Aaron Associates updates

5th May 2020 - Self-Employment Income Support Scheme grant - 80%.

Self-Employment Income Support Scheme grant.

The scheme will allow taxpayers / self-employed to claim a taxable grant of 80% of the average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether.

Pre-application stage

Emails, SMS messages and letters are being sent to taxpayers who HMRC thinks may be entitled to claim the grant. These are expected to arrive during the week beginning 4 May 2020.

HMRC Business Support - Update COVID-19


HMRC Tax helpline - 0800 024 1222

HMRC helpline for businesses or the self-employed is available on 0800 024 1222. This deals with time to pay, instalment arrangements, suspending debt collection proceedings, cancelling penalties and interest due to payment difficulties.

Claiming wage costs - Coronavirus Job Retention Scheme 

Update - Staff payments and reclaim - Coronavirus

I have staff off due to coronavirus (COVID-19), what should I pay and what can I reclaim?

This most common questions asked over the last few days, is regards paying employees statutory sick pay if they are off work due to coronavirus.

The guidance is changing on a daily basis and we will update our guidance published to remain in line with new Government guidance.

For the most up to date information and guidance from the Government, please regularly review the Government response page:

Support for businesses and employers

With the recent government announcements regarding COVID-19, we understand that you require the latest information in order to make sound business decisions. Our website includes information on the package of temporary, targeted measures to support businesses through this period of disruption caused by COVID-19. The package includes:

AUTUMN STATEMENT – November 2023

We have summarise the key tax announcements.


Tax cuts for partners and the self-employed

From 6 April 2024:

  • class 2 National Insurance Contributions (NIC) will be abolished
  • class 4 NIC will be reduced from 9% to 8%.

This will reduce the tax burden on partners and the self-employed.

New VAT Penalty System

HMRC is introducing a new 'fairer' cross tax penalty system which will affect all VAT periods commencing on or after 1 January 2023...

HMRC's New VAT Penalty Regime

The new system introduces 2 separate penalties for

•             late submission of VAT returns; and/or

•             late payments of VAT

Late submission of VAT returns


Update you from Aaron Associates.

Tax-Free Childcare is a scheme which allows parents to pay into an online account. To qualify for Tax Free Childcare all parents in the household must generally meet a minimum income level, based on working 16 hours a week (an average £120 a week) and each earn less than £100,000 a year.

Subject to any restrictions (see below), the money paid in is then topped up by 25% by the government - so an £8 payment is topped up by £2. These funds can then be used to pay for:

Timescale for introducing Making Tax Digital for Business

Summary of change

The government has decided to provide 3.1 million small businesses with more time to prepare for Making Tax Digital.  Businesses (including the self-employed and landlords) that have annual turnover below the VAT registration threshold  will have an extra year before they are required to keep records digitally and send HMRC quarterly updates, although they will be able to start doing so voluntarily from April 2017.


Pension contributions could be restricted – Autumn State

The Autumn Statement has traditionally been used to introduce new measures effectively limiting the tax relief on pension contributions. The chancellor will deliver this year’s statement on Wednesday 23 November.

Budget 2016-2017

RE: Budget Summary Tax Card 2016/17

Please find attached, Budget summary 2016-17. We have also listed below some of the headline changes you may find useful.

Personal Tax

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