Welcome to our Blog, please check back as we regularly update this area with important information
2nd Self-Employment Income Support Scheme claim14th August 2020
From 17 August the Self-Employment Income Support Scheme will open for claims for a second and final grant.
You will be able to claim at any time from 18 August until the scheme closes on 19 October. Please do not try to claim before this date as you will not be able to access the service online or over the phone.
The eligibility criteria remain the same as for the first grant. You will need to confirm your business has been adversely affected by COVID-19 at any time since 14 July.
This typically means that your business has experienced lower income and/or higher costs because of COVID-19 at any time since 14 July.
As the person who knows your business best, HMRC expect you to make an honest assessment about whether it has been adversely affected. There is no minimum threshold over which your business’s income or costs need to have changed. You will need to keep a record of evidence of how your business has been adversely affected.
For full details, visit GOV.UK and search 'Self-Employment Income Support Scheme'.
The second taxable grant is worth 70% of your average monthly trading profits, paid out in a single installment. This will be based on three months’ worth of profits and capped at £6,570.
How to claim
Search GOV.UK for 'Self-Employment Income Support Scheme'. Claiming online is the quickest and easiest way to get your grant.
Like the first grant, you’ll need the following to confirm your eligibility and make your claim:
National Insurance number
Self Assessment Unique Taxpayer Reference (UTR) number
Government Gateway user ID and password
Your bank account number and sort code. For a building society account, please include the roll number, if you have one.
HMRC will also ask for the address your bank or building society account is registered to. Please note this is your address, most likely your home or business premises – not the address of your bank or building society.
HMRC will use the information you have provided in your previous tax returns to calculate the grant you’re entitled to.
The Vat predicament15th July 2020
One of the latest predicaments challenging some business owners will be whether to pass on the Vat savings they are about to attain or whether to use this new money to pay existing debts.
Starting from today there will be a reduction in Vat for those in the hospitality industry. Some will pass the reduction on to their customers in the hope that this might drive up sales and to show some sort of loyalty to their devoted customers and maybe entice some new customers but surely this will mean that they have to now sell more to pay for those static bills that they have and are not receiving any Vat relief on. Rent and wages instantly come to mind.
Some business managers will think to use the money to pay whatever debts COVID 19 has caused them to accumulate during lock down.
So, what would be the call of social consciousness. In an ideal world it would be to share the benefits reaped with all in your community, but by you reducing the price of certain items does not necessarily equate to me and other consumers purchasing more of that item.
I think that each business should look at what will affect them economically and revisit the business plan. The business plan that looks so much different than when first drawn up. Create spreadsheets to see the what extra sales you will now have to achieve to regain the drop your profit margins will take.
The social consciousness call is do what you need to do to be in business next year.
The Self-employed SEISS claim10th May 2020
On 26th March the government announced that it would allow self-employed people to access SEISS. Self Employed Income support.
The scheme will allow those that are eligible to claim a taxable grant of 80% of their average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether. This is a temporary scheme, but it may be extended. The grant will be subject to Income Tax and self-employed National Insurance.
On 4th May HMRC began contacting some of the self-employed.
The claim service will now open on 13th May.
HMRC is using information that customers have provided in their 2018 to 2019 tax return – and returns for 2016 to 2017 and 2017 to 2018 where needed.
HMRC have reported that the claims process will be remarkably simple, and those eligible will have the money paid into their bank account by 25th May, or within 6 working days of completing a claim.
However, each claimant must submit their claim they cannot rely on the use of their agent or accountant to submit their claim.
There is a very good reason for this. Each claimant should be aware of the profit that they have declared and the onus is on the claimant to be liable for their claim.
You will need to report the grant:
• on your Self-Assessment tax return
• as self-employed income for any Universal Credit claims
• as self-employed income and that you’re working 16 hours a week for any tax credits claims
Please use the link below and good luck.
Self-employed Atex Business Solutions COVID 19 update2nd April 2020
The Self-employment Income Support Scheme (SEISS)
You cannot apply for this scheme yet.
HMRC will contact you if you are eligible for the scheme and invite you to apply online.
Individuals do not need to contact HMRC now and doing so will only delay the urgent work being undertaken to introduce the scheme.
