The Self-employed Income Support Scheme is a system by which the Treasury supplies a grant to eligible sole traders during the COVID-19 pandemic.
Most sole traders are not VAT registered, but some are. So how does the SEISS grant interact with VAT reporting?
READ MORE >Posted on 06 August 2020
Listen to Sandra Coulson, an experienced camera assistant/focus puller, explaining how she got an LP10 letter from HMRC to help her with cash flow.
Read more below the video:
Click CC for captions
Posted on 31 July 2020
HMRC have announced this week how they’re intending to move to digital tax reporting under their Making Tax Digital project (MTD).
In some ways the changes are not that surprising. They’ve been talking about MTD for years. I’ve banged on about it many times.
Reporting VAT via MTD is already compulsory for businesses with a turnover of more than £85,000 per year.
What’s new is their timetable for making all businesses MTD-complient. There are two significant dates, and one vaguely interesting date:
READ MORE >Posted on 23 July 2020
This is one for anyone who’s training online.
I’m demo-ing how to use a USB visualiser, and how to turn your smart phone into a visualiser on the cheap.
In the video I’m using:
NB: David Thomas Media Ltd is not responsible for the content of other sites nor any financial advice provided by them.
Posted on 17 July 2020
First two bits of good news:
It’s important to look at these two announcements together, even though they are completely separate and operate independently of each other.
READ MORE >Posted on 06 July 2020
What do you do when your music business is scuppered by Covid-19?
For Sussex-based jazz producer and musician Neal Richardson it was a case of thinking quickly and thinking laterally.
His music business, Splash Point Music, now broadcasts live on FaceBook and YouTube every week.
I asked Neal to explain how he’s managed to keep positive after all his gigs were cancelled in the space of one March day.
Find out more about Neal and Splash Point Music:
www.splashpointmusic.com >
Splash Point Jazz on FaceBook >
Splash Point Music’s YouTube channel >
Posted on 22 May 2020
There are a number of factors that cause people to shift to limited company structures. It’s important to consider all of them before taking the plunge.
READ MORE >Posted on 15 May 2020
A side effect of lockdown has been a growing familiarity with online socialising, whether it’s a Zoom pub quiz, a family gathering by WhatsApp video, or a jazz night live from Eastbourne via FaceBook Live.
As a trainer, I’ve also spent many hours running courses online using Zoom and ClickMeeting. And we’ve all been getting used to learning and networking while staring at a screen.
But as with real life, some people need to be reminded that you don’t behave exactly the same way when you’re socialising as you do in a ‘professional’ space. Even if you do both via Zoom.
Among the Zoom faux pas I have seen or heard about:
READ MORE >Posted on 03 May 2020
The government’s voluntary furloughing scheme for employers opened for business on Monday 20 April. Within a day the government reported 140,000 employers had logged on to reclaim money for furloughed staff.
Coronavirus Job Retention Scheme on gov.uk >
Any employer can apply to furlough employees, and that includes freelancers who run a company and take a salary from it using a PAYE scheme.
Please note: this blog post refers to the scheme as it was launching in May.
Furloughing is no long an option unless an employee was furloughed by 10 June.
You can read about the Job Retention Bonus here >
Posted on 23 April 2020
If you’re worried about your finances and wondering what support may be available to you, this page suggests a number of steps to take.
Before investigating any form of support it’s important to first assess your current situation, then estimate for the next few months any income/cash from any source (including savings) and compare that to all anticipated costs.
This will help you quantify the level of support you might need before you go looking for it.
And check out our advice and guidance on our Free Stuff page.
Directors of small limited companies typically take income from their company in two ways:
READ MORE >Posted on 14 April 2020
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