Self employed income support scheme further grants confirmed
The Chancellor confirmed that there will be two further three-month grants for self-employed taxpayers once again set at 80% of past profits, and capped at £7.5k. In a welcome step, both grants will be made available to newly self-employed individuals, providing they have filed a 2019/20 Self Assessment tax return. However, for the fifth and final grant covering May to September 2021, your turnover must have reduced by at least 30% to get the full 80% grant, with a lower level grant of 30% of past profits for those whose income has fallen by less than 30%, capped at £2,850.
For further advice on this matter, please contact me.
Related Posts
KRW Accountants to rebrand to Affinia
n a bid to encourage more people to save into stocks and shares, the current £20k per annum allowance for investing in ISA will be restricted to £12k per annum for investment into a cash ISA.
Q&A: How much can I claim per mile for charging my electric company car?
n a bid to encourage more people to save into stocks and shares, the current £20k per annum allowance for investing in ISA will be restricted to £12k per annum for investment into a cash ISA.
Tax tip: Electric cars remain a tax-efficient perk for company owners
n a bid to encourage more people to save into stocks and shares, the current £20k per annum allowance for investing in ISA will be restricted to £12k per annum for investment into a cash ISA.
Andy Burnham shows support for pubs with 20% business rates reduction
n a bid to encourage more people to save into stocks and shares, the current £20k per annum allowance for investing in ISA will be restricted to £12k per annum for investment into a cash ISA.
Cash ISA allowance will be reduced from £20k to £12k from April 2027
n a bid to encourage more people to save into stocks and shares, the current £20k per annum allowance for investing in ISA will be restricted to £12k per annum for investment into a cash ISA.
Mansion tax for homes worth over £2M from April 2028
As expected, a new High Value Council Tax Surcharge was announced which will kick in from April 2028 and apply to homes worth over £2m.
100% CGT relief for shares sold to employee ownership trust halved
Under current rules, if you sell more than 51% ownership of your business to an Employee Ownership Trust then there is a 100% relief, and no Capital Gains Tax has to be paid on the sale.
Permanent rates reduction for hospitality, retail and leisure
Two new, lower, multipliers will be introduced for these sectors from April 2026, in a bid to permanently reduce business rates for affected businesses.
NIC to apply to salary sacrifice pension arrangements from April 2029
As widely anticipated in the lead up the Budget, it was today announced that NIC will apply to pension contributions from April 2029, but only insofar as there will no longer be an NIC saving for employees and employers that sacrifice more than £2k pa of their salary to pay into a pension.
Mileage based electric/hybrid vehicle excise duty from April 2028
It was today announced that the government are introducing a new Electric Vehicle Excise Duty (eVED) from April 2028 which will impose a charge of 3p per mile.