PHTM COVID-19 FINANCE UPDATE SELF-EMPLOYMENT INCOME SUPPORT SCHEME


IMPACT OF THE SCHEME SO FAR:


As of midnight on 24 May 2020, 2.3 million claims had been made, worth a total of £6.8 billion.


ELIGIBILITY CRITERIA: Self-employed individuals, including members of partnerships, are eligible if they:


• submitted their Income Tax Self-Assessment tax return for the tax year 2018-19;


• continued to trade in 2019-20 and intend to keep trading in 2020-21; • carry on a trade which has been adversely affected by COVID-19;


• have average self-employed trading profits of no more than £50,000 and at least equal to their non-trading income.


Individuals can continue to work, start a new trade or take on other employment including voluntary work, or duties as an armed forces reservist.


FIRST GRANT:


Eligible individuals can claim a taxable grant worth 80 per cent of their average monthly trading profits, paid out in a single in- stalment covering three months’ worth of profit, and capped at £7,500 in total.


HMRC REMINDERS SELF ASSESSMENT PAYMENTS ON ACCOUNT:


If you make Self Assessment payments on account and are due to make a payment in July 2020, then you have the option to defer payment until January 2021.


If you are in financial difficulty as a result of COVID-19 and you chose to defer, then you simply don’t pay the amount due in July. There isn’t an application process – if we don’t receive your pay- ment we will automatically treat it as a deferral remembering to cancel any direct debits set up accidentally.


HRMC will not charge interest or penalties on deferred payments, provided it is paid in full by 31 January 2021.


If you are in financial difficulty due to COVID-19 then you have the option to pay the deferred amount as one payment between July and 31 Jan 2021; or in instalments.


See new guidance for further info. VAT:


HMRC ended the 3-month VAT payments deferment on 30 June 2020.


The COVID crisis VAT payment holiday was available between 20 March and 30 June for any due VAT liabilities.


Businesses which took-up the coronavirus crisis easement must now:


• Reinstate bank direct debits in enough time for HMRC to take payments due from 1 July onwards


• Submit VAT returns as normal • Make direct bank payments as normal


• Where taxpayers have postponed any VAT during the deferral period, it must be paid by 31 March 2021.


JULY 2020


I am reaching out to get support for a campaign I have started to ask the government to provide a grant for single vehicle business owners who missed out on the small business grant. Please click the link and add your support.


Click the link below Click the link below https://platform.organise.org.uk/campaigns/1055 17 2


PLEASE SHOW YOUR SUPPORT SIGN THIS PETITION NOW


Applications for the first grant opened on 13 May 2020. Applica- tions for the first grant will close on 13 July 2020.


SECOND AND FINAL GRANT:


Eligible individuals can claim a taxable grant worth 70 per cent of their average monthly trading profits, paid out in a single in- stalment covering three months’ worth of profit, and capped at £6,570 in total.


The eligibility criteria are the same for both grants.


An individual does not need to have claimed the first grant in order to be eligible for the second and final grant.


NB: However If you make a claim for the second grant you will have to confirm that your business has been adversely affected by coronavirus on or after 14 July 2020.


Applications will open in August 2020.


Both grants do not need to be repaid but will be subject to In- come Tax and self-employed National Insurance Further information on the second grant is available on GOV.UK


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