· HMRC have now updated their guidance on the SEISS scheme.
· Under the scheme, if you are eligible, a taxable grant of 80% of your average monthly trading profits can be claimed.
· It must be paid out in a single instalment covering 3 months and is capped at £7,500 altogether.
· In order to be eligible, you should be self-employed or a member of a partnership and:
o Traded in the 2018-19 tax year and submitted your Self Assessment tax return on or before 23 April 2020 for that year.
o Traded in 2019-20 tax year.
o Intend to continue trade in 2020-21 tax year.
o Carry on trade which has been adversely affected by coronavirus.
· In order for your business to be deemed adversely affected by coronavirus you should consider if:
· You’re unable to work because you are:
o shielding or self-isolating.
o on sick leave because of coronavirus.
o have caring responsibilities because of coronavirus.
· You’ve had to scale down or temporarily stop trading because your:
o supply chain has been interrupted.
o have fewer or no customers or clients.
o staff are unable to come into work.
· Your eligibility will be reviewed by HMRC with your 2018-2019 Self Assessment tax return, your trading profits must be no more than £50,000 and at least equal to your non-trading income.
· To check if your eligible to claim you can use the HMRC online tool, you will need your Self Assessment Unique Taxpayer Reference (UTR) number and your National Insurance Number.
In all of the above situations it is advisable, to avoid cost exposure to the Landlord , to do a letter before claim to the tenants.
For more information please contact Georgina Kyriacou.
This article is prepared with the intention of providing general information on the changes in law. Philip Ross Solicitors accept no responsibility for errors it may contain and the coverage of the topic is not comprehensive. You are advised to speak directly to the writer or another partner within this firm within any specific enquiries on the topic addressed.