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  • 26/03/2020 - Andrew Brealey 0 Comments
    Chancellor gives support to millions of self-employed individuals

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

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  • 26/03/2020 - Andrew Brealey 0 Comments
    Self-employed FINALLY get coronavirus bailout

    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'

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  • 24/03/2020 - Andrew Brealey 0 Comments
    Coronavirus support for self-employed workers coming this week!

    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.

    Rishi Sunak is under mounting pressure to ensure that the self-employed are not financially wiped out by the recession which is expected to follow the Covid-19 epidemic Conservative MPs have called on the Chancellor to act "urgently" while a union has launched a lawsuit against the Government for failing to give the self-employed the same protection as those with a full-time job.

    The Treasury is hoping to announce what measures it will take later this week but the work has been delayed by the complexities of getting support to the self-employed, which is trickier than simply refunding cash via Paye as can be done with employed workers.

    'Kicking the tyres'

    Mr Sunak is "kicking the tyres " on a number of possible options, a source said. A spokesman for Boris Johnson said: "We understand the difficult position the self-employed are in.

    "We have always said we will go further where we can and are actively considering further steps. We appreciate the urgency of the situation and officials are working around the clock to find a well-targeted support package."

    Speaking in the House of Commons on Monday, former Business Secretary Greg Clark said that the Chancellor's wage support for workers could have "saved more jobs than any of his predecessors". But he added that Mr Sunak should "urgently come back to this house" with "a comparable package on the self-employed whose businesses are crucial to every constituency in this country".

    Labour has also demanded a system of wage support for the self-employed, with the Government picking up part of their usual pay packet, while Frances O'Grady of the Trades Union Congress said: "Without more action many won’t be able to meet basic living costs."

    'Unnecessary risk'

    The IWGB union is taking the Government to court, arguing that its actions discriminate against freelancers and those in the gig economy. General secretary Jason Moyer-Lee said: "We cannot stand by while our members are exposed to unnecessary risk or driven into destitution."

    Last week Mr Sunak said the Treasury would subsidise the wage bills of firms which would otherwise have to lay off their employees due to the economic crash. By contrast, self-employed workers can no longer support themselves must apply for universal credit. The standard UC allowance is £409.89 per month after it was raised by the Chancellor, although some claimants can get more depending on factors such as whether they have children.

    One option for Mr Sunak would be to make the universal credit system more generous, bringing the money paid out to the self-employed closer to the level which is given to employees. Another would be using the tax system to funnel money to freelancers, but that could take too long to keep them solvent.

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  • 24/03/2020 - Andrew Brealey 0 Comments
    VAT payment deferral

    Direct Debits should be cancelled!

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  • 24/03/2020 - Andrew Brealey 0 Comments
    Coronavirus - Furloughed pay Limited Companies Directors, Personal Service Companies etc.

    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.

    To clarify, if your business is run as a limited company, the directors are employed, not self employed.  As far as we understand therefore, company directors should be entitled to the same 80% of their wages paid by the Government as normal employees.  However, as most company directors salaries are kept low for tax purposes, and we assume that dividends will not be taken into account, the amount of support will be low in comparison to the normal monthly drawings from the company you might make.

    With this in mind, it might be worth considering the Coronavirus Business Interruption Loan Scheme

    One saving grace is that unlike many accountants who set the directors wages at the lower class 1 NI threshold of £8,632, we have never done this, as we believe paying a small amount of National Insurance, but still gaining entitlement to all benefits and state pensions is more beneficial.  In the light of that, you will receive 80% of £12,500 rather than 80% of £8,632.

    Details of the online portal which is being set up to reclaim the salaries paid are still not yet available.

    For the time being, if you have stopped working, we would adivse that we designate you as furloughed workers and continue to pay wages as normal.  Whilst there is no obligation for the emoloyer to make up the additonal 20%, it makes sense to do so for directors, as the tax relief will still be claimable at the company year end.

    Further updates on how to claim the money back will follow when they are announced.

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  • 24/03/2020 - Andrew Brealey 0 Comments
    Coronavirus Update

    Furloughed workers

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  • Coronavirus Covid-19 Update
    20/03/2020 - Andrew Brealey 0 Comments
    Coronavirus Covid-19 Update
    • Latest guidance on help and support from the Government during the Coronavirus crisis.
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  • Privacy Policy
    11/07/2019 - Andrew Brealey 0 Comments
    Privacy Policy

    Protecting your data!

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  • 09/11/2018 - Andrew Brealey 0 Comments
    Making Tax Digital - VAT MTD Compatible Spreadsheet

    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 


    HMRC wont penalise businesses that missed the deadline - this time.

    Businesses that missed the deadline for signing up for MTD, so can’t
    file their VAT return using MTD software, won’t be penalised as long as
    they file the VAT return on time using the old HMRC portal.

    This information was provided in an email to tax agents from HMRC’s
    MTD for Business Customer Readiness & External Stakeholder Team,
    sent 1 August. The full statement says:

    “If you have clients that pay by direct debit the sign-up window has
    closed for the 7 August. Do not worry we won’t penalise them this time,
    so file the old way and come back when the DD has been collected to sign
    up in time to file the next return. Although we will not penalise them,
    they will receive a letter from us telling them that they missed the
    deadline and asking them to take action.”

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  • Stripped back MTD delayed until 2020
    11/10/2017 0 Comments
    Stripped back MTD delayed until 2020

    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).

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