Joanne Joyce Business and Finance Support

Walking around the garden in KDSWIMWEAR because its now your OOTD everyday!🍇💖🌴💚

💰Self employment income support scheme extension 💰

The self-employment scheme will be extended, with those eligible receiving another three-month grant, based on 70% of their previous earnings, in August. The cap on the grant will also be lowered to a maximum grant payout of £6,570.

💰 Coronavirus Job Retention Scheme 💰

Further details have been announced on the extension of the Coronavirus Job Retention Scheme, including improved flexibility to bring furloughed employees back part time in July, and a new taper requiring employers to contribute modestly to furloughed salaries from August.

If you need any further advice on any of this, please don’t hesitate to get in touch:
[email protected]

Chancellor extends Self-Employment Support Scheme and confirms furlough next steps The government’s Self-Employment Income Support Scheme will be extended, giving more security to individuals whose livelihoods are adversely affected by coronavirus in the coming months, the Chancellor announced today (Friday 29 May 2020).

Bounce Back Loan Scheme

Small businesses boosted by bounce back loans
New 100% government backed loan scheme for small business

Businesses will be able to borrow between £2,000 and £50,000 and access the cash within days

Loans will be interest free for the first 12 months, and businesses can apply online through a short and simple form

Loan applications can be made from 9am next Monday (4th May), with most loans being paid out within 24 hours.

https://www.gov.uk/government/news/small-businesses-boosted-by-bounce-back-loans

Small businesses boosted by bounce back loans

It's the first day of the new tax year which can only mean one thing!! Tax return time. Have you thought about yours? Obviously you have until January 31st to submit but why wait!
Get in touch if you need help with your submission

"Self-employed workers can apply for a grant worth 80% of their average monthly profits to help them cope with the financial impact of coronavirus, the chancellor has announced.

The money - up to a maximum of £2,500 a month - will be paid in a single lump sum, but will not begin to arrive until the start of June at the earliest.

1. At least half their income needs to have come from self-employment as registered on the 2018-19 tax return filed in January - anyone who missed the filing deadline has four weeks from now to get it done and still qualify.

2. The scheme is open to those who earn under £50,000 a year - up to 3.8 million of the 5 million people registered as self-employed.

3. Unlike the employee scheme, the self-employed can continue to work as they receive support.

4. The money, backdated to March, will arrive directly into people's banks accounts from HMRC, but not until June.

5. The grants will be taxable, and will need to be declared on tax returns by January 2022.

6. Company owners who pay themselves a dividend are not covered"

Those who are self-employed will receive 80% of their average income up to £2500 per month.

You are eligible if:
You completed a 18/19 tax return.
You have profit of less than £50,000.
The majority of your income is through self-employment.

Anyone who has not yet submitted a return for 18/19 (period ending 5th April 2019) will have 4 weeks from today to submit a tax return.

HMRC are hoping to have this in place by June.

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The Fix It Fairy

📆📌 Date To Remember

31st January 2020 is the deadline for online submissions of your SA302 self assessment.

Get in contact if you need assistance. If you have your own hmrc online account you can make contact as late as 25th of the month.

It's a work from home kind of day 🤓