๐“๐ก๐ž ๐Ÿ‘๐ซ๐ ๐ ๐ซ๐š๐ง๐ญ ๐ข๐ฌ ๐ง๐จ๐ฐ ๐จ๐ฉ๐ž๐ง ๐›๐ฎ๐ญ ๐ก๐š๐ฌ ๐ฌ๐ญ๐ซ๐ข๐œ๐ญ๐ž๐ซ ๐œ๐ซ๐ข๐ญ๐ž๐ซ๐ข๐š

โ€ข You can get as much as ยฃ7,500. This is made up of 80% of three months’ worth of average monthly trading profits capped at ยฃ2,500/month. To calculate this, HMRC looks at your tax returns from 2018/19, 2017/18 & 2016/17.

โ€ข You must earn at least 50% of your total income from self-employment. To check this, HMRC will first look at your 2018/19 tax return to see if it was the case then โ€“ if you don’t qualify based on 2018/19 alone, it will then look at the tax years 2016/17, 2017/18 and 2018/19 to see if the average of your trading profits across the three tax years was more than 50% of your total income.

โ€ข Your average trading profit must be less than ยฃ50,000/year. This is essentially a ‘cliff-edge’ requirement โ€“ so those whose average annual trading profit is more than ยฃ50,000 (to be specific, ยฃ50,000.01 or above) won’t be able to get any support from this scheme.

At the end of November 2020, HMRC published fresh guidance on who qualifies for the third grant. It’s a bit more strict than the previous two grants and you must satisfy three new criteria โ€“ ๐’š๐’๐’– ๐’๐’†๐’†๐’… ๐’•๐’ ๐’•๐’Š๐’„๐’Œ ๐‘จ๐‘ณ๐‘ณ ๐’๐’‡ ๐’•๐’‰๐’†๐’Ž, ๐’๐’๐’• ๐’‹๐’–๐’”๐’• ๐’๐’๐’† ๐’๐’“ ๐’•๐’˜๐’
#grantsย #financenews

Published On: January 10th, 2021 / Categories: Covid-19, Government Announces, Guides & Calculators, Knowledge, Resources / Tags: , , /