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COVID-19 SELF-EMPLOYMENT INCOME SUPPORT SCHEME

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Posted : 06 Apr 2020 at 17:08:18
Category: Corona Virus News

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Following the Government’s announcement, it is now possible to claim a grant if you are self-employed.

The Self-Employed Income Support Scheme, recently announced by Rishi Sunak, allows a self-employed worker to claim a taxable grant of to 80% of your trading profits to a maximum of £2500 per month until at least June.

You may be eligible to apply if you are a self-employed individual and:

  • have submitted your Income Tax Self-Assessment tax return for the tax year 2018-19
  • traded in the tax year 2019-20
  • are trading when you apply, or would be except for COVID-19
  • intend to continue to trade in the tax year 2020-21
  • have lost trading/partnership trading profits due to COVID-19

Further, your self-employed trading profits must fall below £50,000 with more than half of your income coming from self-employment. This may be determined by a range of factors including having trading profits in the tax years 2016/17, 2017/18 and 2018/19 of less than £50,000.

If you began trading self-employed between 2016 and 2019, the HMRC will use only the years that you have filed a self-assessment for.

The HMRC will use the data submitted for the tax year 2018/19 to identify those who may be eligible for the grant and will be assessing any late returns filed in the usual way.

How to apply:

Although it is not possible to apply for this grant, the HMRC are in the process of contacting those who are eligible for the scheme and will be inviting those who are eligible to apply online. It is not necessary to contact the HMRC at this time.

Should you have any questions regarding the grant please contact the V3 Recruitment team on 02393 911111.

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