This is our Coronavirus Update Self Employed as of – 16 April 2020
Coronavirus – Self-employed scheme
HMRC now anticipate contacting all self-employed by mid-May and hope to make payments in early June.
Payment will be calculated by averaging the monthly taxable profits based upon the three tax years ending 5 April 2017, 2018 and 2019.
Coronavirus Update Self Employed Trading under 3 years
For those who have traded for less than three years an average of profits declared will be used. The payment will be 80% of the average and will be paid for three months but may be extended depending on the pandemic.
Only registered self-employed who have submitted:
- a 2019 self-assessment return
- who continued to trade in 2020
- intend to continue to trade and
- have lost profits due to coronavirus
are eligible to claim.
For self-employed who have not yet submitted a 2019 return, you have until 23 April 2020 to file.
Any returns after that date will not be accepted for eligibility to the scheme. If you are still able to trade, you may still be eligible for this grant.
Is the self employed grant repayable?
The grant is not repayable but will be treated as self-employed income for both income tax and National Insurance purposes declarable on 2020/21 self-assessment return.
Universal credit may still be claimed in the meanwhile, but any grant received will then be treated as income from self-employment and may affect the amount payable.
Keeping checking our website or Facebook Page. We will inform of any additional updates as soon as we receive them.
Self Employed Grant Scam Warning
PLEASE NOTE THAT IT IS ESSENTIAL THAT YOU ONLY CLAIM THROUGH GOV.UK ON-LINE SERVICES.
IGNORE ANY TEXTS, EMAILS OR TELEPHONE CALLS OFFERING TO HELP.
IT WILL BE A SCAM. IF IN DOUBT CHECK WITH HMRC OR YOUR AGENT or please do contact us.Follow us on Social Media