Coronavirus scheme for the self-employed

The self-employed income support scheme (SEISS) was announced on 26 March, and now we have more details of how this scheme will work in practice. HMRC will pay a taxable grant to self-employed individuals and partners equivalent to 80% of their average trading profits for three months, capped at £2,500 per month. Who gets what?…

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Self-employed Income Support Scheme: what it means.

The Chancellor has announced a Self-Employed Income Support Scheme (SEISS) to help self-employed people to get through the coronavirus pandemic. In this article I will do my best to explain who will (and won’t) be eligible, when support will be available and how to access it. The SEISS will only cover those who paid tax on trading…

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The legal position regarding how to furlough staff

The legal position regarding how to furlough staff is ambiguous. Please be careful:  The promise of 80% funding with a £2,500 cap to avoid making layoffs by ‘furloughing’ staff, asking them to take a ‘temporary leave of absence’ might be attractive, but the legal position is unclear. Further information and clarification is expected from Government shortly,…

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Should you pay dividends before 6 April 2020?

As we enter the final months of the 2019/20 tax year, family companies should renew their profit extraction policy and consider whether it is tax-efficient to pay dividends before 6 April 2020. How dividends are taxed Dividends can only be paid out of retained profits and thus, unlike payments of bonuses or salary, the amount…

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Strong Customer Authentication – what you need to know.

If you sell through the internet, your small business must introduce Strong Customer Authentication requirements by 14 March 2021. What is SCA and how will it affect your small business? Background to SCA and PSD2 The new EU Payments Services Directive (PSD2) came into effect in January 2018, bringing in new laws aimed at enhancing…

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How to choose the right accountant for your business

Introduction Accountants provide small businesses with a range of services, including book-keeping, preparing financial statements, calculating tax and advice on minimising tax and other costs. Your accountant is likely to be your most trusted business adviser, so it is worth taking the trouble to make the right decision when choosing which accountant or accountancy practice…

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