Social distancing may be the new normal. It’s been a crucial weapon in the fight against the COVID-19 pandemic. By limiting social contact and the mixing of households, the British Government has been able to restrict and control the spread of the virus. However, these measures haven’t been without consequences. One clear impact of lockdown measures has been a considerable shrinking of the British economy. Businesses are unable to trade as usual, and this has been especially difficult for the self-employed. If you’re self-employed and have yet to investigate the SEISS scheme, consider working with a tax accountant in Epsom to explore your options.
The SEISS has been developed and implemented by the British Government to support the self-employed throughout the COVID-19 pandemic. Essentially, the scheme aims to replace some of the profits lost as a result of lockdown measures. Eligibility is based on a substantial loss of profits. This scheme carries certain tax implications, too. Any loss in profits as a result of COVID-19 should be indicated on tax returns filed in this tax year. It’s also important to note that the SEISS has been running for several months now, and the criteria for this round is fairly different from the first two. You may require assistance from a tax accountant in Epsom to determine whether or not you are eligible for the SEISS.
If you are eligible for the SEISS, you should take advantage of this opportunity. The British Government has developed schemes like the SEISS as a financial lifeline for the self-employed. If you are unsure of whether or not you might be eligible, consider working with a tax accountant near Epsom. David Beckman & Co. Ltd. is an experienced, professional firm which has adapted its services to support clients with assistance specific to the COVID-19 pandemic. Contact them to discuss the SEISS scheme further.