I am thrilled to bring to you a regular business section within the Fit For Business Magazine. I hope to deliver useful tips and advice for all the businesswomen involved in this community from an accountancy and tax perspective.
As a part of that community spirit, I would love to hear from you - do you have any specific areas you would like me to cover – either general or more specific to your sector?
For now though, as this issue goes to press, applications for the first grant on the Self Employment Income Support Scheme (SEISS) have closed (13th July), however, a second grant will be available from August 2020. There is no change in the eligibility criteria, however you will need to confirm your business has been adversely affected on or after 14th July 2020. The grant is for 70% of the average monthly trading profits up to a maximum of £6,570. The grant is available even if you did not claim the first grant. So please do have a think; will your business be adversely affected due to Covid-19?
There are some clear examples on the HMRC website for adverse effects and points to consider can include whether you have been shielding, isolating, sick, caring for others, had to scale down your business either through choice or not. It is worth noting that HMRC will take a ‘risk-based approach’ to checking compliance on the grant applications. Also note that grants will be taxable on your self-assessment returns for the year ended 5th April 2021, so keep a bit of money aside to pay future tax. For further advice on this or any other matter contact [email protected]. I am always happy to help or point you in the right direction.