Coronavirus Updates

Help For Sole Traders and Freelancers

SEISS Grant 5 available later this month

You must be still trading.

Details of the much anticipated fifth grant under the Self-Employment Income Support Scheme  were announced by HMRC on the 6 ||July . If you intend to claim what do you need to know ?

Slightly later than anticipated HMRC has released details of the fifth instalment of the SEISS. It hasn’t given a specific date when its online claims portal will open, but its guidance issued today says it will be available from late July 2021. Nevertheless, there are steps you can take so that you’re ready to make a claim as soon as the online service is available.

  1. If you haven’t done so already work out your turnover for the twelve-month period starting on any date between 1 April 2020 and 6 April 2020.
  2. Check your records and find your turnover from either 2019/20 or 2018/19. This will be needed as a reference year.

If you started self-employment or became a business partner in 2019/20, and you hadn’t traded previously at any time between 6 April 2016 and 5 April 2019, you won’t need to follow steps 1 or 2 to make a claim.

HMRC’s guidance stresses the importance of making the claim yourself. It says that if your accountant or anyone else makes the claim on your behalf it will trigger a fraud alert. That’s obviously bad news and is bound to delay your claim being processed.

So we can help you with the calculations but cannot make the claim for you . Please contact us if we can be of assistance .

Help For Employees

July 2021 sees changes to the furlough, these should not affect you as a furloughed employee as you will still be entitled to 80% of your usual salary.

Help for Employers

The Government announced the Coronavirus Job Retention Scheme and this will go live on 20 April 2020 and it will come to an end in October 2020. There is a phased withdrawal of funding over the coming months.

July 2021 sees changes which require you as employer contribute towards the furloughed pay of your employees non-working time as well as the employers NIC and pension elements of their pay. This means your employees’ pay for non-working time remains the same at 80% but the Government will only contribute 70%.

From August 2021 this will reduce to 60% for the months of August and September when the scheme is set to end and the employer contribution will increase to 20%.

You can find the detailed guidance here.

Other Help for Business

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