Self Employment help 80% up to £2500
We are working to examine the detail of this scheme as it was announced last night. Broadly, if you have profits of up to £50k per year you can get a taxable payment of 80% of £2500 per month. It looks like those who receive dividends are not helped by this and there are conditions to the scheme. I will do a full assessment later today and post and text out when done. We will have clients that will benefit but help is not anticipated to be there until June but will be backdated. Hang in there the devil as always in in the detail.
Coronavirus Scam e-mails – BEWARE
There have been reports of a surge in Coronavirus-related scams and we are warning everyone to take extra care given the volume of emails currently being received. If you are not able to verify the sender of an email do not click on any links or attachments and never respond to unsolicited messages. Take extra care when making online purchases and when you are purchasing online use a credit card rather than a debit card .
Support for individuals through deferring Income Tax payments
At the end of last week the Chancellor announced a deferral of the income tax payment on account from 31 July 2020 to 31 January 2021. Government guidance initially suggested that this was only going to be available for self-employed individuals, however it now states that all Self Assessment taxpayers will be eligible. The deferral will be applied automatically and no interest or penalties will be charged, however should taxpayers wish to make the payment by the normal payment date of 31 July 2020 they can still do so.