Anna’s Accountancy Alerts – Week 16 (20th – 26th July 2020)

women with a paper receipt

Self-Employment Income Support Scheme (SEISS) Grant

As well as documents showing how you worked out your SEISS claim HMRC requires you to keep records of how your business was adversely affected.

What Counts As Evidence?

HMRC says that your evidence could include business accounts showing a reduction in turnover, confirmation of any coronavirus-related business loans you have received, dates your business had to close because of lockdown restrictions, and dates you or your staff couldn’t work because of coronavirus symptoms, shielding or caring responsibilities because of school closures.

Guide For Company Directors

FSB supports the work of the ICAEW and ICAS in producing a guide for company directors.  It emphasises why it is important to assess the future prospects of your business after the pandemic.  How has this impacted on your accounts and what do you need to do about it?

Here is the report

Restarting Salary From Your Company

It may be that you’ve not drawn salary from your company for the last three months because its income was significantly reduced. However, it’s a good idea to reinstate it.

It will be tax efficient as long as your company has enough profits in the previous financial year or any future one. The total salary should at least equal your tax and NI-free allowances. Leave the salary in the company if it hasn’t got enough cash to pay it.

Stay Up-To-Date With Coronavirus & Brexit News

Coronavirus has affected us all. Whether you’re a sole trader, employer or employee. Stay up to date with the latest news – including government support, tax implications, and more.