Friday, 15 May 2020

Weekly Update 15th May 2020


Below I have summarised all the main updates we’ve seen this week from HMRC.
  
Applications for Self-Employment Income Support Scheme Now Open
HMRC SEISS Telephone Number
Chancellor extends furlough scheme until October
Starling Bank now accepting Bounce Back Loan Scheme applications

As always if you need any support or advice please don’t hesitate to contact me.
 
I hope you have a great weekend!

Applications for Self-Employment Income Support Scheme Now Open
HMRC is now accepting applications from self-employed individuals to apply for a Self-Employment Income Support Scheme (SEISS) grant worth 80% of their average monthly trading profits.
 
Individuals are eligible if their business has been adversely affected by coronavirus, they traded in the tax year 2019 to 2020, intend to continue trading, and they:
 
- are self-employed individuals (sole-traders) or members of a partnership
- earn at least half of their income through self-employment
- have trading profits of no more than £50,000 per year
- traded in the tax year 2018 to 2019 and submitted their Self Assessment tax return on or before 23 April 2020 for that year
 
Directors of limited companies are unfortunately not eligible for SEISS.
 
HMRC will calculate the amount to be paid to each eligible claimant based on an average of the tax returns for 2016/17, 2017/18 and 2018/19.
 
We have produced a step by step guide on how to claim for the Self-Employment Income Support Scheme (SEISS) Grant as HMRC are not allowing accountants and tax advisors to apply for their clients.
 
 
Although we cannot make the application for you, we can talk you through setting up your online Tax Account and help you with the information you need to enter for the grant application. Please drop us a line and we will be pleased to help.
 
HMRC SEISS Telephone Number
If you’re struggling to make a claim for the Self-Employed Income Support Scheme Grant (SEISS) via the Gov.uk website, you should be able to make a claim with HMRC over the phone using the telephone number 0800 024 1222.

Just be aware the lines are ‘very’ busy at present!
 
Chancellor extends furlough scheme until October
The government’s Coronavirus Job Retention Scheme will remain open until the end of October, the Chancellor announced on Tuesday.
 
Furloughed workers across UK will continue to receive 80% of their current salary, up to £2,500.
 
From the start of August, furloughed workers will be able to return to work part-time with employers being asked to pay a percentage towards the salaries of their furloughed staff.
 
The employer payments will substitute the contribution the government is currently making, ensuring that staff continue to receive 80% of their salary, up to £2,500 a month.
 
Our interpretation is that Government will contribute 60% and the employers will contribute 20%. We will keep you up to date with any developments when we receive confirmation.
 
Starling Bank now accepting Bounce Back Loan Scheme applications
Some good news for Starling Bank customers, if you have a business account with Starling Bank, you can now apply for a Bounce Back Loan (BBL) through their online banking website or app.
 
Starling Bank received authorised by the British Business Bank on Thursday 7th May to lend through the Bounce Back Loan Scheme which launched elsewhere on Monday 4th May.
 
Limited Company Businesses and Sole-Traders can apply straightaway.
 
If you're not a Starling customer, you can apply for a business account and be eligible for the BBL. Most accounts are opened the same day.
 
Visit https://www.starlingbank.com for more information.
 
We will keep you up to date with any developments.
 
Stay safe and well. 


Kind regards,

Steve 

Steven Hillman ACA
Chartered Accountant
Tel: 01934 444100

 


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