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Covid-19 Uncategorized

𝐒𝐄𝐈𝐒𝐒 𝐄𝐱𝐭𝐞𝐧𝐬𝐢𝐨𝐧 𝐆𝐫𝐚𝐧𝐭 𝟑 24/11/2020 Update, 𝐡𝐞𝐫𝐞 𝐢𝐬 𝐭𝐡𝐞 𝐭𝐨𝐩 𝟓 𝐅.𝐀.𝐐’𝐬:

***𝐀𝐧 𝐚𝐝𝐝𝐢𝐭𝐢𝐨𝐧𝐚𝐥 𝐜𝐥𝐚𝐮𝐬𝐞 𝐢𝐧 “𝐰𝐡𝐨 𝐜𝐚𝐧 𝐜𝐥𝐚𝐢𝐦?” 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐢𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐞𝐝 𝐨𝐧 𝐭𝐡𝐞 𝟐𝟒/𝟏𝟏/𝟐𝟎𝟐𝟎, please see our links below for examples of who is, and who is not able to claim***

1. Is it an 𝟖𝟎% grant 𝐢𝐧 𝐭𝐨𝐭𝐚𝐥? -𝐘𝐄𝐒, 𝐢𝐭 𝐢𝐬 𝐧𝐨𝐰!!! !𝐓𝐡𝐞 𝐚𝐦𝐨𝐮𝐧𝐭 𝐢𝐬 𝐧𝐨𝐰 𝐭𝐡𝐞 𝐬𝐚𝐦𝐞 𝐚𝐬 𝐭𝐡𝐞 𝐟𝐢𝐫𝐬𝐭 𝐠𝐫𝐚𝐧𝐭!

2. 𝐖𝐡𝐞𝐧 does the claims window open? – The Online claims window opens on the 𝟑𝟎𝐭𝐡 𝐨𝐟 𝐍𝐨𝐯𝐞𝐦𝐛𝐞𝐫 𝟐𝟎𝟐𝟎

3. 𝐖𝐡𝐨 can claim? – Those who 𝐛𝐞𝐭𝐰𝐞𝐞𝐧 𝐭𝐡𝐞 𝟏𝐬𝐭 𝐍𝐨𝐯𝐞𝐦𝐛𝐞𝐫 𝐚𝐧𝐝 𝐭𝐡𝐞 𝟐𝟗𝐭𝐡 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟏 are trading but are impacted by 𝐫𝐞𝐝𝐮𝐜𝐞𝐝 𝐝𝐞𝐦𝐚𝐧𝐝 (for example lack of work, less opportunity to work (no home visits etc.)

𝐀𝐥𝐬𝐨, those who 𝐛𝐞𝐭𝐰𝐞𝐞𝐧 𝐭𝐡𝐞 𝟏𝐬𝐭 𝐍𝐨𝐯𝐞𝐦𝐛𝐞𝐫 𝐚𝐧𝐝 𝐭𝐡𝐞 𝟐𝟗𝐭𝐡 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟏 were trading but are temporarily unable to do so, this is a little bit of a grey sentence as it can cover a vast range of circumstances. If you were working but can’t temporarily, you can claim.

******𝐍𝐄𝐖 𝟐𝟒/𝟏𝟏/𝟐𝟎𝟐𝟎*****

Reasonably believe there 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐬𝐢𝐠𝐧𝐢𝐟𝐢𝐜𝐚𝐧𝐭 𝐫𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧 𝐢𝐧 𝐲𝐨𝐮𝐫 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐩𝐫𝐨𝐟𝐢𝐭𝐬 due to reduced demand or your inability to trade, as a result of 𝐜𝐨𝐫𝐨𝐧𝐚𝐯𝐢𝐫𝐮𝐬 during the period 𝟏𝐬𝐭 𝐍𝐨𝐯𝐞𝐦𝐛𝐞𝐫 𝐭𝐨 𝟐𝟗𝐭𝐡 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟏.

We understand (and the direction makes it clear) that the significant reduction in trading profits (earned less) test is to be applied to the tax year as a whole.

The significant reduction of trading profits (earned less) will be expected to appear in the results they report on their 2020/21 tax return.