You will access this scheme only through GOV.UK. If someone texts, calls or emails claiming to be from HMRC, saying that you can claim financial help or are owed a tax refund, and asks you to click on a link or to give information such as your name, credit card or bank details, it is a scam.
Until the Scheme is set up
If you are self-employed
You are able to claim Universal Credit, providing you meet the usual eligibility criteria.
To support you with the economic impact of the outbreak and allow you to follow government guidance on self-isolation and social distancing, from 6 April the requirements of the Minimum Income Floor will be temporarily relaxed. This change will apply to all Universal Credit claimants and will last for the duration of the outbreak.
New claimants will not need to attend the jobcentre to demonstrate gainful self-employment.
The scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed
Your self-employed trading profits must also be less than £50,000 and more than half of your income come from self-employment.
This is determined by at least one of the following conditions being true:
• having trading profits/partnership trading profits in 2018-19 of less than £50,000 and these profits constitute more than half of your total taxable income
• having average trading profits in 2016-17, 2017-18, and 2018-19 of less than £50,000 and these profits constitute more than half of your average taxable income in the same period
You can apply if you’re a self-employed individual or a member of a partnership.
If you have not submitted your Income Tax Self-Assessment tax return for the tax year 2018-19, you must do this by 23 April 2020.
If you’re due to pay a self-assessment payment on account by 31 July 2020 but the impact of the coronavirus causes you difficulty in making payment by that date, then you may defer payment until January 2021.
Atex Business Solutions COVID 19 update27th March 2020
As soon as we can, we will put up the information that our clients require with regards to paying staff as an employer, re-claiming those payments from the Government, claiming payment from the Government for replacement of earnings as a self-employed person.
In the meantime, you can always look at the relevant documents and decipher for yourselves the new regulations.
Self-employment Income Support Scheme
If you are self-employed the guide below will assist you.
Your future is worth planning for24th February 2020
We are aware that some of our precious clients would like to have the benefit of some advice with regards to them planning their retirement, estate or general financial planning.
• Business Protection
• Income Protection
• Shareholder Protection
• Relevant life Policy
• Death in service
• Key Man Insurance
If these are of interest to you then let me know and I will introduce you to an expert in this field that can best assist you.
If you have never heard of these and wonder how they could benefit you, then you too need to call.
If you have a house and you want to pass it on to a member of your family and need to minimise Inheritance Tax (IHT) then this is something you need to start planning now.
We look forward to hearing from you.
0203 1500 5600
DVSA - Ready for Brexit10th September 2019
The following is a DVSA communicate
New essential information for UK hauliers driving to the EU after 31 October
UK hauliers and commercial drivers who operate in the EU will need new documents if the UK leaves the EU without a deal.
Driver documents you’ll need include:
International Driving Permit(s) in some countries (France, Italy and Cyprus)
a passport. You should have at least 6 months left on an adult or child passport to travel to most countries in Europe (not including Ireland). If you renewed your current passport before the previous one expired, extra months may have been added to its expiry date. Any extra months on your passport over 10 years may not count towards the 6 months needed. Check your passport
an ECMT permit for some journeys (99% of journeys between the UK and the EU will continue as they are now, and will not need a permit, until at least 31 December 2019.) Check if you need an ECMT permit.
a Driver Certificate of Professional Competence
a tachograph driver card
Vehicle documents you’ll need include:
motor insurance green card(s) for the vehicle and/or trailer and for separate policies e.g. insurance renewal
a GB Sticker on the vehicle
a vehicle log book
Act now, check our EU exit haulier guidance and download our reference guide for the most up to date list of documents.
Documents from your shipping provider
In addition to your driver and vehicle documents, you will also need to request separate cargo and customs documents from your shipping agent.
You will need more documents if you are transporting high risk goods or animal/plant/other controlled products.
It is the responsibility of the Exporter to provide these documents, but they will be needed to take goods across the border.
Check our EU exit haulier guidance for a complete list and download our reference guide for the most up to date list of information.
Documentation for importing and exporting goods
EU countries may impose different requirements on their side of the border. Carrying goods that do not comply with EU requirements could result in delays or penalties.
You should familiarise yourself with these new processes.
