SEISS: Rishi Sunak urged to waive tax bill for excluded groups in January 2021 | Personal Finance | Finance

0
19


SEISS, formally known as the Self-Employment Income Support Scheme, makes financial support available to eligible self-employed workers who have had their income affected by the coronavirus crisis. However, a failure to meet eligibility criteria for a number of reasons, has meant some have been unable to receive support through the grants. In these circumstances, the government has urged these individuals to turn to other forms of support such as Universal Credit, but many have described the financial consequences as severe.

This can be done without being charged interest or penalties, as long as payment is made before January 31, 2021. 

The payment can be made online, through the government’s official portal contained on its website. 

But for many, the petition has asserted, meeting this deadline will be a significant challenge, due to the financial difficulties faced over the pandemic. 

The petition continued: “The government’s own statistics also state that only 11 percent of the 1.6million were excluded due to making over £50,000, so the vast majority of people excluded are in the basic tax rate.

“Waiving this tax bill will, for most, amount to less than 20 percent of their trading profits. Their colleagues have received 80 percent of trading profits.

“Not sure what the Treasury expect the Excluded UK community to pay their tax and VAT bills with? Monopoly money, maybe?”

Britons have found themselves outside of government support for a number of reasons, which various support groups have outlined. 

These include new starters, those earning less than 50 percent of income from self-employment, and those with annual profits of more than £50,000. 

Express.co.uk has contacted HM Treasury for comment on the matter. 





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here