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If you’re self-employed or a member of a partnership and have been adversely affected by coronavirus, you might be eligible for the Self-Employed Income Support Scheme grant.
The Self-Employment Income Support Scheme will allow you to claim a taxable grant worth 80% of your trading profits, up to a maximum of £2,500 per month, for the next 3 months. The 80% figure will be based on the average net profits for 2016/2017, 2017/2018 and 2018/2019.
All of the following conditions must apply:
- 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 cannot claim the grant if you trade through a limited company or a trust.
If you claim Maternity Allowance this will not affect your eligibility for the grant.
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.
HMRC will contact taxpayers who are eligible for the self-employment income support scheme and invite them to apply online. You can check your eligibility by clicking here. HMRC will pay the grant directly into the taxpayer’s bank account, in one instalment, in June 2020.
If you claim tax credits you will need to include the grant in your claim as income.
If you have any questions about the scheme, please contact us on 01702 345 207 or email us at info@arb.accountants to discuss.