Import and export guidance for France
Import and export guidance for the Netherlands
Import and export guidance for Spain
Operation Brock – Traffic management system
In a no deal Brexit scenario Operation Brock will play a vital role in ensuring that goods continue to flow in and out of the UK and disruption is kept to a minimum.
Operation Brock, is designed to tackle disruption at the border by queuing lorries bound for Europe on the M20, while keeping all other traffic moving on both directions on the other side of the motorway. If the M20 capacity was not sufficient, Manston airport and, if necessary, the M26 could also be used to queue lorries.
To help prepare for Brexit, before setting off drivers should familiarise themselves with how Brock could impact on their journeys.
Information on whether Brock has been activated and what it means can be found on Highways England's website.
Need to know more?
Keep track of the UK government's latest Brexit information and advice.
new entry10th September 2019EORI - Ready for Brexit6th September 2019
Over the past three years this country has been contemplating BREXIT. It appears that we are now about to leave, and you and your business should be ready.
If you are a VAT registered business that buys and sells in the EEC, European Economic Community then you should ensure that your business possess its EORI.
The full name for this is Economic Operators Registration and Identification. This number is required to trade internationally. All businesses and individuals based in the EU needs to have an EORI number. If your business operates in multiple EU countries, you’ll need to have this number for each country.
It’s used by HMRC and other authorities to monitor and track shipments coming into and out of the EEC.
You need an EORI number to move goods into or out of the EU (including the UK).
You do not need an EORI number if your business only trades between Northern Ireland and Ireland.
If you’re trading with a European company, you need to include your EORI number on your business invoice. You should also ensure that your suppliers EORI is on invoices you receive.
EORI may prove costly for you and your business by you not having this. If you do not an EORI you may have increased costs and delays. For example, if HMRC cannot clear your goods you may have to pay storage fees.
You may have to wait 48 hours to use your EORI number for customs declarations in the Customs Handling of Import and Export Freight (CHIEF) system.
Your 2019 Tax Rebate27th August 2019
Have you been told that because you are employed you should not receive a Tax Rebate?
To some extent this statement is true. Your tax coding should enable you to pay the correct tax during the year so that at the end of the fiscal year there should be no reason for you to be overtaxed.
Being overtaxed is the premise for receiving a Tax Rebate or is it?
In most cases this is the truth, but occasional individuals are not aware that they could claim certain expenses whilst being employed. Claiming these expenses at the end of the tax year will result in these individuals receiving a Tax Rebate.
So, the question on your lips must be what are those expenses?
Working from home
If you now have questions that need answering please call us to discuss your queries.
NCA granted freezing orders on eight bank accounts containing £100m20th August 2019
The following article was written by LEWIS CATCHPOLE for Accountancy Today
The National Crime Agency (NCA) has been granted freezing orders on eight bank accounts containing a total of more than £100m, which is suspected to have derived from bribery and corruption in an overseas nation.
The Account Freezing Orders (AFOs) were obtained at Westminster Magistrates Court on 12 August, and represent the largest amount of money frozen using AFOs since they were introduced under the Criminal Finances Act 2017.
The orders will allow the NCA to further investigate the funds. If found to be derived from – or intended for use in – unlawful conduct, the NCA will seek to recover the money.
Approximately £20m held by a linked individual was frozen following a hearing in December 2018.
Earlier this year, in unrelated cases, the NCA secured an account forfeiture order against more than £400,000 held in frozen bank accounts belonging to a Moldovan national. Another forfeiture order was granted on money held in an account belonging to the niece of Syrian ruler, Bashar al-Assad.
The NCA’s Ben Russell, deputy director of the National Economic Crime Centre (NECC), said: “The NECC leads UK law enforcement efforts to tackle illicit finance, bringing the capabilities of multiple agencies together against the threat.
“In the last year, the NCA has used new powers such as Unexplained Wealth Orders and Account Freezing Orders to target suspected illicit assets, and we are already seeing some far reaching impact of this activity.”
Time to abolish IR3517th July 2019
If you ever want to lose a popularity contest, then stick up for the Government and HMRC. Your friend s might start to you look at you in a different light.
So here I go.
Isn’t it about time the Government started to have an all Party debate about the use of IR35.
