Bookkeeping Bites – Self Employed and New Grants!

πŸ‘‡It’s YOU πŸ‘‡The self-employed we are on about!
❓Did you file your 2019/20 tax returnΒ by MIDNIGHT on the 2nd March 2021 ❓
Yep? Then are you READY for numero 4️⃣? And 5️⃣?
πŸ€“ The 2021 BudgetΒ outlined the plans for the 4th and 5th Self Employed Income Support Scheme (SEISS) grants… And these are how they will roll…..
πŸ€“ SEISS Grant #4
βœ… For the three months to the 30th April 2021
βœ… 80% of average trading profits
βœ… Capped at Β£2500 a month
βœ… Paid in one lump sum
βœ… Claim portal open from late April to 31st May 2021
βœ… WILL include profits from the 2019/20 tax return
πŸ€“ SEISS Grant #5
βœ… For the three months to 31st July 2021
πŸ’₯ NEW!! πŸ’₯ TURNOVER TEST!! πŸ’₯
βœ… Turnover fallen by AT LEAST 30%?
πŸ’₯Yes? Grant will be 80% of average trading profits
βœ… Turnover fallen by LESS than 30%?
πŸ’₯Yes? Grant will be based on 30% of average trading profits
βœ… Claim portal open from late July 2021
βœ… WILL include profits from the 2019/20 tax return
πŸ’₯ How you prove your turnover is yet to be explained πŸ’₯Watch this space!!πŸ’₯
πŸ€“ For more information, try out Accountingweb article from last week, below:
😍😍😍 Stay safe everyone 😍😍😍