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PHTM COVID-19 BULLETIN INFORMATION FOR THE SELF-EMPLOYED


SELF-EMPLOYED INCOME SUPPORT SCHEME


The long-awaited statement from the Chancellor, Rishi Sunak regarding COVID-19 support for the self-employed has been announced. The Chancellor said that the scheme will benefit some 95% of people whose main income source is derived from self-employment.


A list of the scheme features are as follows:


• Those who qualify will receive a cash grant from HMRC based on 80% of profits ideally with accounts filed over the last three years, up to £2,500 per month,


• The initial grant will be for three months, from 1 March through to the end of May 2020, but could be extended.


To be eligible, the following conditions will be taken into account:


• Applicants must be self-employed or a member of a trading partnership


• Have lost trading profits due to COVID-19


• Have filed a tax return for 2018-19. Late filers will have four weeks from 26 March 2020 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 2020-21


• Have trading profits of less than £50,000 and more than half of total income from self-employment. This can be with reference to at least one of the following conditions:


a) Your trading profits and total income in 2018-19


b) Your average trading profits and total income across up to the three years between 2016-17, 2017-18, and 2018-19


THERE IS NO NEED TO APPLY TO HMRC - THEY WILL CONTACT YOU IF YOU ARE ELIGIBLE.


Be very aware of scam calls and emails!


HMRC will use existing data to make this judgement. The initial three-month grant will be paid directly to a nominated bank account in a single lump sum.


The grants are expected to be paid out at the beginning of June. The reason for this delay is likely down to three main factors: the four weeks’ additional filing time for late filers, the requirement to set up a complex new system at the same time as the Coronavirus Job Retention Scheme, and to reduce the risk of fraud.


Those self-employed who have experienced a significant drop in income due to COVID-19 disruption will need to apply for Universal Credit or Business Continuity Loans to tide them over until June.


SELF-EMPLOYED SICK PAY AND BENEFITS


If coronavirus means you’re unable to work for any reason and you have paid enough National Insurance Contributions, you might be able to claim new style Employment and Support Allowance (ESA) if you’re ill, or elements of Universal Credit if you need help with costs like children or housing.


If you can claim new style Employment and Support Allowance (ESA), you’ll get paid from the first day, rather than after eight days.


If you are self-employed and need to claim Universal Credit, the rules around the


minimum income floor will be relaxed for the duration of the outbreak of coronavirus.


You will no longer have to go to the Jobcentre Plus to claim Universal Credit if you have been advised to self-isolate.


Don’t delay making a claim for benefits, even if you think you may have been affected by coronavirus.


Remember, the application process for benefits will be longer than the 14 days recommended for self-isolation. However, if


you are already getting any of these benefits being replaced by Universal Credit:


• Housing Benefit • Tax Credits • Income Support • Employment and Support Allowance


and need to make a claim for universal credit because of coronavirus, check with the Citizens Advice Help to Claim Service as soon as possible to find out how they might be affected and to get advice about your situation.


Financial information kindly supplied by Gary Jacobs Director of Drivertax Ltd Information correct as of 30 March, 2020


SPECIALIST ACCOUNTANTS FOR THE PRIVATE HIRE AND TAXI INDUSTRY


18


info@drivertax.co.uk 020 8529 2600 www.drivertax.co.uk APRIL 2020


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