Tag Archive for Self-Employed

HMRC opens self-employed income support early on May 13

Originally written by Timothy Adler on Small Business
HMRC will open the Self-Employed Income Support Scheme (SEISS) earlier than expected on May 13.
The taxman has already begun notifying the self-employed if they are eligible for the SEISS.
Previously chancellor Rishi Sunak had announced the scheme would open in June.
The claim service will open on May 13 and payments to eligible workers will be made by May 25, or within six working days of completing an application.
Approved claims through the self-employed income support will be made within six working days.
The Self-Employed Income Support Scheme will allow you to claim a taxable grant of 80 per cent of your average monthly trading profits, paid out in a single instalment covering three months, and capped at £7,500 altogether.
>See also: Self-employed Income Support Scheme what it means for you
HMRC says this temporary scheme may be extended.
The grant will be subject to Income Tax and self-employed National Insurance.
You can check if you’re eligible to claim through the HMRC website here.
Self-Employed Income Support
While the accelerated scheme will be welcomed by the 3.8m self-employed workers thought to be eligible, the government’s decision to press ahead with the Self-Employed Income Support Scheme disappoint up to 2m people who it has

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Self-employed Income Support Scheme what it means for you

Originally written by Timothy Adler on Small Business
UPDATED: Chancellor Rishi Sunak has announced a Self-Employed Income Support Scheme to help Britain’s 5m self-employed get through the coronavirus pandemic.
The Self-Employed Income Support Scheme will offer a taxable grant of up to 80 per cent of a self-employed person’s income based on their taxable profits over the past three years, capped at £2,500 per month.
The scheme will only become available at the beginning of June and will have an initial three-month lifespan, to be reviewed.
And the Self-Employed Income Support Scheme will only cover those who paid tax on trading profits of up to £50,000 of income in 2018-19.
HMRC will pay the single lump sum direct into people’s bank accounts.
Individuals should not contact HMRC now. HMRC will use existing information to check potential eligibility and invite applications once the scheme is operational.
Sunak claimed the Self-Employed Income Support Scheme, which will cover up to 95 per cent of people who receive the majority of their income from self-employment, was unparalleled in almost any other country.
Sunak said: “We know that people are worried about their jobs and income … many self-employed people are worried about the lack of support for them.
“This last 100 days have

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It’s time for a modern tax system that works for the self-employed

Originally written by Chris Bryce on Small Business
The self-employed are one of the UK’s great economic success stories. As their numbers have shot up in the last ten years – from 3.8 million to almost 5 million – so too has their economic contribution (including tax).
Self-employed workers contributed £275bn to the economy in 2018 – enough to fund the NHS twice over. They also provide businesses across the UK with vital flexibility and specialist expertise.
Despite the crucial contribution of freelancers, however, the fact is that today they are being stifled by a tax system that just doesn’t work for them. The analogue and outdated tax system in the UK was built with just two groups in mind: employers and employees. And as the number of self-employed has grown, tensions have increased in this creaking system.
The problem is that instead of redesigning the tax system to work for the self-employed, successive governments have just tried to patch it up and retrofit it. The result is confusion and heavy-handed, damaging policies like the off-payroll working rules aka ‘IR35’.
The latest iteration of this cumbersome tax law is basically designed to force non-employees into the employee tax system. It’s a crude policy that has

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Why millions of people want to become self-employed in 2019

A massive 2.6 million Brits want to start their own business in 2019, according to research from FreeAgent. Others aren’t quite ready yet. A further 15% say that they want to work for themselves in the next few years and over a quarter (26%) said that they want to start their own businesses but don’t have
The post Why millions of people want to become self-employed in 2019 appeared first on Small Business.

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Pension saving options for self-employed workers and sole traders

It seems that the self-employed need help to make pension saving easier and to encourage them to commit to saving. The self- employed market is growing but as people leave the workplace – where the chances are there was pension provision and will certainly be from now on, as pensions auto enrolment has been introduced
The post Pension saving options for self-employed workers and sole traders appeared first on Small Business.

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Most self-employed workers think Brexit won’t affect their business

Most (63 per cent) self-employed workers think Brexit will have no direct impact on their business, according to new research. Kensington Mortgages surveyed over 1,000 self-employed workers across the UK to analyse their thoughts and concerns over the year ahead. Of those surveyed, an optimistic 47 per cent of these self-employed workers expect 2018 to
The post Most self-employed workers think Brexit won’t affect their business appeared first on Small Business.

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Should you register as a sole trader or a limited company?

One of the most important decisions you’ll have to contend with is the structure and legal status your business will use moving forward: will you operate as a sole trader or as a limited company? The structure you choose can have an impact on almost every aspect of your business, including how much tax you
The post Should you register as a sole trader or a limited company? appeared first on Small Business.

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Self-employed think artificial intelligence won’t majorly affect the workplace

Half of the UK’s independent workers don’t think that artificial intelligence will have a significant impact on the world of work. Accenture data has predicted that the growing trend of AI in the workplace could double annual economic growth rates, but independent workers aren’t convinced. A Qdos Contractor survey with over 1500 contractor respondents shows
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Most people want to go self-employed to ditch the boss

Almost eight out of ten people say that ditching the boss is the main reason why they want to go self-employed. Other reasons include a better work-life balance (66 per cent) and more money (46 per cent), according to research from AXA Business Insurance. It appears that it’s worth the gamble. In a separate survey
The post Most people want to go self-employed to ditch the boss appeared first on Small Business.

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