On 26th March the government announced a package of support for self-employed workers in the UK whose businesses are affected by the lockdown imposed as a result of the coronavirus pandemic.
The package offers a taxable grant worth 80% of trading profits up to a maximum of £2,500 per month for the next 3 months, and this could be extended if the lockdown continues beyond June.
Who can apply?
You can apply if you’re a self-employed individual or a member of a partnership and you:
- have submitted your Income Tax Self Assessment tax return for the tax year 2018-19
- traded in the tax year 2019-20
- are trading when you apply, or would be except for COVID-19
- intend to continue to trade in the tax year 2020-21
- have lost trading/partnership trading profits due to COVID-19
Your self-employed trading profits must also be less than £50,000 and more than half of your income come from self-employment. Read more here.
If you have not yet submitted your Income Tax Self-Assessment tax return for the tax year 2018-19, you must do this by 23 April 2020 in order to be eligible for the scheme.
Get help with filing your tax return
If you missed the filing date of 31st January 2019 and you still need to file your 2018-2019 return, we can help.
Competex’s tax team will:
- Advise you how much tax you need to pay and when you need to pay it
- Help you gather the information required to file your return
- Complete your draft tax return
- File your tax return upon your approval
- Review your PAYE coding notices and liaise with HMRC on revisions to tax codes, if necessary.
If you would like to speak to one of our tax team about this, please complete the short form below.