In The News
The Government has finally published guidance for the self-employed.
The guidance is very comprehensive and set out in the attached link.
The guidance sets out a grant of 80% of trading profits over years 2016/17, 2017/18 and 2018/19 or £2,500 maximum adopting similar numbers set out in earlier guidance for employers and employees.
The criteria require the claimant to have filed a tax return for 2018/19 0r will have done by no later than 23 April 2020. Returns would ordinarily have been filed on 31 January 2020. The claimant must also be trading in 2019/20 but for Coronavirus.
Where bank details are known payments will be made directly into the claimants bank.
The grant does not apply if income exceeds £50,000, and crucially self-employed income must be more than 50% of the individual’s income (many individuals have more than one occupation and many are both employed and self-employed concurrently).
The scheme does not tell individuals when to apply but assures the taxpayers that once a claim is made, HMRC will contact individuals if they are eligible.
Added to the deferral of VAT, cancellation of business rates and the second instalment of tax for 2019/20 due on 31 July 2020, this package is substantial.
However, a number of issues remain unanswered;
In case of any questions please contact at Chris.Cummings@ase-global.com
Tel: +44 (0)161 493 1930