43 Accountants Somerset and Dorset | Hunts Accountants

News

15th April 2020

Covid - 19 15th April Update

Self-Employment Income Support Scheme

HMRC have now released further guidance regarding the measures being put in place for the Self-Employed. Whilst these will obviously help it is disappointing to see that the profit figure the support is based upon will be the profit after claiming for any capital purchases. What this means is that if you have purchased a van, for example in the 3 years to 5th April 2019, and claimed Annual Investment Allowance (we claimed the full cost of the van in the year of purchase, and why wouldn't you!) then the 80% of profits HMRC pay you will be after allowing for the cost of the van.
https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

How HMRC works out total income and trading profits for the Self-employment Income Support Scheme:

https://www.gov.uk/guidance/how-hmrc-works-out-total-income-and-trading-profits-for-the-self-employment-income-support-scheme

Claim for your employees' wages through the Coronavirus Job Retention Scheme

There have been further updates to HMRC guidance
https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme

We are aware that over the weekend, HMRC have been sending advice emails to clients regarding the Covid-19 job retention scheme. As we run your payroll, we will already have most of this information and have started to build a database ready for the opening of the portal next week. The only information we may not have is your business bank account details. Could you therefore please email Luke at payroll@huntsaccountants.co.uk with these details. If you have not already advised us of any staff you would like to furlough, and the dates from, please also include that information.

Very best

Nick Hunt