Facebook - Shropshire Business Twitter - Shropshire Business LinkedIn - Shropshire Business
https://www.opus-vitae.co.uk https://www.connexis.co.uk

Self-employed must act fast to secure help

A Shropshire accountancy expert has warned self-employed people across the county they have just days left to claim a potentially crucial support grant.

Sean Gorman is a director at Dyke Yaxley Chartered Accountants in Shrewsbury and Telford, and said anyone who ran their own business had until July 13 to apply for the Government’s Self-Employed Income Support Scheme (SEISS).

“Next Monday is the cut-off point for applications for the first round of grants which are available to those whose businesses have been adversely affected by the Coronavirus crisis.

“Successful applicants will receive up to 80% of trading profits up to a maximum of £2,500 per month, with the total calculated on taxable income over the last three financial years, and you must have completed a self-assessment tax return for 2018/19 to be eligible.”

Mr Gorman said under the grant rules, applicants needed to earn more than 50 per cent of their total income from self-employment, and trading profits would have to average less than £50,000 to qualify.

“HM Revenue and Customs should have contacted all taxpayers to let you know if you were eligible, but if you haven’t been contacted and think you should have been, you can check on the Government website at https://www.gov.uk

“You need to take action as soon as possible or you may risk missing out on this vital support that could help keep your business afloat.”

The second SEISS grant will be open for applications from August 17, but it will be worth 70 per cent of average monthly trading profits (rather than the original 80 per cent), and will be capped at a lower rate of £2,190 per month.

“If you want to claim the second grant, you will need to confirm your business has been adversely affected by Coronavirus on or after July 14 this year, but you don’t need to have claimed the first grant in order to receive the second. HMRC have said they will also be introducing spot checks to make sure businesses have genuinely been adversely affected by Covid-19, and set out on their website the guidance to follow.

“It’s very important that you take careful steps to ensure your application meets the criteria, and be aware that HMRC are tightening the process to avoid false claims getting through.”

https://www.birminghambiz.co.uk

Businesses adapt to life under lockdown

Experts say some clients have discovered new opportunities

30th April 2020

Call for employers to take on apprentices

College urges firms to take up funding opportunities

23rd July 2020

Staff Christmas parties could be good news

Celebrations could bring unexpected tax benefits

13th December 2019

Keshia keeps deadline in sight

Taxpayers warned time is running out to file returns

17th January 2020

Century of success for accountancy firm

Customer service is key to ongoing development and growth

27th November 2019

Finance is key to smooth transition

Businesses urged to make sure their finances are in best possible shape

15th May 2020

Support programme to help clients navigate pandemic

Accountants launch Survive, Adapt and Thrive campaign

5th May 2020

Think ahead - plan cash flow carefully

By Mark Bramall, Dyke Yaxley Limited

1st July 2020

Marie achieves her lifetime ambition

Dyke Yaxley Chartered Accountants have a new MD

1st May 2019

Festive feet forward for charity fundraisers

12k of Christmas campaign kicks off

2nd December 2019

Careful preparation is key

Businesses warned even stricter Coronavirus conditions will follow

20th March 2020

Charities receive generous donations

Chartered accountants raise over £3,200 for good causes

30th May 2019

Businesses receive detailed guidance

Firms find out about changes to the Job Retention Scheme

24th June 2020

CORONAVIRUS: A helping hand for businesses during lockdown

Check out the latest entries on our bulletin board

18th March 2020

New grants support for SMEs

Initiative aims to help businesses plan their recovery

29th May 2020