National association of the self employed review


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National Association of Insurance Commissioners (NAIC)


On 26 March , the Government announced a support package for those who are self-employed or a member of a partnership and have lost income due to the COVID crisis. The purpose of this article is to further define some of the terms used by HMRC in respect of the scheme, as well as covering some other frequently asked questions. What was meant by reduced activity, capacity or demand? What was meant by 'reasonable belief' that there will be a 'significant reduction in trading profits'? How did HMRC calculate my 'average trading profits'?

I only traded for part of a tax year - did HMRC take this into account? I am a company director — was I eligible? Could non-resident and non-domiciled individuals claim under the scheme?

How did the scheme work for partnerships? How do I account for any payments received? What happens if I claimed the grant when I was not entitled to it? What should I do if my client refuses to repay a grant when they are required to?

Can a business make a voluntary repayment? There has been no indication that any further grants will be made available. In order to be eligible for the grants, an individual had to carry on a trade which was adversely affected by COVID When looking at whether a trade has been adversely affected, there is no specific monetary threshold, and no requirement for income or profits to have fallen by a certain amount.

Individuals should only claim a grant if their business had been adversely affected by COVID at the time of the claim, and they were asked to confirm this to HMRC when claiming. A claim could not be made based on an adverse effect that it was believed may happen in the future. Those claiming under the scheme were advised to evidence how and why their business had been adversely affected by COVID and keep a record of this.

If an individual's business recovered after they claimed, their eligibility will not be affected. HMRC produced further guidance to illustrate when the criteria for being adversely affected might be met. HMRC's guidance broke this requirement into two separate circumstances, indicating that this condition can be met if you:.

In both cases, you must also have intended to continue to trade, and reasonably believed that the reduced demand or temporary inability to trade would result in a significant reduction in your trading profits for a basis period or periods in which the following fell:. The guidance made it clear that increased costs alone for example from having to buy PPE or cleaning supplies would not qualify as reduced demand.

You will therefore not have been eligible for SEISS 3, 4 or 5 if this was the only impact on your business. HMRC's guidance set out some examples of when they believe these conditions may, and may not, have been met.

In order to claim SEISS 3, 4 or 5, you had to reasonably believe that the reduced activity, capacity or demand due to COVID would result in a significant reduction in trading profits for your basis period or periods which include:.

Note that this test was forward looking, and required the position across the whole basis period to be considered. For example, a business with a 31 March year end would have needed to consider whether the qualifying reduction in activity, capacity or demand would significantly reduce trading profits:. HMRC did not publish any detailed guidance setting out their interpretation of 'reasonable belief' or 'significant reduction'.

Instead, they indicated that you need to make an honest assessment, and that this decision could not be made for you by HMRC as it requires individual and wider business circumstances to be considered. HMRC guidance confirms that you did not have to consider any other coronavirus scheme support payments you had already received when deciding whether you reasonably believed that you will suffer a significant reduction in trading profits.

Given the forward looking nature of this test, HMRC advised that you should wait until you have reasonable belief that trading profits would be significantly reduced before making your claim. HMRC's guidance does set out some basic examples of when they believe this condition may, and may not, have been met.

HMRC guidance indicated that, in calculating trading profits, they would deduct:. To work out average trading profits, HMRC added together all profits and losses for all tax years in which you had a continuous trade. This means that, for SEISS 1, 2 and 3, exactly how average trading profits were calculated depended upon which of the tax years , and you traded in:. When looking at average trading profits, HMRC did not take into account the fact that you may have only traded for part of a tax year.

Different rules applied for those subject to the loan charge effectively, these ignore the trading profits in the tax year The examples below assume that the taxpayer is not subject to the loan charge. A taxpayer traded in all three tax years , and and had the following profits and losses:. A taxpayer did not trade in , but traded in and and had the following profits and losses:. This meant that:. As before, when looking at average trading profits, HMRC did not take into account the fact that you may have only traded for part of a tax year.

Different rules applied for those subject to the loan charge effectively, these ignore the trading profits in the tax years and When calculating your non-trading income, HMRC will have taken the figure for total income received on your tax return and deducted your trading income. Non-trading income will therefore include:. One big change for SEISS 5 was that the amount received depended upon how much your turnover had decreased in the year April to April compared to either or In summary, you needed to calculate the following two figures before going to make your SEISS 5 claim:.

The only exception to this was if you started trading in and did not trade in any of the tax years through In most cases, will have been used as the reference year.

However, if you felt this was not a normal year for your business for example due to taking to time off to have a child or through illness, or losing a large contract you could choose to use instead. No - subject to the comments above regarding calculating turnover for SEISS 5, when considering eligibility for the scheme, and the amount eligible individuals receive, HMRC only looked at the overall figures declared on submitted tax returns. They did not pro rata or annualise any of these figures to take into account the fact an individual only started to trade part way through a tax year.

For the purposes of SEISS 1 to 3, if you amended a tax return after 26 March any changes will not have been taken into account when working out your eligibility or amount. However, there is no requirement to repay any grants you have received which would have been lower taking the amended return into account.

For the purposes of SEISS 4 and 5, only amendments made by 2 March will have been taken into account in working out your eligibility or amount. If you amend a return on or after 3 March which would have resulted in you no longer being eligible for a grant you have received, or your grant being lower, you have to notify HMRC and pay back the excess amount of the grant.

We received a number of queries about company directors — particularly those running family businesses and those with personal service companies PSCs — asking if they can claim under the scheme.

