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Self Employed

How will the basis period reform affect your business cash flow from the 2024-25 tax year?

The new rules will not change the accounting period of the business, however the tax position will move from a current year basis to a tax year basis. This will mean that  business profits will be calculated for the tax year rather than for the period of account ending in the tax year. 

Will your unincorporated business be affected for basis period changes in 2023/24 – Transitional year

The basis period rules for unincorporated businesses are being changed from the 6 April 2024, with a transitional year of the 2023/24 tax year.

Have You Submitted Your Claim To HMRC For The Fifth SEISS Grant?

The deadline to make a claim is fast approaching. Applications for the fifth Self-Employment Income Support Scheme must be made on or before 30 September 2021.

Information on the tax system when becoming self-employed

If you decide to become self employed, it is vital that you register with HMRC by 5th October following the end of the tax year in which you became self employed.  If you do not follow this process, you may be liable to a penalty based on the tax that is due to HMRC.

Information about the 5th Self Employment Income Support Scheme grant now available

You can claim the 5th SEISS grant if you are self-employed and if you think that your business profit will be impacted by coronavirus (COVID-19) between 1 May 2021 and 30 September 2021.

The fourth SEISS grant is now available

The online services for the fourth Self Employment Income Support Scheme (SEISS) have now opened, meaning you can now make a claim.

Update On The Fourth SEISS Grant

Further details about the fourth Self Employment Income Support Scheme (SEISS) grant, which covers the periods of 1 February 2021 to 30 April 2021, were released recently.  

Take advantage of tax breaks from your time working at home

Employed and Self-Employed persons can take advantage of tax breaks on their time working from home. 

Budget 2021 Key highlights

A roundup of the key measures announced by the Chancellor in the 2021 Budget.