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COVID-19 5th May 2020 update

We hope you are keeping well despite the current situation we find ourselves in.  

The Government have released further information in relation to the Self-Employment income support scheme.

From 4 May, HMRC will start contacting individuals who they believe are eligible to make a claim and are planning to open their claims portal on 13 May.  You can check if you are eligible using their online tool at the following link:

https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference

The scheme will allow you to claim a taxable grant of 80% of your average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether. This is a temporary scheme, but it may be extended.

Please note that HMRC have stated that it is not possible for agents to submit claims on behalf of clients.  As such, even though we will be on hand to advise you, we will not be able to submit the claim for you.  It would therefore be necessary for you to create a Government Gateway account for self-assessment if you don’t already have one.  You can do this when you check your eligibility using link above.

You can claim if you’re a self-employed individual or a member of a partnership and:

  • you traded in the tax year 2018 to 2019 and submitted your Self-Assessment tax return on or before 23 April 2020 for that year
  • you traded in the tax year 2019 to 2020
  • you intend to continue to trade in the tax year 2020 to 2021
  • you carry on a trade which has been adversely affected by coronavirus

Your business could be adversely affected by coronavirus if, for example:

  • you’re unable to work because you:
    • are shielding
    • are self-isolating
    • are on sick leave because of coronavirus
    • have caring responsibilities because of coronavirus
  • you’ve had to scale down or temporarily stop trading because:
    • your supply chain has been interrupted
    • you have fewer or no customers or clients
    • your staff are unable to come in to work

To work out your eligibility HMRC will first look at your 2018 to 2019 Self-Assessment tax return. Your trading profits must be no more than £50,000 and at least equal to your non-trading income.

If you’re not eligible based on the 2018 to 2019 Self-Assessment tax return, HMRC will then look at the tax years 2016 to 2017, 2017 to 2018, and 2018 to 2019.

Please note that if for example your trading profits for 2018-19 exceed £50,000 you may still be eligible if your three-year average trading profits are lower than £50,000.

If the claim is approved, you will be told straight away and HMRC will pay this to your bank account within 6 working days.  Please note that the grant is taxable and will need to be included as income on your tax return.

Please do not hesitate to contact us should you require any further help or assistance.

To set up your government gateway

www.gov.uk/personal-tax-account

Please do not hesitate to contact us should you require any further assistance at this time.

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