It’s now been a couple of weeks since the Chancellor announced the latest financial support for businesses feeling the effects of the COVID-19 pandemic. To find out what’s available and what you’re eligible for, head over to COVID-19 financial support post. Understandably, it’s just the top level details that have been announced at the daily briefings, with the finer details following later, and often being drip-fed into HMRC’s guidance. This has led to a lot of speculation being passed around as fact, so I thought I’d look at some of the misconceptions that I’ve seen being discussed. I’ll be concentrating on the Self Employed Income Support Scheme (SEISS) here, but will be covering limited companies and some of the other schemes available in future posts.
Blogs about Sole Trader
I know that many of you are worried about the current situation, and the effect it could have on your businesses. The original financial support measures announced back in March were designed to take us through to May/June. As a result extensions and changes have since been announced in order to provide further support for the next few months.
So many people put their tax return off until the last minute, and the HMRC phone lines are inundated with callers asking for advice and support throughout January; it can be a terribly stressful time of year, and - coming directly after the expense and frivolity of Christmas and New Year - can see pennies stretched to their thinnest – so I always advise getting yourself organised well ahead of time, meaning that you don’t have the pressure of that deadline looming over you as your next exciting year begins.
Time flies when you’re having fun - and when you’re focussed on running your own business the months can rush by faster than you anticipated, meaning that things slip down the to-do list waiting for the right time to be actioned. I’ve written about payments on account before - but here’s why it matters today:
You’ve got a fantastic business idea and you can’t wait to get going with it and make it a success. But what type of business should you be? It’s not as exciting as sorting out your branding, or planning your marketing strategy, it’s definitely worth spending some time thinking about what type of business you’re building.