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Extended support for the self-employed

Extended support for the self-employed

With a second England wide lockdown announced by the Prime Minister, Boris Johnson (PM), on 31/10/2020, the long road to economic recovery is about to hit another bump. Following this news, we quickly learnt that the Furlough Scheme was to be extended for a further month to cover this new lockdown period. With employees unable to work, again being able to claim 80% of their wages, those who were self-employed were left in a state of limbo: unclear as to what, if any, support was on the horizon. (https://www.gov.uk/government/news/furlough-scheme-extended-and-further-economic-support-announced)

Self-Employed Income Support Scheme

The Self-Employed Income Support Scheme (SEISS) had already seen an extension. With the third grant being open to applications from 14/12/2020, those who were eligible were set to receive 40 percent of their average earnings to cover a 3-month period. This saw a dramatic drop from the 80 percent and 70 percent averages offered for the first and second grants, respectively.

With the reintroduction of the 80 percent cap for the employed, it again appeared that perhaps the nations self-employed were to be forgotten, with no additional support forthcoming and no plans in place to supplement their income.

Adjustments to SEISS

The announcement made on 02/11/2020, by the Chancellor, Rishi Sunak, will have brought a degree of relief to those that feared the worst. Recognising the disparity between the employed and the self-employed schemes, Sunak stated, "And what we have done typically, during these crises, is adjust the value of the grants, as we have adjusted the value of support to those who are employed." Sunak went on to say, "The 40 percent will go up to reflect at least one of those months of support will be at a higher level." (https://www.independent.co.uk/news/business/self-employed-lockdown-support-sunak-b1530482.html)

With lockdown coming into force on 05/11/2020 and being in effect until at least 02/12/2020, there are still uncertain times ahead for many. This additional support will come as welcome news to those who are self-employed but with fears of how long the second lockdown may go on for, or what any new tiered system may look like, the future, as yet, is less than bright.

Perhaps the ongoing changes with SEISS, eligibility to Universal Credit, and continuing peaks and troughs in income will cause some confusion when it comes to your next sole trader accounts and personal tax returns. Should that be the case, our team of experts are on hand to guide you through.

Affordable Pay-monthly Packages

We offer a full range of services to limited companies, solo trader, partnership, charity, LLP, CIC as well as individuals. We have arranged our services into easy to choose packages that suit your needs.

Start-up
£ 60  / Month (+VAT)

This price plan is suitable for the start-up companies who are not VAT registered.

  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Payroll & RTI submission for 1 employee
  • Personal tax return [salary & dividends income only] (Free)*
  • File confirmation statement (annual return) with Companies House
  • Reference letters for Director only (Free)*
  • Assisting with correspondence from HMRC and Companies House
  • Unlimited face to face advice and email support
  • 1 Director
  • 1 Shareholder
  • Annual turnover should be less than 80K
Limited Company
£ 100  / Month (+VAT)

This price plan is suitable for the companies who are VAT registered and turnover is less than 100K with a couple of employees.

  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Monthly payroll including RTI submission for up to 2 employees
  • Personal tax return [salary & dividends income only] (Free)*
  • File confirmation statement (annual return) with Companies House
  • Reference letters for Director only (Free)*
  • MTD VAT returns submissions – quarterly
  • Unlimited face to face advice and email support
  • 1 Director
  • 1 Shareholder
  • Annual turnover should be less than 100K
Company Pro
£ 150  / Month (+VAT)

This price plan is suitable for the companies who are VAT registered; turnovers are more than 100K and have 2 directors and shareholders.

  • Company formation (if required)
  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Monthly payroll including RTI submission for up to 5 employees (Free)
  • MTD VAT returns submissions – quarterly
  • Personal tax return [salary & dividends income only] (Free)*
  • File confirmation statement (annual return) with Companies House
  • Reference letters for Director only (Free)*
  • Unlimited face to face advice and email support
  • 2 Directors
  • 2 Shareholders
  • Annual turnover should be less than 200K
Company Premium
Let's talk.  / 

This bespoke price plan is suitable for the companies who are VAT registered, with more directors, shareholders and employees. Also, annual turnover is more than 200k and requires further bespoke services.

  • Company formation
  • Year-end accounts preparation and submission
  • Corporation Tax returns
  • Monthly payroll including RTI submission all employees
  • MTD VAT returns submissions – quarterly
  • Personal tax return [salary & dividends income only] (Free)*
  • File confirmation statement (annual return) with Companies House
  • Reference letters for the all Directors (Free)*
  • Unlimited face to face advice and email support
  • Flexible and can be discussed
  • Annual turnover should be more than 200K

Add on Services

  1. Personal Tax Returns

    This price plan is suitable for self-employed individuals, landlords and those who need to submit Self-Assessment Tax Returns.

    If you need to submit the Self-Assessment Tax Return, we can offer you competitive prices starting from £150 + VAT. Price can vary according to your nature of income. Please contact us for more details.

  2. Tax Investigation
  3. Business Legal Support
  4. Company Formation
  5. Business Mentoring
  6. ARA accounting services for ATOL & ABTA travel companies

    Our commitment to you is that we’ll ensure all the information we’ve submitted to the Civil Aviation Authority is up-to-date and accurate. 

Taxcare Accountancy was formed to provide Small & Medium Businesses with an affordable, proactive and professional accountancy services…