Do I need to repay any of the SEISS Grants I got?

HMRC are now writing to more and more sole-traders who have incorrectly claimed any one of the FIVE SEISS (self employment income support scheme) grants during 2020 and 2021 demanding repayment. You should be aware of the conditions for repayment and make the necessary arrangements to repay sooner rather than wait for HMRC to add…

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Got Covid? Had to close? Lost income?

If you or one of your dependents have caught covid which means you are unable to work, then you could be eligible for a £500 “test & trace” payment. You are eligible if: you’re employed or self-employed you, or a child you’re the parent or guardian of, has tested positive for coronavirus (COVID-19), or been…

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October 2021 Autumn Budget headlines

NI & Dividend tax increase 1.25% National Insurance will increase from 6th April 2022 by 1.25%. This means that if you are an employee or a sole trader earning £30,000 a year, you will have to pay an extra £255 in tax. If you are the employer, then you’d have to pay an extra £255…

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Saving tax as a company director

How to maintain tax efficiency as a small business company director of your own limited company with the impending increase in dividend tax from April 2022 From the 6th April 2022 the tax cost of drawing dividends from your limited company will increase by 1.25% Currently, dividends are taxed on basic rate taxpayers at 7.5%,…

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Get support from Self-Employment Income Support Scheme (SEISS) grant now

The Self-Employment Income Support Scheme (SEISS) grant supports self-employed workers and individuals in partnerships whose business is suffering as a result of coronavirus. Earlier schemes have been in place for much of the year, offering varying levels of support. The government’s 2021 Spring Budget confirmed that grant funding would continue to be available for self-employed workers. The…

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0% BIK Car tax on new electric cars from April 2020

Are you a company owner? Your accountant has always advised that company cars will cost you ££££ in company car tax right? Well from April next year there will be NO (you heard right, zilch) company car tax on all-electric cars and with the range improving on them every day it’s a no brainer as…

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Brexit & VAT

Do you trade with customers and suppliers in other members of the EU? Then you might want to read on… *all is subject to changes as and when a deal is negotiated Following on from the news today that a Brexit deal has been struck – here is some initial guidance (subject to change) from…

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Do I have to declare my income to the tax man?

Do you earn a bit of extra income? Not sure whether you need to tell the tax man? Well here’s the low down:   If you earn a bit of extra cash be it through walking dogs, babysitting, selling knitted tea cosies on ebay, hiring out your GHD’s or selling the odd Aloe Vera product,…

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