Business Tax, Coronavirus Advice, government, Personal tax

Update on the Self Employment Income Support Scheme

By RJP LLP

Update on the Self Employment Income Support Scheme

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

How to get onboard with RJP

Talk to us

Have an initial discussion with a member of the RJP team to identify ways we can enhance your business's growth with our comprehensive support and strategic advice.

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Choose RJP and we'll smoothly manage all transitions, handling paperwork, coordinating with your current accountant, and ensuring no deadlines are missed for a worry-free experience.

A pathway to growth

Finally, we will send you the required documents to sign and return, leaving you to continue leading your business, backed by our abundant, responsive advice and support.

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FAQs

At RJP, we understand that keeping a finger on the pulse of your business's health is crucial. That's why we offer management reporting services—think of them as a regular health check for your company. These insights show you the real-time performance of your business, helping you make informed decisions to nurture and grow your enterprise.

We love seeing your business flourish! Growth and improvement are at the heart of our practical advice. From the ins and outs of everyday operations to big-picture strategic moves, we're here to offer clear, actionable steps that can propel your business forward.

We know dealing with the issue of compliance and auditing can be less than thrilling. That's exactly why we're here—to handle the complex stuff so you don't have to. We offer comprehensive compliance services, ensuring everything is up-to-date without you having to wade through a sea of regulations.

Absolutely! There's a world of opportunity out there to support your business financially, and we're well-equipped to be your guide. We can help you understand and access HMRC’s tax relief schemes that are relevant to you and your business, making sure you're not missing out on any potential benefits.

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