These individuals often receive a modest salary and take the rest of their income as dividends. While some may consider themselves effectively self-employed, they are not actually self-employed from a legal perspective, and were therefore not eligible for the self-employed scheme. However, they were required to certify that their trading profits were at least equal to their other worldwide income including overseas income for any relevant tax years. Depending on partnership profit share ratios, this could result in some partners in a partnership being eligible for the scheme, whereas others were not.

However, Partner B would not have been. However, the devolved administrations also set up additional schemes for eligible businesses in those countries.

These included schemes specifically for the newly self-employed and company directors, who would not normally qualify for the SEISS. However, the actual claim could be made by an agent — the taxpayer had to make the claim personally. Tax agents could however help or support the taxpayer in doing so. Claimants should have been told straight away if their claim was approved, and payment should then have followed within six working days.

Payment was by way of a single instalment directly into the claimant's bank account. Once a claim had been approved the claimant could check the status of their payment online. Claimants should have kept a record of the amount claimed, their claim reference number and evidence that they met the eligibility criteria. For SEISS 1 and 2 you should also keep any evidence that your business has been adversely affected by coronavirus. HMRC's guidance indicates that this could include:.

For the purposes of SEISS 5, you should also keep a record of how you calculated the turnover figures used to determine your grant level. If HMRC agreed you were eligible, but you disagreed with their calculation of the amount you were entitled to, you should have completed your claim anyway to ensure that you received a payment.

You could then ask HMRC to review their decision. This form was withdrawn for the second and subsequent rounds, and reviews could only be requested by contacting HMRC via telephone or webchat. Failure to do so could result in HMRC recovery action and penalties. Further details on how to do this can be found below under 'What happens if a business claims the grant when they are not entitled to it?

If you received a grant under the scheme you could continue to work in your existing trade, start a new trade, take on employment including voluntary work or perform duties as an armed forces reservist.

However, as set out above, your business did need to have been affected by COVID, and you will have been asked to confirm this when making a claim.

The amount received will be subject to income tax and National Insurance contributions, but does not have to be repaid. You will need to report the grant on your self-assessment tax return.

This is regardless of the year end of the business, and whether they apply the cash or accruals basis. The only exception is where a grant has been accounted for to a partnership and not retained by the individual partner - for more information see HMRC's Business Income Manual. Legislation to provide for this is included in s32 of Finance Act If you claim Universal Credit, any amounts received should have been reported as part of your self-employment income and may have affected the amount of Universal Credit you received.

The grant should have beeb treated as income received on the day it's paid for any Universal Credit claims or tax credit changes. However, there may be a requirement to repay a grant if:. More detail on how to notify HMRC and pay them back can be found here.

Wherever possible repayment and notification should be undertaken using the online form provided. Where a business does not repay an amount which is due as a result of a return amendment, HMRC have the power to recover this under Schedule 16 of Finance Act as amended by clause 32 of Finance Bill and penalties and interest may apply.

More information on penalties, including when one might be payable, and how this will be calculated, can be found in the SEISS compliance factsheet.

If you were paid a grant to which you were not entitled, you need to tell HMRC and pay them back. The deadline for notifying HMRC is the latest of:. However, if this is not possible, taxpayers should call HMRC rather than writing to them. Legislation included in s and Schedule 15 of Finance Act provides for HMRC to claw back any amounts paid to businesses under the scheme who are not actually eligible. The same legislation also allows for HMRC to charge penalties where an individual has claimed an amount they are not entitled to and does not notify HMRC.



National Association of the Self Employed (NASE)

It also provides information and resources to consumers. The NAIC was founded in by state insurance regulators to "address the need to coordinate regulation of multistate insurers. The first major step in that process was the development of uniform financial reporting by insurance companies. Because insurers often do business in multiple states, the question of whether they should be regulated on a state or federal level has long been a matter of debate in the U.

Self-Study. Purpose and Aspirations. Details · Selecting a Self-Study Format. Details · Recommendations. Details · Submitting Application Materials. Details.

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national association of the self employed review

LeGeyt was previously the executive vice president of government relations and chief operating officer of NAB. During his tenure, NAB took a hardline on big technology companies, condemning them as a threat to small TV and radio stations that make up local media, and called for citizens to voice their concerns to legislators. As a child of American parents working abroad, Reporter Ben Kahn was raised as a third culture kid, growing up in five different countries, including the U. He is a recent graduate of the University of Baltimore, where he majored in Policy, Politics, and International Affairs. He enjoys learning about foreign languages and cultures and can now speak poorly in more than one language.

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Self-employed health insurance

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RELATED VIDEO: Start and Grow your Business with the NASE

Last chance to preorder Dave's new book! Being your own boss is exciting! But what about the thing that most folks use their employer for: health insurance? Being self-employed could mean anything from owning your own business to working a steady freelance gig. The world of work can be unpredictable.

This may be especially true if you are newly self-employed and have only received health benefits through an employer.

As the National Association of the Self-Employed has grown, it has moved from just advocacy to providing opportunities, information, solutions, and insurance for the self-employed. Following are some details about the organization and how it can help you to find insurance solution, if you are self-employed. Remember that there are many different self employed health insurance options so be sure to shop around and so your homework before you decide to purchase. No one insurance company is the best choice for everyone. Read through this NASE Health Insurance review, check out the reviews of NASE Insurance left by customers at the bottom of this page, and then compare health quotes from top health insurance providers by entering your zip code in on the side of this page.

Try out PMC Labs and tell us what you think. Learn More. We examined findings from the National Association of Local Boards of Health Survey to provide information about this understudied entity to the public health community.


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