HMRC have recently released further details on the Grant due to the self employed.
If eligible the scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £7500.
The process is said to be quick and easy for you to follow but we are awaiting further details on what this entails.
You can check if you are eligible here.
HMRC are aiming to contact clients mid May and will explain how the claim can be made online with a view for payment to be made in early June.
You’ll only need your:
· Self-Assessment UTR
· National Insurance number
· Government Gateway user ID and password - if you do not have a user ID, you can create one when you check your eligibility online
· Bank account number and sort code that you want them to pay the grant into (only provide bank account details where a Bacs payment can be accepted)
You’ll have to confirm to HMRC that your business has been adversely affected by coronavirus.
If you claim the grant HMRC will treat this as confirmation you’re below the state aid limits.
HMRC will check claims and take appropriate action to withhold or recover payments found to be dishonest or inaccurate.