Updated Information on how small businesses and the self-employed can weather Covid 19 – May 4th, 2020

Throughout the day today, further information has been released in regards to the Self-Employed Grant.

From today, HMRC are going to start contacting those who may be eligible for the grant which will mean they will be eligible to claim a taxable grant worth 80% of their average trading profits up to a maximum of £7,500 (the equivalent of three months’ profits) which will be paid in one lump sum.

They have released an eligibility checker that people can go onto and see if they will be eligible for the grant, and if they are they are given a date for when they can submit their claim. They will also be encouraged to ensure that HMRC have their correct contact details.

You can access the online eligibility checker here: https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference – you will need to have your Unique Taxpayer Reference (UTR) and your National Insurance Number.

The service will open on May 13th and the process is supposed to be very simple. Anyone who is eligible will then have the money paid into their banks by May 25th or within 6 working days of completing their claim. This is actually ahead of the predicted June opening when the scheme was first announced.

Further information on how your individual circumstances may affect your eligibility were actually released on May 1st. This article covers items like: if your return is late/amended or under enquiry, if you are a member of a partnership, if you are on or took parental leave, if you are non-resident, and a few other situations. I would suggest that you have a read of the article: https://www.gov.uk/guidance/how-different-circumstances-affect-the-self-employment-income-support-scheme just to make sure you fully understand what items can affect your eligibility for the scheme.

HMRC have also updated the information showing further information about how the grant will be worked out and there are a number of examples within this article: https://www.gov.uk/guidance/how-hmrc-works-out-total-income-and-trading-profits-for-the-self-employment-income-support-scheme

As more information is released about this new loan I will update it on the blog.

The information and policies are continually being updated by the government, so I urge you to keep on top of the information by visiting the relevant website for your area.

Scotland: https://www.gov.scot/coronavirus-covid-19/
Wales: https://gov.wales/business-and-employers-coronavirus
Northern Ireland: https://www.nibusinessinfo.co.uk/

I will be trying to keep myself as informed as possible and will share relevant information on my fb business page: https://www.facebook.com/ihelmenterprises/

Are you a UK Business Owner and use QuickBooks Online Simple Start, Essentials or Plus?  Are you unsure of how to use the software correctly?

If so, why not take a look at the 5-Day Online Video Training Course I have created to help UK Business Owners learn how to use the basic features of QuickBooks Online?

Over the course of 5-days, you will be guided through how to set up your products and services, how to set up for VAT, how to invoice customers and receive payments, how to track purchases and expenses, how to properly use the bank feed, and how to access some of the most common reports that every business needs.  You will have access to this course for life, so you can work at your own pace and keep going back to it!

For a one-off fee of £79.00, you will receive full access to the course and can continue to return back to it anytime you need to!

Visit: https://courses.ihelm-enterprises.co.uk/courses/the-basics-of-quickbooks-online-a-5-day-training-course/ to read more about the course and buy it today!