HMRC have published further guidance on help for the self-employed:
HMRC aim to contact those to whom it applies by Mid May, and make payments by early June.
This allows you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for 3 months.
You will need to show that your business has been adversely affected by the Corona Virus.
You should also note that if you receive the grant, you can continue to work.
HMRC have also published further guidance on how any payments to the self – employed will be calculated
To qualify for the self- employed grant, your trading profits must be no more than £50,000 and more than half of your total income for either:
· the tax year 2018 to 2019
· the average of the tax years 2016 to 2017, 2017 to 2018, and 2018 to 2019
Unfortunately there are a lot of fraudsters trying to gain from the current situation. HMRC advises the following:
You will only be able to claim using the GOV.UK online service. If you receive texts, calls or emails claiming to be from HMRC, offering financial help or a tax refund and asking you to click on a link or to give personal information, it is a scam.
HMRC`s portal for claims under the furlough scheme is expected to be live on 20 April.
The first payment should be made 10 days later and any future claims will be paid within 4 – 6 days.
If you require any further clarification on the above points please contact us.