With recent announcements of workings from home, lockdown and grants many observers would be unaware of the forgotten.
The forgotten are 3 million people unable to receive the support they deserve and desperately need in these times when many can’t possibly earn. These aren’t just a select few, they’re New-Self-employed individuals, Directors paid PAYE annually, people who have been paid in dividends, they are PAYE freelancers, they are…me and you.
Whilst it is very little conciliation for the millions out there, here at AME, we’d like to offer any help we can to those in need, whether it be free advice, cash flow forecasts, or simply, someone to talk to.
Below, we’ve included suggestions, that whilst do not solve the forgotten millions, it may help:
- Reduce those payments on Account Due 31st January – With a double whammy due this January, many individuals can rightly reduce their payments on account for next year due to their anticipated lower income for 5th April 2021.
- Make use of the time to pay scheme – Whilst interest will be incurred on your tax liability, HMRC is likely to agree a 12 month payment plan, if arranged prior to 31st January. https://www.gov.uk/pay-self-assessment-tax-bill/pay-in-instalments
- Loans aren’t always bad – The Bounce back loan, whilst has to be paid back, it may just save you short term problems. With 12 months free interest, it cannot be beaten. https://www.gov.uk/guidance/apply-for-a-coronavirus-bounce-back-loan
- Plan to 5th April 2021 and get those books in ASAP – Whilst this is a few months away, the possibility of the inevitable losses that would have arisen in 2021, losses can be carried back 1 year and tax reclaimed. So get them in ASAP for this little booster.
- Don’t be afraid to chat with your bank – Many of our clients, having banked with the same bank for years, have found them willing to increase their overdraft. With your bank knowing the history of your trade, they wont want to lose you as a client.
- Chat with your accountant – Any good Accountant will be happy to have a thorough chat with you about your finances. It may perhaps be a brief look at last years Accounts could be needed. Missed expenses & allowances can happen. Amended accounts can be filed to reduce your tax liability.
Here at AME, we stand with you. The ExcludedUK. Whilst the 3 million out there may feel they have no voice, we here you. If you would like a chat, then we are just a phone call away.