𝐇𝐌𝐑𝐂 𝐞𝐱𝐩𝐞𝐜𝐭𝐬 you to make an 𝐡𝐨𝐧𝐞𝐬𝐭 𝐚𝐬𝐬𝐞𝐬𝐬𝐦𝐞𝐧𝐭 about whether you reasonably believe your business will have a significant reduction in profits. (how much you earn)

https://bit.ly/NJB-SEISS-EXAMPLES

HMRC has specifically said that a reduction in profits due to increased costs (𝐬𝐮𝐜𝐡 𝐚𝐬 𝐡𝐚𝐯𝐢𝐧𝐠 𝐭𝐨 𝐛𝐮𝐲 𝐦𝐚𝐬𝐤𝐬) 𝐝𝐨𝐞𝐬 𝐧𝐨𝐭 𝐜𝐨𝐮𝐧𝐭 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐩𝐮𝐫𝐩𝐨𝐬𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐭𝐡𝐢𝐫𝐝 𝐠𝐫𝐚𝐧𝐭.

In short, to claim the third you must earn less because there is 𝐥𝐞𝐬𝐬 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐭𝐨 𝐰𝐨𝐫𝐤 between Nov and Jan, not because you have to spend more on materials, PPE, travel etc.

https://bit.ly/NJB-SEISS-EXAMPLES

𝐍𝐨 𝐜𝐥𝐚𝐢𝐦 can be made where the reduced activity, capacity or demand is caused solely because the person is required to self-isolate, or care for a person required to self-isolate, 𝐚𝐬 𝐚 𝐫𝐞𝐬𝐮𝐥𝐭 𝐨𝐟 𝐭𝐫𝐚𝐯𝐞𝐥𝐥𝐢𝐧𝐠 𝐭𝐨 𝐭𝐡𝐞 𝐔𝐊.

You must also intend to continue trading. If you intend on leaving self-employment, for example retiring or switching to a full-time PAYE position, you should not claim.

https://bit.ly/NJB-SEISS-EXAMPLES

Please read between the lines of HMRC’s examples and notice that 𝐭𝐡𝐞 𝐜𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐢𝐬 𝐢𝐧𝐜𝐥𝐮𝐝𝐞𝐝 𝐢𝐧 𝐚𝐥𝐥 𝐇𝐌𝐑𝐂 𝐞𝐱𝐚𝐦𝐩𝐥𝐞𝐬!

All other criteria are the same as it was for the first and second grants, 𝐲𝐨𝐮 𝐦𝐮𝐬𝐭 𝐡𝐚𝐯𝐞 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐝 𝐚𝐧 𝟏𝟖.𝟏𝟗 𝐫𝐞𝐭𝐮𝐫𝐧 𝐭𝐨 𝐛𝐞 𝐞𝐥𝐢𝐠𝐢𝐛𝐥𝐞. *******************************************************************4. Are these 𝐠𝐫𝐚𝐧𝐭 𝐭𝐚𝐱𝐚𝐛𝐥𝐞 𝐚𝐧𝐝 𝐬𝐮𝐛𝐣𝐞𝐜𝐭 𝐭𝐨 𝐍𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞? – 𝐘𝐞𝐬, just as the first two were.

5. Will this 𝐠𝐫𝐚𝐧𝐭 𝐫𝐞𝐝𝐮𝐜𝐞 𝐜𝐥𝐚𝐢𝐦𝐬 𝐟𝐨𝐫 𝐮𝐧𝐢𝐯𝐞𝐫𝐬𝐚𝐥 𝐜𝐫𝐞𝐝𝐢𝐭? – 𝐘𝐞𝐬, universal credit is an income-based benefit, and these grants are income-based support. More info: http://bit.ly/MSE-UC-Claim

𝐌𝐨𝐫𝐞 𝐮𝐬𝐞𝐟𝐮𝐥 𝐥𝐢𝐧𝐤𝐬 𝐚𝐧𝐝 𝐫𝐞𝐬𝐨𝐮𝐫𝐜𝐞𝐬:

https://bit.ly/NJB-SEISS-EXAMPLES
https://blog.njb-taxback.co.uk/
https://bit.ly/ICAEW-SEISS-3rd-GRANT
http://bit.ly/HMRC-SEISS-GUIDE
http://bit.ly/MSE-Covid-19-SEISS
https://bit.ly/NJB-COVID-GUIDE

𝐌𝐓𝐃 𝐟𝐨𝐫 𝐈𝐧𝐜𝐨𝐦𝐞 𝐭𝐚𝐱, 𝐁𝐢𝐠 𝐜𝐡𝐚𝐧𝐠𝐞𝐬 𝐚𝐫𝐞 𝐜𝐨𝐦𝐢𝐧𝐠

http://bit.ly/NJB-MTD
https://bit.ly/MTD-Survival-Guide
https://bit.ly/HMRC-MTD-Guide
https://bit.ly/NJB-Starling-Free-Business-Account