HMRC confirms it aims to contact those eligible for the grant by mid-May, with payments expected in early June.
Contrary to early information released, there will be an online system to claim the grants, although this has not yet been made available.
Further specific details include how HMRC will calculate grants where there has not been self employment for a continuous 3 year period.
HMRC have also confirmed that the grants will be subject to both tax and National Insurance.
As an anti-fraud measure, amended tax returns submitted after 26 March 2020 will not be considered when calculating eligibility for the grant.
An important point to note is that if average 3 year trading profits are above £50,000, but profits in the 2018/19 tax year are below £50,000, then you would still be eligible for the grant.
Full details can be found here: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme#lessyears
We’re here to help
With all the legislative changes and updates over recent days in these ever changing and uncertain times, our teams are briefed and here to help you and your business.
Whilst our physical offices are closed following the ‘lock down’ advice, the team at NR Barton are working remotely from home. If you have any questions you should not hesitate to contact your engagement partner or manager who will be happy to assist; our contact details can be found here.
For anyone unsure of who to contact, we are still answering phones (01942 242245) and we are answering emails to accounts@nrbarton.co.uk.
We’re here to help.
All the best
The NR Barton team
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