As the pandemic continues to impact our way of life, it’s never been so important to manage finances and plan ahead. Understanding the latest tax changes and how they will affect you can be hard to get your head around, especially with everything going on.
One change that self-employed taxpayers had to keep on top of was the Self-Employment Income Support Scheme (SEISS), as there was different criteria for each grant that you could claim.
There were also further changes when HMRC waived the late filing penalties relating to the 19/20 self-assessment tax return, this gave breathing space to 1.8 million individuals who did not submit their tax return by the 31st January deadline.
We appreciate that it’s difficult to stay on top of tax law at a time of such uncertainty. That’s why we’ve asked Mike Parkes from GoSimpleTax to break down the biggest support package of 2020, and how it could impact you in 2021.