Self Employed Income Support Update


Are you One of the 3.4 million Self-employed individuals eligible for the Income support scheme? Learn about the Covid-19 Self-Employed Income Support Update the Second Installment. The facts.

Did you know?

As at 30th June 2020 75% have made claims totaling £7.4 billion. Construction Workers claimed £3.1 billion of this.

Self Employed Income Support Update
Construction Industry planning progress with Making Tax Digital

 

The  Self Employed grant scheme (SEISS) has been extended. If you were eligible for the first grant and can confirm to HMRC that your business has been adversely affected on or after 14 July 2020, you’ll be able to make a claim for a second and final grant from 17 August 2020.

The scheme allows you to claim a second and final taxable grant worth 70% of your average monthly trading profits, paid out in a single installment covering 3 months’ worth of profits, and capped at £6,570 in total.

As with the first grant HMRC will contact you if you’re eligible. They will work out your eligibility for the second grant in the same way as the first grant.

You can make a claim for the second grant if you’re eligible, even if you did not make a claim for the first grant.

How the grant works

If you receive the grant you can continue to work, start a new trade or take on other employment including voluntary work. The grant does not need to be repaid but will be subject to Income Tax and National Insurance and will form part of the Income of your next set of accounts.

Who can claim?

You can claim if you’re a self-employed individual or a member of a partnership and your business has been adversely affected on or after 14 July 2020.

Your business could be adversely affected by coronavirus if, for example:

you’re unable to work because you are:

    • shielding
    • self-isolating
    • on sick leave because of corona virus
    • having caring responsibilities because of corona virus
    • you’ve had to scale down, temporarily stop trading or incurred additional costs because:
      • your supply chain has been interrupted
      • you have fewer or no customers or clients
      • your staff are unable to come in to work
      • one or more of your contracts have been cancelled
      • you had to buy protective equipment so you could trade following social distancing rules

We recommend that you keep evidence to confirm your business was adversely affected at the time you made your claim.

All of the following must also apply. You have:

  • traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
  • traded in the tax year 2019 to 2020
  • intended to continue to trade in the tax year 2020 to 2021
  • carried on a trade which has been adversely affected by coronavirus

You cannot claim the grant if you trade through a limited company or a trust.

 

You must make the claim yourself. We as your agent or adviser cannot claim on your behalf as this will trigger a fraud alert, and you will have to contact HMRC. This will cause a significant delay to you receiving your payment.

Deadline Date Eligibility

There is a deadline for claims being made. To claim the second and final grant you must claim on or before 19 October 2020.

and to claim you’ll need your:

    • Government Gateway user ID and password.  If you do not have a user ID, you can create one when you make your claim
    • UK bank details (only provide bank account details where a Bacs payment can be accepted) including:
      • bank account number
      • sort code
      • name on the account
      • your address linked to your bank account

You’ll have to confirm to HMRC that your business has been adversely affected by coronavirus on or after 14 July 2020.

How much will you get?

The second and final grant is worth 70% of your average monthly trading profits, paid out in a single installment covering 3 months’ worth of profits, and capped at £6,570 in total. The online service from HMRC will tell you how your grant is worked out. HMRC will calculate the grant amount which will be paid directly into your bank account, in one installment. The online service is not available yet. If you’re eligible you’ll be able to make a claim for a second and final grant from 17 August 2020.

We can assist you although we cannot make the claim on your behalf so please contact us for guidance [email protected] or call 01942322767. Or Contact us through our website

New Client Special Offer


We are offering 10 FREE QuickBooks licences to the first 10 businesses that sign up for our services. The New Client Special Offer of free licence worth £250 is eligible for any business wanting to join McGinty Demack for Accounting and Taxation Services. The offer will include initial set up of your QuickBooks online bookkeeping.

Quick Books Software advisor

The free Licences are ideal for anyone starting or thinking of starting a new business. Or existing businesses who want to make the move over to digital accounting, a requirement to meet Making Tax Digital legislation.

The Making Tax Digital new dates for registration for this have just been released with more businesses now having to comply with the digital procedures. If you or any of your contacts would like to take advantage of this fabulous offer, please contact our office to get things going. But remember there is a limit to 10 free licences on a first come basis so do not delay.

Just call 01942 322767, message us on social media or click the quick contact form below.

We are doing our best to help businesses through a very difficult period. Following our We furloughed for our clients for free campaign. We are now following this by allowing you to get MTD compliant for free.

If you are unable to take advantage of this fantastic offer please refer it to a Friend or Contact

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McGinty Demack Office Update


Office update Changes we have implemented

Using The Client Portal
Its that easy.

As the country continues to climb out of lockdown we are continuing with our programme of a gradual phased reopening. Next week we will be open during our normal working hours. This will be the first time since 23rd March. But of course, we have all worked hard to ensure we provide client service to the highest possible but safe level during this period. In doing so we didn’t have to furlough any of our staff. We are extremely proud of our staff for the commitment and contribution they have made during this period. But the next phase is to get back to having staff in the office every day. By installing a new telephone system capable of video calls during lockdown gives us closer contact with clients, allowing us to continue Face to Face meetings in a digital setting. The client portal is now fully functioning bringing swifter transfer of documents to and from in a secure environment. We have installed a door entry system to the office to ensure that we have control of social distancing when visitors call in. We also took the opportunity to develop our marketing approach with the introduction of a digital brochure. This provides enquirers with easy access and a quick way of discovering our services as well as being low cost and a better environmental solution. Click here to access a copy.

We could shout out that we are ready for business, but for us it never stopped.

FCA confirms further support for consumer credit customers


The Financial Conduct Authority (FCA) has confirmed further support for users of certain consumer credit products if they are experiencing temporary payment difficulties due to the coronavirus pandemic.

The measures outline the options firms will provide for credit card, revolving credit and personal loan customers who are coming to the end of a payment freeze. They also outline options for customers who have agreed an arranged interest-free overdraft of up to £500.

In addition, customers yet to request a payment freeze or an arranged interest-free overdraft of up to £500 will have until 31 October 2020 to apply for one.

According to UK Finance, its members have offered over 27 million interest-free overdrafts, provided 992,400 payment deferrals on credit cards and 686,500 payment deferrals on personal loans during the pandemic.

Christopher Woolard, Interim Chief Executive at the FCA, said:

‘Since the coronavirus crisis began, we have made support available for those borrowers financially affected by the pandemic.

‘For those who are now in a position to restart payments, it will be in their best interests to do so. But for those who still need it, the package we are confirming today ensures there is help and further support.’

Internet link: FCA press release

Government expands aid for start-ups and innovators


The government has expanded its COVID-19 support for start-ups and innovative companies with the launch of a new fund.

On 27 June the government announced the Sustainable Innovation Fund (SIF), which is aimed at helping businesses to keep ‘cutting edge’ projects and ideas alive during the pandemic.

The SIF will make almost £200 million available to UK companies that are developing new technologies in certain areas. These include making homes and offices more energy efficient, creating ground-breaking medical technologies, and reducing the carbon footprint of public transport.

The government is asking research and development-intensive businesses to apply for the funding.

Internet link: Sustainable Innovations Fund

Click here for complete tutorial