March 27. 2020
The Chancellor has announced support for self-employed individuals. The main points to note are:
- A taxable grant will be available equal to 80% of your annual profit averaged over three years, up to a maximum of £2,500 per month
- To be able to claim this grant your annual profits must be below £50,000
- The majority of your income must come from self-employment
- You must have been trading before 5th April 2019 and filed at least 1 annual tax return
- Your 2018/19 Tax Return, if not already submitted (normal submission deadline 31st January 2020) must be submitted within four weeks from today
- HMRC hope to have the facility in place by June 2020
- HMRC will contact all those eligible to make a claim directly
- The claims will be back dated from the beginning of the lock-down and paid in a single lump sum
HMRC are aiming to contact all eligible individuals by mid-May and process payments by early June. HMRC will confirm the amount that you are due to receive. HMRC have confirmed that you will need to have a Government Gateway ID to apply for the
grant. If you do not already have one, you can register when HMRC contact you
regarding your grant application. If you would prefer to register now, follow this
link https://www.gov.uk/personal-tax-account
In the meantime in addition to making a claim for the grant, you can claim Universal Credit, continue to work self-employed or seek employment in a PAYE role.
If you need any support during this difficult time do reach out to the support that is out there;
Your GP
Stay safe!
