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What are my ‘trading profits’?
HMRC Guidance indicates that, in calculating trading profits, they will deduct:
  • Allowable business expenses (e.g. deductible costs of travel, premises, staff stock etc.).
  • The £1,000 trading allowance (where claimed instead of actual expenses)
  • Capital allowances
  • Flat rate expenses
How will HMRC calculate my ‘average trading profits’?
To work out the average trading profits, HMRC will add together all profits and losses for all tax years in which you’ve had a continuous trade. This means that exactly how average trading profits are calculated will depend upon which of the tax years 2016-17, 2017-18 and 2018-19 you traded in:
Example 1
A taxpayer traded in all three tax years 2016-17, 2017-18 and 2018-19 and had the following profits and losses:
  • 2016-17: £60,000 in profit
  • 2017-18: £60,000 in profit
  • 2018-19: £30,000 in loss
Their average profit = (£60,000 + £60,000 – £30,000)/3 years = £30,000/12 months = £2500 per month x 3 month profit= £7,500 x .80% = £6,000 one time payment for SEISS Grant.
Example 2
A taxpayer did not trade in 2016-17, but traded in 2017-18 and 2018-19 and had the following profits and losses:
  • 2016-17: Did not trade
  • 2017-18: £25,000 in profit
  • 2018-19: £45,000 in profit
Their average profit = (£25,000 + £45,000)/2 = £35,000/12 = £2916.66 x 3 months = £8,749.98 x 80% = £6,999.98 one time payment for SEISS Grant
I am a company director – am I eligible?
We have received a number of queries about company directors – particularly those running family businesses and those with personal service companies (PSCs) – and asking if they can claim under the scheme.
These individuals often receive a modest salary and take the rest of their income as dividends. While some may consider themselves effectively self-employed, they are not actually self-employed from a legal perspective and are not eligible for the self-employed scheme.
Can non-resident and non-domiciled individuals claim under the scheme?
The scheme is open to non-residents, and those claiming the remittance basis. However, they will be required to certify that their trading profits are at least equal to their other worldwide income (including overseas income) for any relevant tax years.
How does the scheme work for partnerships?
If you are a member of a partnership, eligibility will be worked out based on your share of the partnership’s trading profits.
Can my tax agent help me claim?
Agents can use HMRC’s online eligibility checker to see if their clients are eligible for the scheme.
However, the actual claim cannot be made by an agent – the taxpayer has to make the claim personally. Tax agents may, however, help or support the taxpayer in doing so. HMRC is encouraging tax agents to support their clients by helping them to determine whether or not they are eligible for the scheme.
What happens when I’ve submitted a claim?
You should be told straight away if your claim is approved, and payment should then follow within six working days. Payment will be by way of a single instalment directly into your bank account. You must keep a record of the amount claimed your claim reference number and evidence that your business has been adversely affected by a coronavirus.
Can I keep working if I make a claim?
If you receive a grant under the scheme you can continue to work in your existing trade, start a new trade, take on employment (including voluntary work)
How do I account for any payments received?
The grant will be paid directly into your bank account in one instalment. The amount received will be subject to income tax and National Insurance contributions but does not have to be repaid. You will need to report the grant on your self-assessment tax return.

Please take a look here:

Every click earns £1 for the NHS – how can you not do it?

The Uspire message is:

we energise your people to transform your business

Your first step is easy – give us one hour of your time, so we can learn more about your specific needs.

https://uspire.co.uk/

Hygiene Station that brings safety and confidence back in your business.

Woodnet Lifestyles Ltd., seller of SaniPro Stations has been established on the back of the current pandemic. Ash Sanjenbam, MD of Woodnet Lifestyles Ltd, already runs a successful security business Kingfisher SEC, so he is not new to keeping people and properties safe.

When his good friend from Slovenia contacted him with the idea of a sanitising station, they worked on it together, developed it, and the result are two products that have been designed, produced and despatched to the UK, all in less than a month.

SaniPro and SaniBasic are two stations that allow contactless hand sanitation, with SaniPro offering additional compartments for disposable gloves, masks and/or tissues as well as a waste bin.

SaniPro Station is offered in five options, white, cream, anthracite grey, trendy and a completely customised station with the colours of your corporate identity, your logo and your business tagline on orders of 7 units or more.

SaniBasic Station comes in combination of white and anthracite grey.

Ash said: “Our first products were purchased by fellow members of the Hounslow Chamber of Commerce, Venture X Chiswick Park and the reactions of Andrew Ross and Tom Foster, CEO’s of Venture X have been nothing but positive.”

Andrew said: “The products look great, do a fantastic job and fit in well with our office décor as well as being great value for money. More importantly the order itself was seamless and it took less than a week from the order to placing the stations in our workplace in Chiswick Park.”

Woodnet Lifestyles is now taking large and small orders for both products, find out more by checking out their website sanistationuk.com or emailing them at support@sanistationuk.com

They are also active on LinkedIn, Facebook and Instagram so please like, share and promote a local business to your networks.

Everything Speaks!

How we as employers act now will be remembered by employees, customers and the local community long after the present health and economic crises end.

Helping employees return to a safe place of work is one of those defining moments.

In my experience, talking through plans with someone else, has helped me crystallize my thoughts and decide the best actions to take. I have many years experience helping businesses manage change and getting out of crisis situations, so feel free to click on this link to set up a date/time for a chat. https://meetings.hubspot.com/john-rose

Worse case scenario is you will lose a few minutes of your time. Best case…well it could be a different kind of Zoom for you business!

We have also spoken to a wide range of SMEs about the new and very real challenges they face beyond lockdown and devised a bespoke short-term HR package to directly address and resolve common concerns.

