Further help to the self-employed, if you qualify…
The Government has announced a raft of measures in response to the Coronavirus pandemic. The latest announcement, depending on when you read this, relates to help for the self-employed.
The package only helps certain individuals meeting the following criteria:
- Have a trading income of less than £50k per annum (in 2018/19 or averaged over 2016/17,2017/18 and 2018/19),
- Their self-employment is their main (at least 50%)or only source of income, and
- Have submitted their 2018/19 tax return
- The grant is limited to 80% of average monthly profits from the last three years, to a maximum of £2,500 per month.
- The grants will last a minimum of 3 months and will not be repayable – but it is of course taxable!
The scheme also applies to members of partnerships and it will be the partners' profit share that is considered rather than the total partnership income.
To access the grant eligible individuals will need to complete an online form, when it is in place.
More information will be released soon.
if you would like to know if you can claim the grant or have any other tax queries please contact Marc Dorsett on 01245 228146 or dorsettm@gepp.co.uk.
This is not legal advice; it is intended to provide information of general interest about current legal issues.
