Coronavirus – Self Employed Income Support Scheme

For businesses operating on either a self-employed or a partnership basis, the following announced by the Chancellor of the Exchequer, Rishi Sunak applies specifically to you.

The Chancellor of the Exchequer, has announced “one of the most significant economic interventions” from a UK Government with a much-needed Self-Employed Income Support Scheme for those who are self-employed or in a partnership.

The Chancellor has unveiled the new Self-Employed Income Support Scheme, giving self-employed individuals a taxable grant worth 80% of average monthly profits, up to £2,500 a month.

The calculations will be based on individuals’ self-assessment tax returns for the last three tax years, where possible, to obtain a fair and reasonable average.

Those with only one year of trading history will have their income based solely on their most recent self-assessment tax return.

The scheme will be open to all individuals with trading profits up to £50,000 in tax year 2018/19 or an average trading profit of less than £50,000 from earlier tax years, 2016/17, 2017/18 and 2018/19.

All individuals eligible for the new Self-Employed Income Support Scheme will be notified by HMRC in the coming days. You are specifically asked not to contact HMRC at this stage, HMRC will contact you.

Eligible applicants will receive access to funds no later than the beginning of June, with self-employed and freelance taxpayers encouraged to apply for Universal Credit or Business Continuity Loans in the meantime.

The Chancellor also provided a lifeline for taxpayers that missed the 31st January 2020 deadline for 2018-19 self-assessment tax returns, with taxpayers given a new four-week deadline to file late returns and avoid additional late-filing penalties.

Finally, as a reminder delays to payments on account for self-assessment taxpayers due on 31st July 2020 have also been confirmed, allowing you to delay the payment on account until 31st January 2021.

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

We will provide more details on the above announcement as they become available.

 

 

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The information contained in this website is for general information purposes only. The information is provided by ADM Accountancy Services Ltd and while we endeavour to keep the information up to date and correct...
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ADM Accountancy Services Ltd
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Phone: 01242 679 767
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Gloucestershire, GL52 8RN
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