The Positive Accountant - Vol 2 Ed 38
Updated: Aug 5
It has been a little while since the last one of these. I wondered if, as a product of the lockdown, the need had diminished.
But based on the number of 'where is it ?' emails that I've been in receipt of, I guess not. As one reader succinctly put it - 'With the exams disaster, £2 trillion of debt and the Government making more U turns than a London cab driver, we need a daily ray of sunshine'
So here we are.
I thought it might be helpful to roundup where we are with the various Government support schemes.
In this edition I'll start with the Self Employed Income Support Schemes (SEISS). The first set of grants has come and gone. The next round is open for applications, and anyone claiming must get the application in before 19th October.
If you qualified for a grant last time then the income averaging/qualification criteria remains the same. However, the one additional criteria that applies is that your business must have been adversely affected (no strict definition) on or after 14th July. So a business that was affected but which has, to coin a phrase, bounced back by 13th July isn't eligible.
The second round grant is 70% of average income, capped at £6,570 - this is, of course, lower than the first round.
As before, it isn't something that accountants are allowed to do, it is a claim that the taxpayer must make themselves.
Next edition I'll cover the furlough scheme and its many changes...
What are my positives today ?
1. There is a shortage of plaster
In the last but one edition I shared the sorry saga of Sylvia's accounting records, which were all but destroyed by a leak through her ceiling. I suggested that as the remains of the papers will be damp and reeking of damp plaster that I would race through them in record time.
There is no truth in the rumour that my blog has caused the nationwide plaster shortage with clients dowsing their books in plaster to reduce fees.
2. This wasn't in the UK Parliament
I'm grateful (maybe the wrong word) to Ben for sharing a Daily Mail article about a Rio de Janeiro council video conference. The meeting was, one presumes, rather dull (it was council meeting after all). And thoughts of one participant and - not to give the game away - his willing partner turned to things not on the official agenda.
Just think, in a different era and set of circumstances we could have been watching John Major and Edwina Currie, John Prescott and Tracey Temple (and so the list goes on)
3. XYZ Bank is Reopen
I won't mention the name as it wouldn't be fair. It's a little known small boutique bank who specialise in mortgages.
I have a client who uses them and we've been struggling to get in touch over the past few months. E-mails unanswered, phone messages not returned, letters ignored.
All has become clear. Their entire staff except for the Chief Exec have been furloughed since March, returning to the office 1st September. Read that again - the entire staff !
Quite how they sort the post and emails I'm not sure, they might need a bulk delete...
Stay safe, stay positive