Summary of provisions as per the Chancellor’s announcement
Prepared by Eazitax 17.23 26/03/2020
Coronavirus Payment Scheme
- Pay-out of 80% of Average Monthly Profit of the last 3 years up to £2,500.
- For those under 3 years will look at 2 or 1 year but not less.
- For self-employed up to £50,000 profit
- You must have filed a 2018/19 Tax return
- If not yet filed – must be filed within next 4 weeks
- If newly Self Employed – may not qualify. Unfortunately and will have to look to universal credit
- Payments will be made no later than beginning of June
- HMRC will contact you directly – no need to apply
- Business Interruption Loans can be applied for by Self Employed people
- You can apply for Universal Credit whilst awaiting this grant
- 3 months will be paid at once
Please note this is our understanding of the announcement at this moment in time.