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PostPosted: Tue Apr 28, 2020 4:01 pm 
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Joined: Fri Apr 29, 2016 3:23 pm
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I just tuned into the HMRC webinar for information about the grant being offered to self employed workers following the lockdown.

It's basically what we've been promised publicly, trading profits for the past three tax years will be added together and divided by three. 80% of that figure will be calculated then divided by twelve, this figure is what you'll receive per month. If it's under £2,500 you'll get the calculated amount but if your monthly earnings are over £2,500 you'll only get the maximum payout of £2,500.

We will have to apply for the grant and our offer to apply will be sent to us by HMRC by the middle of May. It'll be a simple online form and payment will be made in June.

The money will be paid into our accounts, the account from which we pay our tax. The money does not have to be repaid but must be declared as income on your 2019-2020 self assessment tax return.

If you've not been working for the whole of the last three years they'll still look at your taxable profit. I didn't quite catch how that works, sorry.

That's about it.


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PostPosted: Tue Apr 28, 2020 5:59 pm 
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Joined: Wed Sep 03, 2003 7:30 pm
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Location: 1066 Country
Quote:
That's about it.

Thanks.

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