The Government has announced that it will pay self-employed Islanders adversely affected by the coronavirus crisis a grant of up to 80% of their average monthly profits.
Matching the support given to employed people earlier this month, Chancellor Rishi Sunak made the announcement from Downing Street this evening (Thursday).
The scheme is only open for those with profits of up to £50,000 and take the majority of their income from self employment. It will pay up to 80% of the average monthly profits over the past 3 years, up to £2,500 per month.
Only those already self employed with a tax return for 2019 will be able to apply.
The money will be available by the beginning of June and the scheme is available for 3 months.
As an extra bonus, those who missed the filing deadline in January have been given an extra 4 weeks from today to file their return.
Already announced is the deferral of income tax payments due at the end of July until January 2021. Self-employed individuals with premises can also obtain a £10,000 grant if they are eligible for Small Business Rate Relief.
Now those who never declared their cash earnings will wish they had, as they would be claiming for that higher amount now. Still, a good deal for those who have swindled the tax man for years. I know many haven’t, but for those who are not squeaky clean, more than generous payment I wager.
The claim will be calculated over the last 3 years tax return average you will get 80% less tax of the profit shown on tax return
Correct me if I’m wrong
How do you claim is there a form to fill in ?
Is there a form to fill in to get the money ?
Thanks
Thought he said that HMRC will contact you directly to fill out a form if you are entitled
Hrmc will send e mail directly to you
You’ll be contacted by HMRC if you qualify so you must’ve done tax returns.
No my first is due to be done this April
Lucky me iv only been self employed 1 year this coming april So im fooked
So looks like ill carry on working thanks boris
I would advice Boris to teach his dogs do not bark on his supporters, as he risks to loose up to 5 million voters on next election