Government Grant COVID-19 SEISS (Self-employment income support scheme) grant update 14 April 2020

Government Grant COVID-19 SEISS (Self-employment income support scheme) grant update 14 April 2020
17th April 2020 Debbie
In Accounting and Tax blog

HMRC have published guidance on how the grant will be calculated – see https://www.gov.uk/guidance/how-hmrc-works-out-total-income-and-trading-profits-for-the-self-employment-income-support-scheme?

This is in line with my previous post, see below, but provides greater clarification on how profits are calculated, what expenses/capital allowances are deducted and how total income is calculated.  It also explains the position where you have more than one trade in a year and traded for more than one year.

Note, based on submitted tax returns for 2018-19, HMRC will contact those eligible by mid May and on-line services for application will be available from early June.