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Category: Sole Trader

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Why you need a Cashflow Forecast

Why you need a Cashflow Forecast Whether you have recently started out in business or are established you may have been told at some point that cash flow issues will kill a small businesses. There are many reports that show just how many businesses fail in their first few years simply by not paying enough…
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Self Employment Income Support Scheme Extended

Self Employment Income Support Scheme Extended WHAT IS THE SCHEME? The Chancellor recognises the continued impact that COVID-19 has had on the self- employed and has taken action to provide support. The SEISS Grant Extension provides critical support to the self-employed. The grant will be limited to self-employed individuals who are currently eligible for the…
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Chancellor unveils new Job Support Scheme

The new Job Support Scheme What is it? • The Job Support Scheme is designed to protect viable jobs in businesses who arefacing lower demand over the winter months due to Covid-19, to help keep theiremployees attached to the workforce. The company will continue to pay itsemployee for time worked, but the burden of hours…
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Maintaining your NIC contributions record during Covid-19

Maintaining your NIC contributions record during Covid-19 The Covid-19 pandemic has meant that many people will suffer a reduction in income in 2020/21. Not all individuals are eligible for support under the Coronavirus Job Retention Scheme or the Self-Employment Income Support scheme, and those who are eligible for the grants will not generally receive their…
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Are the Coronavirus payments taxable ?

Tax implications of Covid-19 support payments Various support payments are available to individuals and businesses to help mitigate the effects of the Covid-19 pandemic. Are the payments taxable and how should they be treated? Payments under the Coronavirus Job Retention Scheme? Grants payments made under the Coronavirus Job Retention Scheme (CJRS) for fully furloughed and…
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The difference between Profit and Cash

What’s the Difference between Cash and Profit and Can a Business Be Profitable But Still Run Out of Cash? So, you want to know how a company can be profitable but still run out of cash? This article courtesy of Brixx is a terrific place to start. Part of the answer is that profit is…
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SEISS – Second Grant

Claiming the second grant under the SEISS Claims for the second grant under the Self-Employment Income Support Scheme (SEISS) can be made from 17 August 2020 onwards. Who can claim? A self-employed individual or member of a partnership who meets the eligibility criteria and whose business has been adversely affected by Coronavirus on or after…
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Making Tax Digital to be Extended from April 2022

Making Tax Digital to be extended from April 2022 A couple of days ago there was an announcement that was hidden away from most taxpayers but the implications of which will have a major effect on many. After delay after delay caused by Brexit and now Coronavirus the government have now announced they will be…
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Deferring your July payment on account – Is it is good idea?

Deferring your July payment on account – Is it is good idea? To help those suffering cashflow difficulties as a result of the Covid-19 pandemic, the Government have announced that self-assessment taxpayers can delay making their second payment on account for 2019/20. The payment would normally by due by 31 July 2020. Under self-assessment, a…
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A beginners guide to business expenses

Business Expenses – A few basic rules Over the years I have seen some amazing claims for what taxpayers believe should be an allowable expense against their profits. From make-up to pet food for the guard dog. With this in mind I thought it worthwhile just going back to a few basic rules. The “Wholly…
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