FULLER ACCOUNTING NEWS
Extended Self-Employment Income Support Scheme
If you are self-employed or a member of a partnership you may be eligible to claim a second SEISS Grant Self-employed who were eligible for the first grant and can confirm to HMRC that their business has been adversely affected on or after 14 July 2020, will be able...
Self-Assessment Income Support Scheme Grant (SEISS) – Update
The Government has announced that the self-employed eligible for the first SEISS Grant will be able to claim a second grant from August. If as self-employed the first grant was not claimed, the second and final grant will be available to claim. The eligibility for...
Covid 19 Self-Employed Income Support Scheme 05 05 2020
This week HMRC will start contacting people who may be eligible for the new Self-Employment Income Support Scheme. If eligible, you will need a Government Gateway user ID and password. If eligible, this scheme will allow self-employed or each partner in a partnership...
BOUNCE BACK LOAN SCHEME
GOVERNMENT BACKED BOUNCE BACK LOAN SCHEME FOR SMALL BUSINESSES On the 27th April 2020 the Chancellor announced the implementation of a new Loan Scheme aimed to ease the financial burden on small businesses caused by the Covid-19 pandemic The Bounce Back Loan scheme...
Covid 19
Covid-19 Coronavirus Pandemic crisis. The news is full of details about the Corona Virus and measures that the Government has put in place. The self-employed have access to some assistance, and I have listed below what the government has made available to businesses....
Tax Rates 2020/2021
Income Tax allowances 2020/2021 Personal Tax Rates 2020/2021 Starting rate for savings income 0% Starting rate limit (savings income) £5,000 Basic rate band 20% £0 – 37,500 Higher rate band 40% £37,501 – 150,000 Additional rate band 45% Over £150,000 Personal...
Self-Assessment? What Records should You Keep?
What records to keep You’ll need to keep records of: • All sales and Income Raise sequentially numbered, dated invoices either manually or an invoicing App, Wave Invoicing App is free to download and to use. Or simply use a Duplicate Invoice Book. Don’t worry about...
End of the tax year
Self Assessment 2019 The UK appears to be fast approaching Brexit, but don’t forget that 05/04/2019 is also an important date! This is the end of the tax year. A letter has been sent out to each self-assessment client to request all the required information,...
Am I in business?
What do I need to consider? Am I in Business? If you started trading in the period from 6th April 2018 to 5th April 2019 or before, then you need to consider if you should be registered for self-assessment. What could class as trading? · An intention to make...
Making Tax Digital for VAT
From April 2018, VAT registered businesses with a taxable turnover above the VAT registration threshold, currently £85,000 sales revenue in any 12 month period, must keep VAT records digitally and file their VAT returns using MTD compatible software. HMRC will require...