Maximum claim is £2,500 per month for 3 months (may be extended).
Needs to be applied. Explained under 7 on this memo.
This is a grant and not a loan (does not need to be repaid).
How much – 80% of average profit for the tax year (3 years to 5/4/2019) for 3 months.
5. When would it be received? It will be credited to your account in one instalment (probably in June 20).
What you need to do.
--a. You cannot apply for this scheme as yet. Do not contact HMRC.
--b. HMRC will contact you in due course. They have all the necessary data to contact you. The claim will be made through HMRC web site once the system has been set up.
You do not need to pay the 31st July 20 instalment of your taxes.Conditions
--a. 2019 tax return should have been submitted.
--b. There must have been a trade in 19/20 tax year and should have been trading when applying for the grant (unless not trading due to Covid-19).
--c. Intend to trade after the crises in 20-21 tax year.
--d. Have lost trading/partnership trading profits due to COVID-19.
--e. Income should be less than £50,000 per annum and be more than 50% of total income. (Income may be more than trading income due to dividends, rent receivable etc). The £50,00 test is One (not both) of the following conditions
----a. Trading profit of less than £50K in 18/19 OR
----b. Less than £50K average for 16/17, 17/18 and 18/19.