Milton Accountants Ltd

25/11/2020

"For the third grant, HMRC will check if you meet the eligibility conditions that are based on your trading profits and non-trading income on your Self Assessment tax returns.

You will then need to decide if you meet the other eligibility criteria.

If you’re eligible for the third grant, you can make a claim on or before 29 January 2021.

Find out how different circumstances can affect eligibility to the scheme, or amount of grant.

Trading profits
This is shown on your tax calculation as either profits from:

- self-employment
- partnerships

We will work out your total trading profit after deducting any allowable expenses such as:

- deductions
- capital allowances
- flat rate expenses

If your annual gross trading income, from one or more trades or businesses is more than £1,000 you may have used the tax-free allowances, instead of deducting any expenses or other allowances.

We will work out your trading profit after deducting any tax-free allowances.

We will work out your share of the partnership’s trading profits by taking all partnership income, and then deduct anything that is non-trading income, such as investment income.

We will not deduct from your trading profits:

- any losses brought forward from previous years
- your personal allowance
- Profits from self-employment

We will work out your trading profit after allowable business expenses by adding any losses brought forward from previous years to the amount shown on your tax return as ‘total taxable profits from this business’.

Profits from partnerships
We will work out your share of the partnership’s profit after adjustments by adding any losses brought forward from previous years to the amount shown as ‘your share of the total taxable profits from the partnership’s business’.

Paper short return
Your trading profit after allowable business expenses is shown on your tax return as ‘profit’.


If you want to discuss further, do not hesitate to send us an email at [email protected] or call us at 020 3632 9049

Find out how HMRC will work out your trading profits and non-trading income if you're self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19).

25/11/2020

"If you're self-employed or a member of a partnership find examples of how your circumstances can affect your eligibility for the scheme.

If you did not submit your Self Assessment tax return for the tax year 2018 to 2019 on or before 23 April 2020 you will not be able to claim.

When working out your eligibility or amount of a grant, HMRC will not take into account Self Assessment tax returns for the tax years 2016 to 2017 or 2017 to 2018, if they are submitted after 23 April 2020.
When working out your eligibility or amount of a grant we will not take into account any changes made to submitted returns after 6pm on 26 March 2020.
Claims based on late returns submitted between 26 March 2020 and 23 April 2020 are subject to additional anti-fraud checks by HMRC" [...].

If you want to discuss further, do not hesitate to send us an email at [email protected] or call us at 020 3632 9049

If you're self-employed or member of a partnership find out how your circumstances can affect your eligibility for the scheme.

13/07/2020

13/07/2020

Government released guide for export goods from UK to EU from the 1 January 2021.

Actions you need to take now to export goods to the EU from 1 January 2021.

13/07/2020

Today the Border Operating Model for trade with the EU after the transition period has been published. If your business trades with the EU, we have resources that will help guide you as we get closer to the end of the transition period on 31 December.

Actions you need to take now to import goods from the EU from 1 January 2021.

13/07/2020

Restaurants, pubs and cafes can now apply to the following link
https://l.facebook.com/l.php?u=https%3A%2F%2Fwww.gov.uk%2Fguidance%2Fregister-your-establishment-for-the-eat-out-to-help-out-scheme%3F%26utm_source%3Dfacebook%26utm_medium%3Dsocial%26utm_campaign%3Dcovid19%26utm_content%3Deotho%26fbclid%3DIwAR3-IxX6aVF0kMfAck2PZmwm2ifpIu9j9y3JDzIgOyKzOWEq5fIzv4j_8sk&h=AT1mUr0L--gusAiNNjaERgsMqeZ5wCn_haAks61gimYwfpioWWsGUP8egY5zGzN3xlWD0fhX2JAZc5HlMzt-1cfaeRMtknzpRn9pXTViFOlGsymVQoFju04ymmDlEPj0G2-c9Xa1hAhKwjkypmnbIZ3dS9yUg_azq_wa6cs_15gnSgV3-FYOs761Z0TvsC63vUTNeHStwbpBAzb4tq4fS2aoDuznm9gJ4-AJTFhmdRgRyml-xLPyWH7E4dijBC3j91gWkImtPr3GyQacMOKs9xSLq5vdNYQzrjIcsi4glUpctBH460f3Bgwz4nj7Seg5aKZRB-iZuuZiKrC-PITNT4uRI7HvzBYnffb7w_I_H-OrV7tu1tGdO2jLLCMUnHy7ZwPDeAuXg1icrUiB5neXqc34waar1vKhgVr1Zbs3faWujfYOwibSIMqPhQ7GfdE5KrKOnyqfcv1PQSFy8FA7ybo9neUsZ5B1E90Y2HtXiuWGpYQPx4SYH3YIPIZAt8NV22qtaF51jmLlbBk5eQwJubB4EXOYp_Z81mJxcqytxVRJMfuAf4800bHGUwLV--zjZ44YJr71uow9mGuxrPUSrLWglcEma5WKHBaqLXKZOG9ioBkSR7VLQKH7V4dfKZpVD9QL65F5OYV1-UhG2iJIMV8neMcWtkPDkShLcqFhNSgfmQ

The registration service for restaurants, pubs and cafés to sign up to the scheme is now open. Don't forget to sign your business up to take part in the scheme. Register here 👇
https://www.gov.uk/guidance/register-your-establishment-for-the-eat-out-to-help-out-scheme?&utm_source=facebook&utm_medium=social&utm_campaign=covid19&utm_content=eotho

13/07/2020

09/07/2020

03/07/2020

"Businesses eligible for the first Self-employment Income Support (SEISS) grant must make their claim by Monday 13 July"

6 July: Businesses eligible for the first Self-employment Income Support (SEISS) grant must make their claim by Monday 13 July, ICAEW reminds members.

29/06/2020

Incoming news for all the self-employed

23/06/2020

Many are reopening on Saturday 4 July.