Our short-term bespoke HR package will provide:

  • An initial call to establish a return to work plan appropriate to your business.
  • A draft plan from the call above.
  • Unlimited HR and employment law advice via email, phone or video call for a set period.
  • Support and advice on the management of employees returning to work, interviews and team integration.
  • Redundancy and lay off advice.
  • Flexible working requests support & advice.

This might address some of your needs, but not all. If you have pressing HR concerns that are not included in this list, please let me know. Our service is flexible and puts your business first.

You may know other business owners, who may be interested in any of the above, so feel free to share this email with them.

Take care and stay safe.

Thanks for signing our open letter to the Association of British Insurers. Our campaign is growing in numbers and is catching the eye of the media. Last week we spoke to The Sunday Times, the BBC, Sky News, and the Huffington Post.
This is going to be a very tough fight. Our letter, our petition, and our success raising the issue in the media all help. However, insurance companies know that if they keep resisting, they can probably ride out the storm. It is in their interests to keep stalling until we get tired of campaigning, go out of business, or both.
We are determined not to let that happen. We’re continuing to ratchet up the pressure, but we need your involvement.
Here are 3 things you can do:
1. Register your interest in taking group action
Customers of different insurance companies are grouping together to align their interest and coordinate possible litigation. Covid Claims Group is a grassroots organisation founded by small businesses. We are building a database of policyholders and talking with law firms about the merits of “class action” lawsuits.
You can register your interest, without making any commitment to involvement in a class action, by completing our online form. You will be updated about actions being considered, giving you the option to participate.
2. Send the open letter to your MP
Several Members of Parliament, from different parties, have been supportive of our campaign and said they are willing to ask questions in the House and put them to the relevant Select Committees. It would help our campaign if many more MPs heard from their constituents about this issue. The more emails they get, the higher we push this issue up the agenda.
It’s easy to email the open letter to you MP. Click here to use our template letter. If you copy us on your email (mail@covidclaimsgroup.org) we’ll be able to keep track of which MPs have been contacted.
3. Help us understand your business and your claim
Journalists always look for numbers to help convey the scale of the issue they’re reporting. We’ve created a short online survey that will help us to tell the story of how small businesses in the UK are being affected after being abandoned by their insurance company. Aston Business School has offered to help analyse the data and we will share the survey results with you. Click here to take the survey.
Thank you very much for taking these actions. We are business owners like you, so we understand the stress that insurance companies are causing. We know that crossing our fingers and hoping for the best won’t cut it, so we appreciate you getting involved and helping us to stay in the fight.
James Ollerenshaw
Leader of the Covid Claims Group campaign

Please find attached the following link to the May Monetary Policy Report; this will include PowerPoint slides and Excel sheets containing the final charts and tables, as well as the visual summary.

 

MPR and FSR visual summary page and charts and tables file

 

https://www.bankofengland.co.uk/report/2020/monetary-policy-report-financial-stability-report-may-2020

 

PDF version of the MPR

 

https://www.bankofengland.co.uk/-/media/boe/files/monetary-policy-report/2020/may/monetary-policy-report-may-2020

 

MPC summary and minutes

 

https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2020/may-2020

The Red Lion in Ealing has opened its doors to the local neighbourhood in a temporary new role as a community store. Like all pubs, The Red Lion is unable to operate in its usual manner – provide delicious Italian food, a great range of beers and a convivial pub atmosphere – but licensee Edin Basic was determined to continue to serve the local community.

 

Building on his Italian contacts and connections, the store brings a touch of la dolce vita to St Mary’s Road, Ealing with a range of focaccias with rosemary, red onion and extra virgin olive oil which are freshly baked by Edin himself, every morning at 5am.

 

Italian nocellara olives, antipasti, Parma ham and a number of Italian cheeses are also on offer, as is a range of beers – including draught beer to take away, wine and traditional corner store items such as fresh fruit, veg and herbs from the local market and sourdough bread from the woodfire oven in the adjacent Santa Maria restaurant.

 

Edin said: “It’s not in my nature to stay closed and wait for this to blow over – I just had a real desire to find a way to safely continue to serve my community. I spoke to my team, my business partners and my suppliers and we decided that it was time to bring a piece of Italy back to Ealing again – so we opened the pub as a community store.

 

“The safety of our customers and our team is paramount – and we spent a long time making sure we had a way of ensuring social distancing could be adhered to at all times. Once that was sorted, I went back to what I love doing – baking fresh bread, providing the best in Italian deli produce and bringing life back into the community. It has been so well received – I’ve had lovely comments from my customer and seeing them leave with a smile on their face is exactly what we all need right now.”

The Red Lion community store is open every day from 10am to 5pm, is operating under full social distancing rules and with a one-way system to ensure the safety of customers and team members. For regular updates, follow The Red Lion on social media at @TheRedLionW5 (Facebook), @redlionealing (Instagram) and Edin Basic (LinkedIn).

Webinar Advice from Hounslow Chamber Task Force 14/05/20 – https://bit.ly/3bESovO

Webinar Health and Wellbeing 12/05/20 – https://bit.ly/36aQge2

Webinar Advice from Hounslow Chamber Task Force 07/05/20 – https://bit.ly/3bHWymk

Advice from Hounslow Chamber Task Force 30/04/20 – https://bit.ly/3fZgrsu

Micro business support in these unprecedented times 22/04/20 – https://bit.ly/3bEcWo1

Advice from Hounclow Chamber task force 16/04/20 – https://bit.ly/35wqd0I

Business Advice From Hounslow Chamber Task Force webinar  08/04/20 – https://bit.ly/2W3oyfP

Cash Flow/Finance webinar 06/04/20 – https://bit.ly/2SBwdjc

Launch of Task Force on 31/03/20 – https://bit.ly/35rYiim