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Self Employment Income Support Scheme . . . 

The Self Employment Income support scheme is due to end 31/5/20 UNLESS is extended by government 
 
You can apply if: 
 
You are EITHER Self employed OR trading as a partnership 
The Profits you earn from Self employment is at least 50% of your TOTAL income – this will be relevant for those who might have self employed income, but also have a PAYE job or enjoy a lot of rental income 
You must have submitted a 18/19 tax return – this was due on 31st January 2020, but they have allowed the deadline to be extended to 23rd April 2020 to file if you have missed this deadline 
You MUST have traded between 6/4/19 and 5/4/20 
You must be actively trading (or would do if it wasn’t for Covid-19) between 1st March 2020- 31st May 2020 
You must INTEND to continue to trade 
You must have suffered some loss to your profits as result of Covid-19 
Your average profits from self-employment for the tax years 16/17 + 17/18 + 18/19 must be LESS than £50,000 
If you only started trading since 6/4/19 then you are not eligible 
 
If you started trading since 2016 and you don’t have 3-YEARS worth of tax returns, you can use the year’s that you DO have to calculate the claim. 
 
How much will the claim be: 
Provided you meet the criteria above then the amount you can claim for will be the LOWER of : 
a. Your monthly average trading profits for the 3 tax years (16/17 + 17/18 + 18/19 x 80 per cent ;  
OR 
b. £2,500 per month 
 
How do I claim 
If you are eligible, then HMRC will contact you and invite you to claim through the gov.uk portal – THEY WILL NOT SEND YOU AN EMAIL WITH A LINK IN IT. 
You will get paid in ONE lump sum for all 3 months 
It is envisaged that LeeP *should* be able to help process the claim for you, but need further clarification from HMRC 
 
Things to remember 
Although the grant is NOT repayable it is taxable and should be included as income in your 20/21 tax return 
If you receive tax credits, then this claim counts as income and must be declared in your tax credits information 
Further guidance from gov.uk can be found here: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme 
 
Article supplied by: 
Polly Lee 
LeeP Accountants 
E: polly@leepfinancial.co.uk 
T: 01733 699033 
M: 07803 047726 
"I joined the Business Club in January 2019 and I have found it informative, friendly and it has had a positive impact on my business. I would recommend anyone running a small or medium business who wants to learn or grow to give it a try". 
Polly Lee, Leep Financial  
t. 07803 047726 
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