COVID-19: Self-employed

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COVID-19: Self-employed by Mind Map: COVID-19: Self-employed

1. Salaried member of LLP

1.1. Job Retention Scheme

2. Universal Credit

2.1. 2020/21

2.1.1. Minimum Income Floor relaxed

2.1.2. Increased by £20pw

3. Income Support Scheme (SEISS)

3.1. Taxable grants paid by HMRC

3.1.1. Entitled

3.1.1.1. IT & NICs

3.1.1.1.1. 2020/21

3.1.1.2. Universal Credit

3.1.2. Not entitled

3.1.2.1. 100% tax charge

3.1.2.2. Notify HMRC

3.1.2.3. Penalty if late notification

3.1.2.4. HMRC assessment or include in tax return

3.2. Calculation

3.2.1. Grant 1

3.2.1.1. Average monthly profits x 3 x 80%

3.2.1.2. Capped at £7,500

3.2.2. Grant 2

3.2.2.1. Average monthly profits x 3 x 70%

3.2.2.2. Capped at £6,570

3.2.3. Grant 3

3.2.3.1. Average monthly profits x 3 x 80%

3.2.3.2. Capped at £7,500

3.2.4. Grant 4

3.2.4.1. tbc

3.2.4.1.1. Announcement expected 3 March

3.3. Eligibility

3.3.1. Current and continuing trade

3.3.2. Tax return for 2018/19

3.3.2.1. Submitted by 23 April

3.3.3. Impacted by COVID-19

3.3.3.1. Grants 1 and 2

3.3.3.1.1. Adversely affected by COVID-19

3.3.3.2. Grants 3 and 4

3.3.3.2.1. Either reduced demand or temporarily stopped trading

3.4. Exclusions

3.4.1. Profit over £50k

3.4.2. <50% income from trade

3.5. Process

3.5.1. Person applies online

3.5.1.1. Not agent

3.5.1.2. Can request review

3.5.1.3. Grant 1

3.5.1.3.1. On or before 13 July 2020

3.5.1.4. Grant 2

3.5.1.4.1. On or before 19 October 2020

3.5.1.5. Grant 3

3.5.1.5.1. On or before 29 January 2021

3.5.2. HMRC makes payment

3.5.2.1. Within 6 working days

3.6. Resource: calculator

3.7. Not PSCs

3.7.1. Job Retention Scheme for salary

4. Defer tax

4.1. Defer 2nd POA

4.1.1. Was due 31/07/20

4.1.2. Deferred initially to 31/01/21

4.1.3. Further derefal (see below)

4.2. Defer tax due 31/01/21

4.2.1. Defer for 1 year

4.3. No interest or penalties