Coronavirus: Second SEISS grant and new deadline
Taxpayers will need to apply for a further three months of SEISS grant, to be paid at a reduced level. Applications for the first SEISS grant will also close on 13 July 2020.
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Consulting tax editor for Accountingweb.co.uk. I also write newsletters for a number of other publishers including the Tax Advice Network and PTP Training.
Replies (4)
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Why have over 2 million self-employed not claimed SEISS.
Well, I have several self-employed clients who have been unable to claim SEISS because they have been prudent and not spent their money on expensive holidays etc. and instead invested in private pension schemes. Because their pension income, including state pension, now accounts for over 50% of their income, then they can not claim SEISS.
Those that have spent all their money are now getting SEISS and other benefits.
For a government that wants people to invest for their old age, then being penalised by not being able to claim SEISS is certainly no encouragement.
The advise seems to be the same as a lady many years ago said when she won on the pools, Spend, Spend, Spend, then the state can look after you afterwards.
I can see no reason to advise my clients to invest in pensions anymore.
Why have over 2 million self-employed not claimed SEISS.
Well, I have several self-employed clients who have been unable to claim SEISS because they have been prudent and not spent their money on expensive holidays etc. and instead invested in private pension schemes. Because their pension income, including state pension, now accounts for over 50% of their income, then they can not claim SEISS.
Those that have spent all their money are now getting SEISS and other benefits.
For a government that wants people to invest for their old age, then being penalised by not being able to claim SEISS is certainly no encouragement.
The advise seems to be the same as a lady many years ago said when she won on the pools, Spend, Spend, Spend, then the state can look after you afterwards.
I can see no reason to advise my clients to invest in pensions anymore.
Hmm and give up the tax planning benefits of such for the sake of £7,500 and a bit less in SEISS v2?
I have seen hardly any of these and I have seen lots of claims. There will always be the odd person to miss out but to say you won't advise clients to invest in pensions anymore is way OTT.