payment If you took advantage of the option to defer any VAT payments due between 20th March 2020 and 30th June 2020 then you will soon need to consider how you are going to settle the liability. If you wish to make payment in full then this will need to be done…
Extension to the Coronavirus Job Retention Scheme (CJRS) and the Self-Employment Income Support Scheme (SEIS) The following notes have been provided by HMRC: Extension to the Coronavirus Job Retention Scheme Today the Chancellor has announced that CJRS will be extended until the end of March 2021 for all parts of the UK. For claim periods…
The off-payroll working rules (IR35) The off-payroll working rules can apply if a worker (sometimes known as a contractor) provides their services through their own limited company or another type of intermediary to the client. An intermediary will usually be the worker’s own personal service company, but could also be any of the following: a…
Working from home allowance Money Saving Expert have published the following notes and guidance regarding the working from home allowance: If your employer requires you to work at home, you can – and always have been able to – claim for increased costs due to working from home, eg, heating and electricity. Clearly, right now many firms have closed…
