MORE HELP FOR SELF EMPLOYED!

MORE HELP FOR SELF EMPLOYED!

The scheme has been extended. If you were not eligible for the first and second grant based on the information in your Self Assessment tax returns, you will not be eligible for the third.

 
HMRC expects you to make an honest assessment about whether you reasonably believe your business will have a significant reduction in profits.
 
To make a claim for the third grant your business must have had a new or continuing impact from coronavirus between 1 November 2020 and 29 January 2021, which you reasonably believe will have a significant reduction in your profits.
 
The third taxable grant is worth 80% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total.
 
The online service to claim the third grant is open. Make your claim from the date we give you either by email, letter or within the service. If you’re eligible, you must make your claim for the third grant on or before 29 January 2021.
 
The grant does not need to be repaid if you’re eligible, but will be subject to Income Tax and self-employed National Insurance and must be reported on your 2020 to 2021 Self Assessment tax return.
 
Share
Share
Share
Mail

Leave a Reply

Your email address will not be published. Required fields are marked *

Image by Adobe Stock from stock.adobe.com -- DATE OF ATTRIBUTION: 30/11/2024