30th sept deadline for last seiss grant and update on options your bank may not be telling you about bounce back loans
The 5th SEISS grant
As the UK returns to normal after the Covid 19 pandemic, all government support for sole traders, self employed and small and medium sized business is winding down. Meanwhile HMRC is increasing efforts to maximise tax revenues. In some cases going back several years to find any unpaid taxes and add on interest and fines to the amounts. It use to be the anything under £50 HMRC wouldnt bother to chase but now every pound matters.
The deadline for the 5th SEISS (self employed / self assessment) grant is 30th Sept 2021 only a few days away.
The 5th SEISS grant is different from the previous ones as there are two levels available and the claimant needs to declare how trade as been negatively effected (reduced activity / capacity / demand) between 1st May 2021 to 30th Sept 2021. And requires that the 19/20 and 20/21 self assessments (personal tax returns) be completed.
There is also a relevant basis period applicable and a financial impact declaration (FID). This has caused a lot of members of the public confusion and worry on how to claim for this correctly and not make an incorrect that can be picked up by HMRC and asked to be paid back.
So we at Tax Affinity Accountants are here to help and support everyone who needs help with this regard. We can help complete the paperwork and documentation required to claim the 5th grant without the hassle and time spent trying to work out and worrying if you have declared everything correctly. Contact us via our online form here.
Bounce Back Loans
We have also noticed that a lot of banks are not telling customers clearly about their options (ensured by the goverment) when it comes time to start making repayments for the bounce back loan. In short you have 3 options before having to make repayments in full when your business and you may not be able to afford to.
So be careful to ensure you and your business can afford to pay the BBL back before paying back your bank. And if you plan wisely and your bank allows you could use all of the options in turn.
Our company vision is to improve the financial life of every person in the world we are here to help anyone who needs help in these or any other matters. Feel free to Contact Us via our online form.
By Anni Khan at Tax Affinity Accountants
Tax Affinity Accountants are experts Business, Tax and Accountancy. With branches in Worcester Park and Kingston upon Thames and Epsom and Ewell they are considered in the Industry to be expert business accountants and tax advisors for both individuals and small & medium sized businesses (SME's). Helping and supporting both individuals and limited company owners / self employed people throughout the UK and the world, they regularly help clients grow their business providing tailored advice and support. Their support has been considered invaluable by many clients and key to their success.
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