Thursday, 26 March 2020

Covid-19 support for the self employed

26th March 2020:

As ever we will wait to see the detail but these are the key points to take away from the chancellor's latest announcements;

Self employed individuals will be able to claim 80% of their average monthly profits up to £2,500 - this is based on figures for the last three years (2016/17, 2017/18 and 2018/19).

Individuals can continue to work whilst making this claim.

It is available for at least three months and open to those with profits under £50k (presumably this is taxable profits as those are the figures HMRC would normally use.

It is only available to those who completed a 2018/19 tax return who had the majority of their income through self employment.

Payments will be available from the beginning of June - HMRC will contact you.

No comments:

Post a comment