The Chancellor announced that help would be available to those who rely on self-employed income, particularly those who have made profits up to £50,000.
This will be also available to those who filed a tax return in 2019. This is to make sure that the assistance needed is provided to those who are self employed and to eliminate fraudsters seeking for help.
How do I apply for this scheme?
Those who benefit from this support will be contacted directly by the HMRC. The money will then be paid into your bank account. It is advised not to contact the HMRC directly as those that are eligble will be contacted in time.
As a result of COVID-19, applicants will need to prove that they have lost income by completing an online declaration form. As a consequence of COVID-19, applicants would be expected to show that they have lost income by completing an online declaration form. MRC will use information already given by tax returns.
What if I had missed the January deadline to pay tax?
For those that had missed the deadline on 31st January, the government has allowed 4 weeks for tax returns to be submitted in order for you to benefit from this support.
If you missed the deadline on the 31st January, in order for you to benefit from this package, the government has allowed 4 weeks for tax returns to be submitted.
When will this support be available?
Although this support may have come too late, the Treasury said earnings compensation will be provided at the start of June a week after the service was introduced for those who are working.
About Stuart Mosley
Stuart Mosley (CeFA, CeMap, CLTM) founded SJ Financial Solutions in June 2005 having spent 12 years with big corporates such as Halifax and Santander. He felt the personal touch and straight speaking was missing from financial and mortgage advice services and set up SJ Financial Solutions to change this.
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