Accounting and Taxation advice in Hexham, Northumberland

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Some Good News

Good News from yesterday - Help for the Self-employed at last! See link below.

Link to the Self-employment Income Support Scheme:
https://content.govdelivery.com/accounts/UKHMRCED/bulletins/283674f

Update on Friday 27th March

Government guidance is so changeable at present that I felt it very important to be regularly in contact with you to keep you as up to date as I can.

From next week, I will be posting my ‘Thought for the day’ on our website and on Twitter @pjarnoldandco – look out for it.


Keep well during these most uncertain times.

Kind regards,

Tricia


Things you can do NOW:


Defer VAT - This is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period. Taxpayers will be given until the end of the 20/21 tax year to pay any liabilities that have accumulated during the deferral period. VAT refunds and reclaims will be paid by the government as normal. Customers who normally pay by direct debit should cancel their direct debit with their bank if they are unable to pay. Please do so in sufficient time so that HMRC do not attempt to automatically collect on receipt of your VAT return. Note - you must still file your returns as usual.


Defer Income Tax for July 2020 - You are eligible if you are due to pay your second self-assessment payment on account on 31 July. You do not need to be self-employed to be eligible for the deferment. This is an automatic offer with no applications required. No penalties or interest for late payment will be charged if you defer payment until January 2021.

HMRC have beefed up their website with information for individuals and businesses.
They have also put additional resources onto their helpline. Try telephoning 0800 015 9559. I got straight through this morning at 8am and they were very helpful.


Don’t forget to look at your insurance for business interruption, and apply for a business interruption loan (though you don’t have to use it).


Don’t forget to claim a mortgage (or any loan) holiday.


To apply for the self-employed grant, you’ll need income details to comply with the request. Contact us to help you with this. If this means you want to get your tax done early this year, let us know and we’ll tell you how best to expedite matters.

Helpful websites


Link to the Self-employment Income Support Scheme:
https://content.govdelivery.com/accounts/UKHMRCED/bulletins/283674f


Link to the Job Retention Scheme update:
https://content.govdelivery.com/accounts/UKHMRCED/bulletins/28366d5


Link to the Federation of Small Businesses guidance:
https://www.fsb.org.uk/campaign/covid19.html?anchor=guidance-for-employers



 

 

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