News

22 March 2020

COVID-19 – Self Employed Help

ssmith-accountants

Universal Credit

Many of our clients who don’t have employees are asking if there is any help for them? If you are self-employed and need financial assistance you may be eligible for universal credit if you’re on a low income or out of work, you’re 18 or over, you’re under State Pension age (or your partner is), you and your partner have £16,000 or less in savings between you, you live in the UK. If this is you, we have enclosed the link for you to apply https://www.gov.uk/universal-credit  the standard application process takes around 5 weeks, but they are able to process an emergency payment if needed.  If you need further advice or support please call or email the office.

VAT

HMRC have deferred VAT payments for 3 months and the deferral will apply from 20 March 2020 until 30 June 2020. Any VAT payment due between this time, businesses will have an automatic offer to be given until the end of the 2020 to 2021 tax year to pay any liabilities that have accumulated during the deferral period.

Self-Assessment

Also, HMRC have deferred any Self-Assessment payments due on 31 July 2020 until 31 January 2021. This is an automatic offer with no applications required, no penalties or interest for late payment will be charged for the deferral period.

Time to Pay service

If you currently have any outstanding tax liabilities, you may be entitled to additional support from HMRC. Every case is based on the individual circumstances and liabilities, but if you have missed a tax payment or you might miss your next tax payment, please contact us. We can contact HMRC on your behalf or alternatively you can contact HMRC direct on their dedicated COVID-19 helpline, 0800 0159 559.

We will continue to keep updating our website with information and supporting you during this time, https://www.ssmith-accountants.co.uk/blog/.

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