Who can Claim?

If you are a member of a partnership or self-employed and:

  • you traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year.
  • you traded in the tax year 2019 to 2020.
  • you intend to continue to trade in the tax year 2020 to 2021.
  • you carry on a trade which has been adversely affected by the coronavirus.

To work out your eligibility HMRC will first look at your 2018 to 2019 Self Assessment tax return. Your trading profits must be no more than £50,000 and at least equal to your non-trading income.

If you’re not eligible based on the 2018 to 2019 Self Assessment tax return, HMRC will then look at the tax years 2016 to 2017, 2017 to 2018, and 2018 to 2019.

To calculate your monthly amount HMRC will add your total trading profit for the last three tax years and divide by three to calculate your monthly amount.

 

How to apply?

This scheme is now open to applications, to find out if you are eligible for the scheme visit the government website here.

 

Free initial consultation

Simon Bladen

Partner, Sheffield

0114 266 7141

[email protected]