We should only have a three-tier system. Unemployed, Employed or Self-employed.
Having IR35 which is consider not one thing or another appears to be hurting the system.
Contractors complaining when they must file tax returns and complaining when they have to pay their taxes.
It is always patriotic to tell the next man or woman to pay their fair share whilst we are seeking measures and loopholes to avert paying our entitlements.
IR35 was set up to disguise the employment. Dose not the term alone already cast doubts in our minds about the credibility of this scheme and those that want to hide behind it.
If I am not an employee of a Company that is paying me, I must be a subcontractor, surely? Or is that too plain and simple. Why cannot I be a bit of both. Then have a tax scheme to clearly show that I am different.
MP’s are now being targeted on both side of the House to disrupt the April 2020 reforms that will affect IR35.
Let us abolish it all together and be like the rest of us.
Employed or Self-employed.
The Childcare Bill16th June 2015
Today is the second reading in the House of Lords for the Childcare Bill. The Lords and Noble persons will debate the provision about free childcare for young children of working parents.
When I have looked at this I see that if this law is passed there could be an entitlement of up to 30 hours of free child care for all qualifying parents. Is this another burden on those who do not have children or is it a moral duty of us all to look after our young.
What do you think?
Equal pay for women7th May 2015
It is reported in the UK that the male £1.00 in employment is equal to 81p in the female wage packet. In 2015 can this really be the case and if so how can this gap be closed or even shortened? Whose responsibility is it to narrow that gap?
As an employer working with an all-female group I look at each person’s ability and the value that they bring to the business. The attention to detail at work and their attention and ability to communicate with clients. This to me proves more than valuable and I cannot see that by employing a particular gender to do the same job would be more profitable for the business nor would it give me a greater return.
So what is it that some businesses see that I don't see?
My all female staff came about my chance and not by design. Every time we considered expanding a female would apply for the role and it was just a case of taking a chance with them. I am fortunate that this has so far proved successful and has worked positively in the company's favour. How could I think of employing a man just because he is the same gender as me?
I'm my case it would be nice to have a male in the office to talk about football and how great Messi and Renaldo are but what does that do for my bottom line? Nothing.
So again I probe for the right reason to employ just because of gender.
We all want equality and I believe employers should always look at the skills of a potential employee and not their colour or gender. This will go far in assisting equality.
A cynical view can be that 19p will be saved for very £ paid. Fortunately my conscious and morality is worth much more than that.
Penalty increase for late 2014 Tax Returns1st May 2015
Your 2014 tax return should have been received by HMRC by the 31st January 2015. All tax returns that arrived after that date was subject to a late penalty of £100.00. If those same tax returns remain outstanding today is the last day to submit them before HMRC steps up the penalties levied against you.
As from tomorrow the daily penalty rules will apply and you will be a £10.00 per day penalty for up to 90 days. (max £900.00)
Surely it will make sense to get your tax return filed today.
HMRC and RTI late filing penalties.18th February 2015
Today HMRC announced that it changed its stance on RTI late filing penalties.
Automatic penalties for late PAYE payments were due to start from 6 April, but HMRC said it will now continue to “risk assess” these penalties rather than issuing them automatically.
HMRC website has stated since August states that penalties will be introduced for employers who report their payroll information late from:
• 6 October 2014 for employers with 50 or more employees
• 6 March 2015 for employers with fewer than 50 employees
When penalties are charged
You can get a penalty if:
• your Full Payment Submission (FPS) was late
• you didn’t send the expected number of FPSs
• you didn’t send an Employer Payment Summary (EPS) when you didn’t pay any employees in a tax month
The department confirmed that automatic penalties for filing RTI submissions late will start from 6 March 2015, but has opened a new three-day concession for those who missed monthly full payment submission (FPS) filings since last October.
FPSs are due by the end of the tax month (6 March), but any employer hit with an in-year late filing penalty between 6 October 2014 and 5 January 2015 where they were less than three days late can appeal online against the penalty by completing the “Other” box and adding “Return filed within 3 days”.
To further reduce the number of unnecessary penalties issued, HMRC will also close around 15,000 PAYE schemes in March that have not made a PAYE report since April 2013 and which appear to have ceased.