Self Employed Income Support Scheme Extended

The original Self Employed Income Support Scheme (SEISS) covered March – May and most people received their payments during May. Individuals can continue to apply for the first SEISS grant until 13 July. An extension has now been announced where the self employed can apply for a further grant in August if they have been adversely affected by the coronavirus crisis. The grant will be worth 70% of their average monthly trading profits, paid out in a single instalment covering three months’ worth of profits, and capped at £6,570 in total.

If you’re eligible for the second and final grant, and your business has been adversely affected on or after 14 July 2020 you’ll be able to make a claim in August 2020. You can claim for the second grant even if you did not make a claim for the first grant.

Recent guidance released goes through how different scenarios can affect whether you should claim the grants.

For example if you worked on a building site and it closed during March & April so you couldn’t work but then went back to work as normal from May you would be adversely affected for the first Grant period but not for the second so should not claim the second grant.

Please read the guidance here before making your claims: https://www.gov.uk/guidance/how-different-circumstances-affect-the-self-employment-income-support-scheme?fbclid=IwAR0UuJ_JRC4Q6L1qnow6GFSCnvNH8VrXvKdJoLsnYzC0eMMu5VbqmmTkth0#adversely-affected-examples

It is likely that HMRC will seek to examine claims down the line so it is important that when you make the claim you are eligible.

 

 

Am I Eligible For The Self Employed Income Support Grant?

HMRC have released an eligibility checker today which you can use to check if you are eligible to claim the grant in June. Some people are able to put applications in from as early as 13th May 2020. In order to check eligibility please ensure you have to hand your UTR and National Insurance Number and click on the following link: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme#eligible

How to create the perfect business plan in 10 steps

Follow these ten steps to create a clear plan you can share with your Accountant.

Every business needs a plan, and creating the right one can sometimes feel like a challenge. But the benefits are definitely worth it.

A business plan helps you get your ducks in a row and also lets us know how we can best advise you.

So, how do you create a good business plan?

These ten steps will help you get started:

1. Create an executive summary

2. Define your customers

3. Evaluate the target audience

4. Identify your opportunities

5. Understand the competition

6. Build a simple financial plan

7. Include an outline marketing plan

8. Plan your operations

9. Get the right people, advice from your Accountant and maybe getting a mentor would be great

10. Keep it simple, it doesn’t need to be over complicated

Remember, clarifying your ideas by writing them down gives them substance and structure. Feedback from others is also crucial in business planning, and advice from the right people is the key to success.

Read more on Xero’s ten steps to a perfect business plan and start planning your business around your strengths.

What sort of accountants services do I need if I’m a Sole Trader?

We offer the following services for sole traders:

  • Accounts preparation
  • Self assessment tax return preparation
  • Payroll for employees
  • VAT returns preparation
  • CIS contractor returns
  • CIS subcontractor statements
  • Help with HMRC enquiries
  • Tax investigations insurance
  • PIID preparation for employees
  • Tax efficiency reviews
  • Child benefit higher income cha

What is subsistence?

Subsistence is the accounting term used to describe food & drink and other incidental costs of travel such as accommodation. It is an allowable deduction when incurred by an employee or office holder in conjunction with a qualifying business journey such as business travel & overnight stays.

All claims must be backed up by receipts, unless you have agreed a scale rate system with HMRC.

From April 2019 there are some changes due in the area of subsistence for employees which we will take a look at along with some of the questions we most frequently get asked. Please note that the rule for employees are different than the self employed and so people can fall foul of this.

What is changing on 6th April 2019:

  • The employer will have to have a system in place to check the employee has undertaken a qualifying journey.
  • Employers will no longer need to check receipts where HMRC scale rates are used both in terms of UK and overseas scale rates

The Finance Act 2019 will put all of HMRC’s benchmark scale rates on a statutory footing.

Can I reimburse my employee for their lunch?

When they are travelling on business, entertaining customers, or when lunch is provided at a conference or meeting to ensure continuity of work it is ok to do so. For example if you have a training day and order pizza in for the staff then that would be deductible as it will ensure continuity of work.

How much can I reimburse for subsistence?

There is no upper limit however an employer can only reimburse expenses if there are actual expenses incurred. It can reimburse round sum amounts using scale rate payments

Can I claim VAT back on subsistence?

