Latest Covid-19 Update for Business

We have now set up a dedicated web-page (link above) for Covid-19 related matters, where we will bring together information and guidance notes to support for business affected by the Coronavirus outbreak.

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Coronavirus (COVID-19) Self-employment Income Support Scheme

Use this scheme if you're self-employed or a member of a partnership and have lost income due to Coronavirus.

This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed.

To be eligible for the scheme you must meet all the criteria below:

  • Be self-employed or a member of partnership;
  • Have lost trading/partnership trading profits due to COVID-19;
  • File a tax return for 2018-19 as self-employed or a member of a trading partnership. Those who have not yet filed for 2018-19 will have an additional 4 weeks from this announcement to do so;
  • Have traded in 2019-20; be currently trading at the point of application (or would be except for COVID 19) and intend to continue to trade in the tax year 2020 to 2021
  • Have trading profits of less than £50,000 and more than half of your total income come from self-employment. This can be with reference to at least one of the following conditions:
  • Your trading profits and total income in 2018/19
  • Your average trading profits and total income across up to the three years between 2016-17, 2017-18, and 2018-19.

Guidance notes have been produced which can be found using the following link:-

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

Do not contact HMRC yet – they are looking to start grant payments at the beginning of June.

If you do not fall into any of the eligible categories and wish to continue trading what actions have you already taken ?  Do you need a Business plan and cash flow forecast templates or any additional support?  – if you do please contact info@northdevonplus.co.uk

 

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