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Chancellors statement 26th Mar @ 5pm
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<blockquote data-quote="ProDave" data-source="post: 496266" data-attributes="member: 6969"><p>Here is the word from the gov <strong><a href="https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme" target="_blank">https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme</a></strong></p><p></p><p>It's by invitation only.</p><p></p><p>They average your earnings over the previous 3 tax years, NOT the current one that has not quite finished. And over that period my SE earnings is more than 50% of my total taxable even including rental.</p><p></p><p>I understand it is paid as a taxable grant. So I guess you would show it on your accounts as a lump sum income. I believe you can still work, and there is an expectation you will continue to work when it is all over and continue to work the following year. If your earnings with the grant go over the tax threshold then you will be paid tax on it, so worst case you are taxed on the grant.</p></blockquote><p></p>
[QUOTE="ProDave, post: 496266, member: 6969"] Here is the word from the gov [B][URL="https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme"]https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme[/URL][/B] It's by invitation only. They average your earnings over the previous 3 tax years, NOT the current one that has not quite finished. And over that period my SE earnings is more than 50% of my total taxable even including rental. I understand it is paid as a taxable grant. So I guess you would show it on your accounts as a lump sum income. I believe you can still work, and there is an expectation you will continue to work when it is all over and continue to work the following year. If your earnings with the grant go over the tax threshold then you will be paid tax on it, so worst case you are taxed on the grant. [/QUOTE]
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Chancellors statement 26th Mar @ 5pm
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