Yes provided the employee gives you a VAT receipt

If you are unsure about subsistence payments and would like more advice please call us on 01782 479699.

Client Spotlight On Chloe’s Beauty

On Saturday 18th November one of our directors Vanessa visited Chloe’s salon to join in the celebrations for its first birthday. Chloe joined Premier Tax Solutions as a client when she was renting a chair before taking the leap to fulfil her dream of opening her own salon in Talke Pitts. The salon offers a range of services including nails, HD brows, waxing and anti wrinkle treatments.

Chloe used Xero from day one and tells us in the video how it has made a big difference to her. The bank transactions are pulled through into Xero automatically and forms part of the book keeping process. Because Chloe is on Xero it enabled us to book a 6 month review when she was ready to go through how the business was performing and how the figures compared to the same period the year before when Chloe was renting a chair. Within minutes we were able to have a wealth of information at our fingertips to share with Chloe and after going through the figures in an easy to understand way Chloe left our office feeling very positive about how well her salon is doing.

See what Chloe has to say about her experience with us as a start up business on Xero:

Alongside having real time figures and interim meetings with us Chloe has been able to fall back on us as her trusted advisers for many areas. As a start up business it can be very scary and we understand that those businesses need all the help they can get. We were able to put her in touch with a graphic designer and also help with strategies to help her business grow.

If you are a start up business and want hands on support or are thinking of starting a business get in touch with us for a free initial consultation to see how we can help you, like we did Chloe. Our phone number is 01782 479699.

Premier Tax Returns – Self Assessment Tax Returns While You Wait

We are very pleased to unveil our new expansion plans. We have acquired Unit 2 (next door) to expand into, due to the fast growth of our company. From Unit 2 we will be operating a while you wait tax preparation service called Premier Tax Returns with prices from only £120.00.

There is heavy local demand for a once a year tax return preparation and filing service, offered by friendly and experienced professionals. Giving you peace of mind that all your income and expenses have been disclosed in the correct boxes and that your return has been filed online before the deadline date.

Launching on 1st November 2015 Premier Tax Returns will offer a while you wait tax return service on an appointment basis. As we move towards the 31st January tax deadline, we anticipate a high demand for our services, so booking early is essential. Contact us now on 01782 479 229.

We have free on-site parking & card payment facilities to make getting your tax return done with us as easy as possible and at a low price.For more information see our Premier Tax Returns services page. Click here to find us.

During December we will be open 8am – 6pm, Monday to Saturday. During January we will be open 8am – 6pm, 7 days a week. Book now to avoid disappointment on 01782 479229.

Do I Need A Tax Adviser?

11Quite often people think they need an Accountant & may not have heard of a Tax Adviser. Premier Tax Solutions is a Firm of Chartered Tax Advisers registered with the Chartered Institute of Taxation based in Stoke-on-Trent. Tax Advisers are trained in accounts & tax and pass rigorous exams over a number of years specifically designed around the tax legislation.

Tax Advisers are experts in Tax and keep up to date with the changing tax laws. We use our knowledge & experience to provide advisory & consultancy services to clients; ensuring they are as tax efficient as possible. We ensure they claim all allowances available & any qualifying expenditure which will save them tax.

There are 2 main areas of tax:

  • Corporate – Working with limited companies
  • Personal – Working with private individuals, the self employed & also partnerships

Here at Premier Tax Solutions we are all fully qualified tax professionals. Have a look at our video to see who we are & what we can do for you:

From the small one man band to a larger limited company or LLP we can make sure you are as tax efficient as possible. We prepare your accounts from a tax efficiency point of view, rather than ticking boxes in a compliance exercise. We actively look for ways to save you tax year after year. We offer a fixed fee service to all clients and hold meetings with you so that we can get to know you & your business and be able to advise you during the year, not just after year end. With competitive pricing & expert tax knowledge your accounts & tax affairs will be in very safe hands.

If it is that you need a tax consultant we have years of experience dealing with specialist areas of tax such as HMRC enquiries, trusts & estates, capital gains tax, inheritance tax, capital allowance claims and R&D claims to name a few.

Get in touch with us to see how we can save you tax & protect your assets on 01782 479699.

Special thanks goes to Craig at Magic Shirt Limited for producing our video!