Setting up multiple companies to separate business interests can seem very straight forward. There are however important considerations. We explore the implications of owning too many companies.
Don’t miss the deadline to claim your self-employed grant!
10 June 2020
COVID-19
The self-employed income support scheme was introduced on 13th May 2020 and to date claims in excess of £7.5 billion pounds have been made to over 2.6 million people.
However, please note that the deadline for the application of the 1st round of the grants will be 13th July 2020. The first round relates to a claim of 80% of average profits in the tax years 2016/17, 2017/18 and 2018/19, (or shorter period if you did not trade throughout that three year period) up to a maximum of £2,500. There are restrictions regarding who can claim, most notably it is not available to those with average profits over £50,000 in the reference period.
This is not to be confused with the 2nd round of grants that will be available to claim in August 2020. That relates to the same basis period and is subject to the same restrictions as the 1st round. However the grant is restricted to 70% of the profits.
If you believe you are eligible and have not yet made your first claim make sure you do so in the not too distant future before it is too late!
To check your eligibility please click https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference
If you have any questions or queries then please do not hesitate in contacting Darren.
