Pro-Taxman

Self Employed

Further grants for the self-employed

The Self-Employment Income Support Scheme (SEISS) has provided grant support for self-employed individuals whose business has been adversely affected by the Covid-19 pandemic. An extension to the scheme was announced at the time of the 2021 Budget. As a result, it will continue to provide support until September 2021. Three grants have already been made …

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National Insurance contributions for 2021/22

The 2020/21 tax year starts on 6 April 2021. From that date, new thresholds apply for National Insurance purposes. Employees and Employers Employees pay primary Class 1 National Insurance contributions on their earnings, while secondary Class 1 contributions are payable by their employees. Employees come within the ambit of Class 1 National Insurance contributions once …

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Self-employment and the £2,000 dividend allowance

All taxpayers, regardless of the rate at which they pay tax, are entitled to a tax-free allowance for dividends. For 2020/21 this is set at £2,000, so if you’re thinking of branching out to be self-employed or have made the switch last year, this is what you need to consider. Nature of the allowance If …

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What tax do I need to pay by 31 January 2021?

The self-assessment tax return for 2019/20 must be filed by midnight on 31 January 2021. If you miss this deadline, you will automatically receive a late filing penalty of £100, regardless of whether you owe any tax, unless you are able to convince HMRC that you have a reasonable excuse for filing your tax return …

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Off Payroll

Update on off-payroll working rules (IR35)

The off-payroll working rules, known as IR35, were introduced in 2000 to ensure that someone working like an employee, but through a limited company, pays similar levels of tax to other employees. Broadly, the IR35 rules require an individual to determine whether they would be employed or self-employed for tax purposes, if they were working …

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Self-Employment Income Support Scheme

Grants for self-employed people if your business has been adversely affected after 14 July 2020

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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Are you a working parent? You might be missing out on £2,000 per child per year towards the cost of childcare.

Tax-free childcare update HMRC have recently run a campaign to remind people that they could be missing out on up to £2,000 per child, per year, towards the cost of childcare. Working parents and guardians may be eligible to receive government top-ups of £2 for every £8 that they pay into a tax-free childcare account, …

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Using the cash basis – is it for you?

The cash basis is a simpler way of working out taxable profits compared to the traditional accruals method. The cash basis takes account only of money in and money out – income is recognised when received and expenses are recognised when paid. By contrast, the accruals basis matches income and expenditure to the period to …

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