The 5th SEISS grant – eligibility to claim and information needed to make the claim

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HMRC have started to contact those that they believe may be eligible for the 5th (and final) Self-Employed Income Support Scheme Grant with a date from which they can make a claim for the grant.

The claim line is open until the 30th September.

The grant covers the period from May 2021 – September 2021.  Although the grant covers a 5 month period, the amount of the grant will be 3 months of trading profits.

You will need to declare that you ‘reasonably ...

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Grants received under Coronavirus relief and their tax implications

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As we enter April 2021, having witnessed one of, it not the most, trying years we have experienced to date, it is time to consider what we need to do about any of the grants we have received in the way of Coronavirus support.

Although, unlike a loan, you do not have to repay a grant, you do have to declare the grant income on your tax returns as the grant income is subject to both tax and Class 4 National ...

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Fourth Self-Employed Income Support Scheme Grant

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The SEISS fourth grant will be available to claim from late April until the end of May

HMRC will be contacting those eligible for the fourth SEISS grant, based on their submitted tax returns.

People who are eligible will receive a claim date which they can apply from in late April 2021.

The Government’s SEISS web page explains:

The online service to claim the fourth grant will be available from late April 2021.

If you’re eligible based on your tax returns, HMRC will contact you ...

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Budget March 2021

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Budget March 2021

In line with the rest of the year between March 2020 and March 2021 this budget is unusual in that it was a platform for Coronavirus relief measures as well as the usual announcements which surround direct and indirect taxation changes.  I have split this post into two sections, the first covering the ongoing Coronavirus relief for businesses, with the second covering changes to taxation.

Coronavirus Relief

Coronavirus Job Retention Scheme

The scheme will continue to run ...

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VAT payment deferral scheme now open

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Part of the business relief package offered during the Covid-19 pandemic was the opportunity for businesses to defer paying their VAT payments to the 31st March 2021 for payments that would have become due between March 2020 and June 2020 .  However, the scheme has now been extended and businesses can opt to make the deferred payments by instalments, of up to 11 months, interest free, rather than paying in full by the 31st March 2021.  Should you decide to ...

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January Coronavirus lockdown

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Welcome to the New Year.  Unfortunately we are still facing the challenges of the Coronavirus, but at least we have seen the start of the vaccination programme rollout, so things are beginning to look up.

With the introduction of further restrictions in January, due to the increased spread of Coronavirus, it is increasingly likely that those of us who are self-employed will be looking to make claims for financial support.  With this in mind we at Synergy thought it might be ...

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