Self-employed working under CIS

Good Morning, I hope you had a very nice Easter break. We have a couple of updates on the financial front, so let's dive right in. Firstly for those of you that work in construction and have had CIS deductions from your invoice, depending on your earnings you may be due a refund. For those making the deductions, they have to report for the last time the 19/20 deductions on the 19th April. So don't delay, get your tax returns in or get your books to your accountant. A rebate of a thousand or two will go a long way to helping get through another month of lockdown.

The second piece of news that has been well publicised is that the government backed business interruption loan scheme is simply not working. Only 4,000 loans have been issued following 300,000 enquiries. Lord Mervin King, ex-governor of the bank of England has put more pressure on the government to fix this and they have acknowledged there is a problem and are working to address it. So if you've been turned down, been offered terrible terms or high interest rates, watch this space as it may be worth enquiring again shortly.

The final update from me today is that we now have a monthly newsletter, and the first issue will be published today. You won't be surprised to hear with all that's going on that this issue is a special Covid 19 issue. So drop us an e-mail at enquiries@tsabusinessadvisors.co.uk to subscribe. We won't share your details with anyone else but you may find it interesting. if you want to unsubscribe, simply e-mail with the subject unsubscribe.