Government Assistance for The Self Employed
Announced 26th March 2020
As many of you will have seen with the Chancellor’s announcement, Self Employed people will receive support if they suffer as a result of the current Covid-19 situation. This will be available for many of our clients so here is an outline:
Conditions of The Support:
- You must have submitted your tax return for 18/19 to qualify (and previous 2 years if you have been trading that long) and be registered as SELF EMPLOYED. This can be as a sole trader or a partnership.
- Your self-employed income must on average over the 3 years, be less than £50,000
- You must have traded in 19/20, be intending to continue trading into 20/21 and have lost sales/profit due to the effects of the virus
- Your self-employment income must be at least HALF of your total taxable income for each year to qualify
What Will You Receive?
A GRANT of 80% of the average monthly trading profits to cover 3 months, capped at £2500 per month (average of £30,000 per year).
This is in line with the support offered for employees.
This will be paid as a one-off payment all in one go in June 2020 paid directly to your bank account.
How Will You Get It?
HMRC will contact you if you qualify, (they will know who qualifies by reviewing the self-assessment data that has been submitted to them on the tax returns over the past 3 years).
You will need to complete an online claim form, (This is NOT YET AVAILABLE, we will be informed when it’s available).
HMRC will check the data, confirm the figure to you and make the payment.
If you want us to check out if you will qualify for this, please contact your account manager and we will work it out for you. You can also click here for more details:
Claim a Grant Through the Coronavirus (COVID-19) Self-Employment Income Support Scheme
PLEASE DO NOT CLICK ON ANY LINKS on emails claiming to be from HMRC. This environment creates a haven for SCAM emails playing on people’s vulnerable situations so PLEASE take care.
Other Useful Links
- Coronavirus (COVID-19): Information for individuals and businesses in Wales
- Claim for wage costs through the Coronavirus Job Retention Scheme
We want to reconfirm that while the office building is closed
EASYBOOKS is NOT closed, we are all now working from home.
We are aware that some of you have been trying to get in touch by phoning the office. Unfortunately, we do not have call forwarding in place yet as BT have said we are not a priority business.
However, we are in the process of finding an alternative way to do this. In the meantime, please get in touch with the office or your accounts manager via email and we will call you back.
Also, if you just need a chat about your own situation, we are happy to speak to you and will not be charging any fees for these calls. Unfortunately, we may not have all the solutions or information that you need immediately but will do our very best to help you and advise as the information becomes available to us.
- Posted by EasyBooks
- On 27th March 2020
- 0 Comments