Work out your turnover so you can claim the fifth SEISS grant

Find out the turnover figures you’ll need before you claim, where to find them and how they affect your grant amount.

Please find a link here to a sample invoice template for the VAT reverse charge

Check when you must use the VAT reverse charge for building and construction services

At the Budget it was confirmed that the fourth SEISS grant will be set at 80% of 3 months’ average trading profits, paid out in a single instalment, capped at £7,500. The fourth grant will take into account 2019 to 2020 tax returns and will be open to those who became self-employed in tax year 2019 to 2020. The rest of the eligibility criteria remain unchanged.

Today HMRC has announced that Self Assessment customers will not be charged the initial 5% late payment penalty if they pay their tax or make a time to Pay arrangement by 1‌‌ April.

The link to apply for the grant is here: https://www.mansfield.gov.uk/xfp/form/204

Other councils are yet to update their websites.

Latest information for business support will be posted on the MDC website as soon as it is available.

Workers across the United Kingdom will benefit from increased support with a five-month extension of the furlough scheme into Spring 2021, the Chancellor announced today, 5 November.

Chancellor Rishi Sunak has confirmed he is doubling the support the government will give struggling businesses in an update in the House of Commons today.

HMRC has increased the threshold for paying tax liabilities to £30,000 for Self Assessment customers to help ease any potential financial burden they may be experiencing due to the coronavirus (COVID-19) pandemic.

The grant extension is for self-employed individuals who are currently eligible for the Self-Employment Income Support Scheme and are actively continuing to trade, but are facing reduced demand due to coronavirus (COVID-19).

An overhaul of VAT in the construction industry has been pushed back to 2021 due to the impact of the coronavirus pandemic.

Reverse charge VAT, which would put an end to subcontractors receiving VAT payments in most situations, will now be introduced on 1 March 2021. This pushes the scheme back five months from the previous start date of 1 October 2020. It is the second time the new regime has been delayed, having initially been scheduled to come into force last October. The government said the decision to delay had been taken to help  “businesses overcome the effects that the coronavirus pandemic has had  on them”.

HMRC has put Making Tax Digital for Business (MTDfB) back on the agenda in a big way by revealing an ambitious plan to introduce it to small firms starting in 2022.

You’ll be able to claim a second and final grant from August 17, 2020

The Chancellor's plan to kickstart the economy is set to include a stamp duty holiday, green investment and help for young workers

Chancellor outlines further details on the extension of the Coronavirus Job Retention Scheme

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 government’s Coronavirus Job Retention Scheme will remain open until the end of October, the Chancellor has announced

Britain’s small businesses will be able to apply for quick and easy-to access loans of up to £50,000 from today – with the cash expected to land within days.

The government has launched the website today to check if you are eligible for the Self-Employment Income Support Scheme.

Furloughing employees - FAQs for employers on the coronavirus job retention scheme

Rishi Sunak announces world-leading scheme to support the UK’s self-employed affected by the coronavirus outbreak.

Self-employed FINALLY get coronavirus bailout: Government could hand millions of stricken workers 80% of their usual income - up to £1,700 amonth - in CASH in Rishi Sunak's latest rescue package

'Huge' package to support the self-employed will be unveiled later today 'Bespoke' measures will include direct income via non-repayable grants PM says package will 'ensure everybody gets the support they need'

Coronavirus support for self-employed workers coming this week as Rishi Sunak draws up plans. Self-employed workers must wait several more days for Government support as the Treasury works on a package of help for those who face losing their livelihoods as a result of coronavirus.

Direct Debits should be cancelled!

We are being asked a lot about how the coronavirus measures announced so far apply to limited companies, and the employment status of the directors.

Furloughed workers

• Latest guidance on help and support from the Government during the Coronavirus crisis.

Protecting your data!

Are you aware that from April 2019 you will no longer be able to file VAT returns online with HMRC using your government gateway account?

From April 2019 all VAT registered businesses will be required to compile digital VAT records and file using the HMRC API token service.

Download our guide to how our MTD ready spreadsheet can help you file your VAT returns without the need for expensiveand complicated accounting software.

For further information on MTD please refer to the guidance on Gov.uk 

An HM Treasury statement from Paymaster General Mel Stride confirms that the requirements for digital quarterly reporting were being stripped back to cover only VAT in a revised roadmap for Making Tax Digital (MTD).