Passed this onto a friend. Thanks for posting.
Don’t know if everyone is aware of this but here is the link for the gov website to check if you qualify for support.
You'll need your tax reference number and then your NI number to check, you can then enter your email and phone number and they will contact you as soon as you’re able to apply. It seems they’re staggering applications as I can claim from the 15th May where as my business partner is a few days later.
https://www.tax.service.gov.uk/self-...ayer-reference
I’ve also read that they pay within 6 days which is some comfort for anyone struggling.
FFF
Last edited by Franky Four Fingers; 5th May 2020 at 19:40.
Passed this onto a friend. Thanks for posting.
Thanks for the heads up.
Cheers for that Frankie, first I've heard about. Do I need to contact them or do they contact me now that I've entered my details? One page says they will contact me but the last page says I can contact them Monday 11th
When you enter your details it will tell you if you qualify for the support and then gives you the date from when you can apply.
My accountant tells me that they already have the financial details so nothin needs to be entered other than some basic info and the bank account details you want the payment made to. They will text and email you to remind
I logged onto my tax gateway account and it has stated that i'm eligible and can apply from 8am on 13th May.
Just checked again , got date wrong it's Wednesday 13th so will update then
Thanks Frankie, my wife is self-employed and I’m on furlough.. having to watch every penny.
Will get her to check tomorrow ;-)
Scary to see they are already looking to cut the threshold from £50k to £30k.
The cynic in me had already wondered whether they will build in to the 20/21 tax return if your eventual income was greater than £30k you would not have been entitled so have to pay the money back
Last edited by nick67; 6th May 2020 at 14:08.
Both the wife and I have had letters off HMRC. I’m self employed, the wife was self employed but she’s been working in a factory for nearly a year and a half now, however last years tax return for her would have been for the previous year hence part of that year she was self employed.
Out of curiosity she put her details into the system to see if she was eligible and it came back saying yes.
I’ve told her not to make a claim because the reality is, she isn’t eligible but I do wonder how many people will exploit this loophole if they are in the same position.
can anyone shed any more info on the process?
my partner has logged in with UTR and NI number etc and has been given a future date to apply. does this mean she is likely to get something? i’m wondering if they do a quick check on the tax return data and that determines if you move onto being given the second date or not? has anyone entered their data and then got an ineligible response and no second date?
Whatever your profit is. As long as its n more than £50k pa. If its £30k a year, thats £90k our the 3 years. Divide by 3 years gives you the £30 k, Divide by 12 months'
gives you £2.5k per month... times this by 3 months, that gives you £7.5k. Thats the max you can get anyway, £2.5k a month.
If they decide to extend it further, i read the threshold would drop from £50k to £30k profit to claim...
Thanks. I probably didn't make myself clear. My understanding is that the first round of support is an average threshold (ie you can have shown profits in excess of £50k pa provided your profits didn't exceed £150k over the three accounting years. Will this second round of support with reduced threshold be the same? Can one have shown more than £30k profit in one year but still be eligible if total profits for the last three years are less than £90k?
Thank you for posting this! Entered and I’m eligible to apply from the 14th!
Sent from my iPhone using Tapatalk
I phoned up HMRC and spoke to them directly. We receive tax credits and with her moving from self employed to employed her earnings were going up and I wanted to make sure we weren’t claiming too much and then run the risk of the government clawing it back. I explained to the guy on the phone that she was no longer self employed, so they should have the correct information for her on file.
Thanks for the link. Passed on to those I know who may be able to apply.
Sent from my SM-N950F using Tapatalk
Well that was easy enough, took about 2 minutes. Should be in the bank within 6 working days, we’ll see
Website crashed a few times but once on there it was very easy and my calculations had already been done
Thanks again Frankie for the link, very much appreciated
A client called me to say his calculations were done for him and his 3 yr average was 57k pa but it still said grant awarded. Is the 50k threshold the profit x 80%?. Sounds like it might be...
Found this to be very simple
Grant will be paid to me within 6 days
Credit to HMRC for making it straightforward
Done mine today and as others have said very simple process with no inputting of figures needed
Sent from my iPhone using Tapatalk
Done, await the payment. Simple process.
Did anybody go through their tax returns and check what 80% average profit was before they applied? Just wondering if the amount going to be paid is what you worked it out to be
Sent from my iPhone using TZ-UK mobile app
I claimed yesterday, 8am just like they said i could. Took 2 minutes.
Got myself a bounce back loan as well. That took 2 minutes also. Applied last night and it hit my account this morning, can you believe.
Just done mine,took 2 minutes, what an easy process!!!
Sent from my iPhone using TZ-UK mobile app
So the amount you are paid in the next 6 days or so, is that over a 3 month period. So if you return to work in a couple of weeks you need to contact them. Correct?
No. You can remain working throughout as I have done. It's a grant and does not need to be paid back but does need to be declared as income in your 20/21 accounts so will be subject to tax / NI.
EDIT: As I understand it it is a one off payment to cover March to May of this year.
No. They’re paying for three months regardless and have said that it’s ok to continue to work or do other work.
The only stipulation is that your business has been adversely affected. So even if you’’ have only lost one customer or one job, you’ are still eligible to claim.
You will have to declare the grant as business profit and pay tax and insurance on it though so the government will claw back 30-50% of the grant (assuming you earn over your tax free allowance) in your 20/21 tax return.
I’m very pleased to hear they’ve made this as hassle-free as possible. Makes a change!