Self-Employment Income Support Scheme - Coronavirus

Chancellor Rishi Sunak has announced measures to support the self-employed and partnerships. The scheme is called the Coronavirus Self-employment Income Support Scheme (CSEISS).
If you have suffered a loss in income, a taxable grant will be paid to the self-employed or partnerships, worth 80% of profits up to a cap of £2,500 per month. Initially, this will be available for three months in one lump-sum payment and will start to be paid from the beginning of June.
You cannot apply for this scheme yet. HMRC will contact you if you are eligible for the scheme and invite you to apply online. Government advice: Individuals do not need to contact HMRC now and doing so could delay the work being undertaken to introduce the scheme.
Who is eligible?
Self-employed individuals and those who are a member of a partnership. In addition, those eligible must have more than half of their income made from self-employment and:

  • have submitted a Self-Assessment Tax Return for the 2018-19 tax year
  • traded in the 2019-20 tax year
  • 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 comes from self-employment. This is determined by at least one of the following conditions being true:

  • having trading profits/partnership trading profits in 2018-19 of less than £50,000 and these profits constitute more than half of your total taxable income
  • having average trading profits in 2016-17, 2017-18, and 2018-19 of less than £50,000 and these profits constitute more than half of your average taxable income in the same period

If you started trading between 2016 and 2019, HMRC will only use those years for which you filed a Self-Assessment Tax Return.
There are a few individuals who have not submitted their 2018-19 Self-Assessment Tax Return and the Government have given them an extra 4 weeks to submit their return to qualify before the 23 April 2020 deadline.

Revised Office Conditions
Following The Prime Minister’s announcement this week asking people to stay and work from home wherever possible we have revised our office opening hours. Most of our employees will be working from home for the foreseeable future. We have a member manning the phone so if your dedicated accountant is not available, there will be another member of the team available to assist with any queries.
The letterbox located next to the front door to Thornborough Hall has been sealed closed and is no longer available to be used.  Alternatives for forwarding on paperwork to us include email, post or hand delivery (please call the office to arrange a suitable time if you wish to drop off paperwork by hand).  Our office working hours remain from 9am to 5pm.

Tax Newsletter - Coronavirus Special
Please click the link to review a summary of all the help and support available. Click here

Please look after yourself and stay safe at home. If there is anything, we can help with please do not hesitate to get in touch.  

Kind Regards

Dawn, James and Team

Tel: 01969 624999