Self-Employed Income Support Scheme Summary

Bookkeepers – You have until 23rd April to file your client’s 18/19 tax return to enable you to access the government grant announced by Chancellor Rushi Sunak. 

Self-Employed Income Support Scheme Summary explained by GoSimpleTax

  • You must have completed your 18/19 tax return
  • 80% of profits up to £2,500 per month
  • Profits on 3 years average, there will be nothing available if over £50,000
  • Payment will be made in June

The self-employed have now been passed their life-line amidst the Covid-19 pandemic from Chancellor Rushi Sunak as he announced a new self-employed income support scheme, this will cover up to 80% of self-employed workers’ average taxable monthly profits.

The monthly profits will be judged on average profits over the past three years, and monthly payments will be taxable and capped at £2,500.

Self-employed should not contact HMRC now, eligible taxpayers will be contacted by them directly.  They will use existing information to check potential eligibility and invite applications once the scheme is operational.

So, if you have not yet filed your clients 18/19 tax return – you have until 23rd April to do so. First you will need their UTR…

A Unique Taxpayer Reference (UTR) number is required by all sole traders, partnerships and limited companies in the UK. It’s unique to that individual or organisation and remains unchanged forever.

You will also need a UTR if you have other forms of income or expenses that require you to file a Self Assessment tax return.

If you don’t have a UTR, you won’t be able to submit a Self Assessment tax return.

Who uses them?

 Any individual with self-employed income or income from rental property probably forms the biggest group that will need a UTR.

These individuals will need to perform a Self Assessment tax return. For other taxpayers, it may also be relevant when registering for the Construction Industry Scheme or working with an accountant.

What if I’m already registered?

 Your client should already have a UTR code somewhere. If they have misplaced it, start by checking any correspondence that they may have received from HMRC. All previous tax returns will reference it, along with any notices you may have had to file a return, payment reminders or statements of account.

In addition, their HMRC online account will also display the code, provided you can access it. If none of these options prove fruitful, contact the Self Assessment helpline.

About GoSimpleTax

Getting your UTR is the easy part. What trips up most UK taxpayers is submitting the Self Assessment tax return itself. With GoSimpleTax software, filing has never been easier as it does all the calculations for you and thanks to features that allow you to take a picture of expenditure and upload it to your records, as well as log all forms of income.

With the documentation you need in one place and learning resources to help minimise your tax liability further, all that’s left for you to do is press submit.

 

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