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Business Tax  •  Coronavirus Advice  •  government  •  Personal tax

Update on the Self Employment Income Support Scheme

By RJP LLP on 4 May 2020

This week, HMRC is starting to send out notifications to those who are eligible for the Self-Employment Income Support Scheme. If you believe you will qualify for this, you should look out for a notification.

You will be able to make a claim from 8am on Wednesday 13 May 2020 for a taxable grant which HMRC will calculate for you. This will be worth 80% of the trading profits included on your self-assessment for the year ended 5 April 2019, up to a maximum of £7,500.

You can claim providing you:

  • have submitted your 2019 self assessment;
  • are trading in the current tax year;
  • are trading when you apply, or would be except for coronavirus;
  • intend to continue to trade in this tax year; and
  • have lost trading profits due to coronavirus.

When you receive the notification, it will include a link which asks for your UTR (unique taxpayer reference) and your national insurance number, so you should make sure you have these to hand.

The claim is made through your personal Government Gateway account, so can’t be done for you by anyone else. Therefore, if you don’t have an account already set up, it would be a good idea to do that now to be prepared, as it can take a little time.

For more information or advice please contact partners@rjp.co.uk

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60 Day Deadline for CGT Returns and Tax Payments

If you sell a property and incur capital gains tax on the transaction, you will need to file a tax return and also pay any tax that is due within 60 days of completion, or penalties will arise. Need help with your property taxes? Talk to us.

This week, HMRC is starting to send out notifications to those who are eligible for the Self-Employment Income Support Scheme. If you believe you will qualify for this, you should look out for a notification.

You will be able to make a claim from 8am on Wednesday 13 May 2020 for a taxable grant which HMRC will calculate for you. This will be worth 80% of the trading profits included on your self-assessment for the year ended 5 April 2019, up to a maximum of £7,500.

You can claim providing you:

  • have submitted your 2019 self assessment;
  • are trading in the current tax year;
  • are trading when you apply, or would be except for coronavirus;
  • intend to continue to trade in this tax year; and
  • have lost trading profits due to coronavirus.

When you receive the notification, it will include a link which asks for your UTR (unique taxpayer reference) and your national insurance number, so you should make sure you have these to hand.

The claim is made through your personal Government Gateway account, so can’t be done for you by anyone else. Therefore, if you don’t have an account already set up, it would be a good idea to do that now to be prepared, as it can take a little time.

For more information or advice please contact partners@rjp.co.uk