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LHP
Chartered Accountants

UK Government unveils aid for self-employed

 

The Government has announced a new Self-Employed Income Support Scheme:

 

The headlines

 

The government will pay self-employed people a taxable grant worth 80% of their average monthly profits over the last three years, up to £2,500/month

 

This will only be open to those people who :

 

Have trading profits of up to £50,000

Make the majority of their income from self-employment

Submitted a 2019 tax return

 

If you are eligible, HMRC will contact you with an online form, then pay this grant direct to you. HMRC are urgently working urgently on this and expect grant to be available in June.

 

What we understand so far, and other points to note

 

If you were late submitting your 2019 tax return, you have 4 weeks to submit this.

 

If you do not have three years’ worth of accounts, then the number of years you do have will be used. But if you have at least three years, it will be averaged over the three years.

 

You can also access the business interruption scheme.

 

The welfare system has been changed so you can access Universal Credit.

 

July 2020 payments on account deferred until January 2021.

 

Directors with low salary and dividends are unlikely to qualify.

 

Testimonials

Rhys is terrific to work with. He helped us close our books each month, keep our taxes on-track, and readily answer day-to-day questions. Cares as much about my business as I do, which is great to see. He picks out problems before they happen and always explains everything to me and makes sure I have gone away understanding what that problem was so ensure it wouldn’t arise again. I am now finally confident in my ability to understand my own business. Highly recommended!! Diolch Rhys!
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