The Latest Tax Stuff for the self-employed and VAT registered businesses:
- SEISS (Self Employed Income Support Scheme): Online application for the 4th Grant is now open. If you are eligible for this, you will have already been contacted by HMRC. The grant calculation is based on an average of 2016-17, 2017-18, 2018-19 and 2019-20 tax returns
If you are not eligible you should have been contacted in mid-April. You can appeal, and there are instructions in the email you received on how to do this.
If you are no longer eligible you may be eligible for other support: Restart Grants, Recovery Loan Scheme, Business Rates relief among them.
If you needed to amend an earlier tax return that was used to calculate your eligibility to the 4th or 5th grant then please check on gov.uk for how this will affect you.
- VAT deferral: If you deferred payment of VAT during the first lockdown, then that payment is now due.
You need a Government Gateway account where you can apply to pay in instalments. The full amount will be taken by Direct Debit in equal monthly instalments depending on when you sign up. – but you MUST APPLY by 21st June. This would leave 8 instalments to be paid.
If you are still in difficulties and need further time to pay then call HMRC on: 0800 024 1222.
If you require any further information, or would like to speak to our award-winning accountants based in Buckinghamshire, then please do get in touch.