Will Your Business be adversely affected due to Covid-19?

Supporting your 'Business Wheel'

By Leanne Gurr FCA Chartered Accountant.  www.theaccountslady.com

As this issue goes to press, applications for the first grant on the Self Employment Income Support Scheme (SEISS) have closed (13th July), however, a second grant will be available from August 2020. There is no change in the eligibility criteria, however you will need to confirm your business has been adversely affected on or after 14th July 2020. The grant is for 70% of the average monthly trading profits up to a maximum of £6,570.

The grant is available even if you did not claim the first grant. So please do have a think; will your business be adversely affected due to Covid-19? There are some clear examples on the HMRC website for adverse effects and points to consider can include whether you have been shielding, isolating, sick, caring for others, had to scale down your business either through choice or not. It is worth noting that HMRC will take a ‘risk-based approach’ to checking compliance on the grant applications.

Also note that grants will be taxable on your self-assessment returns for the year ended 5th April 2021, so keep a bit of money aside to pay future tax.

For further advice on this or any other matter contact me; I am always happy to help or point you in the right direction. leanne@theaccountslady.com