COVID 19 Support for the self employed
The Government have announced the support which they are offering to self-employed people (including those in partnerships) at this difficult time.
There are few details available at present and they have indicated that the funding and detailed process will not be available until June.
Broadly if your annual profits in recent years have been less than £50,000 per annum they will pay you the lower of, 80% of those profits, or £2,500 per month.
This grant will be part of your taxable income but you will still be able to trade if that is possible at this time.
HMRC have said that this grant for the self-employed will be by invitation. Presumably they will use the Tax Return information already submitted.
HMRC are likely to encourage applications for the grants using Personal Tax Accounts or Business Tax Accounts ("BTA"). Therefore I would ensure that if you have not already got one, you open a Personal Tax Account and BTA, if appropriate, via the HMRC website. www.hmrc.gov.uk
When you set up your PTA you should ensure that you follow the path to setup the Self employed/Self Assessment taxpayer version.
Because of the verification details needed we are unable to open these for you but will assist you as far as we can.
If you want to discuss this or other matters please email me on email@example.com or call me on 07772612236.