Saturday, May 30, 2020

Hopkins Solicitors highlights self-employed support scheme

Chancellor Rishi Sunak has confirmed that the government will be supporting the self-employed, but how will this work and what will you be entitled to?

The scheme will be available for at least three months which will take us to May 2020 but could be extended subject to review.

The Chancellor did confirm that this scheme will not be accessible until June, but grants will be backdated as a single lump sum. So, what are the advantages of the scheme and what does it mean for you? Hopkins Solicitors explores:

What does the scheme mean for you?

HMRC will reimburse a taxable grant of 80% of average monthly trading profits over the last three years capped at £2,500.00.

Unlike the Job Retention Scheme, the self-employed will be eligible for this scheme whilst continuing to do business.

Who can take advantage of the scheme?

The scheme will be available to anyone with trading profits of up to £50,000.00, self-employed people who earn more will not qualify.

You will only be eligible for the scheme if the majority of your income comes from self-employment.

If you pay yourself a salary and/or a dividend you will not be covered by this scheme and should seek advice with regards to the Job retention Scheme if you are operating PAYE schemes.

How will the scheme assess how much you will be entitled to?

You need to have submitted your tax return for 2019. The Government have confirmed that for those who failed to do so have a further four weeks from 26 March 2020 to do this so that they can also be eligible for the scheme.

How do businesses take advantage of the scheme?

You are not required to apply for the scheme. HMRC will contact those who are eligible and will offer you to fill in a form for them to pay the grant to you.

Before grant payments are made, you may be eligible for temporary funds which other schemes have to offer.

We all need to help each other and therefore we encourage the self-employed not to exploit this scheme and only use if required during this difficult time.

As you can see, although there is a scheme offered to help in these times of uncertainty, there are still a lot of grey areas and the issue that the support scheme will not be live until June.

Help us maintain our standards of journalism

Readers across the region enjoy our news site but keeping our news up to date and authoritative, without charging readers to view the site is a challenge. Especially now with the Corona Virus measures affecting us all, as many clients have been severely affected and are naturally reducing their spend on advertisements. Given this lack of revenue stream we are calling on the generosity of our readers to help us fill that void and enable our journalists to continue delivering the news that you enjoy.

Unlike many other news sites, we don't have annoying pop ups or charge scandalous prices for events. We also produce printed magazines for each title and we make these freely available to read on line too, for your enjoyment. Often, people have asked why we don't make a charge for viewers to read these magazines and news stories but we feel that would adversely affect our readership/advertisers response rate. But with advertising revenues now severely affected we need your help. So, if you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs from just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the current storm and continue in our quest to deliver quality journalism.

We value your readership and your support, as this enables us to continue to provide our regular daily news updates. We've been established over 30 years, during which we've lost count of the numerous recessions and financial meltdowns, and we intend to weather the storms caused by Covid-19. So, every reader contribution, however big or small, is invaluable in helping us to get through this. Please click here to help support your favourite news site/magazine.






Latest news

East Midlands attracts lowest levels of Foreign Direct Investment (FDI) in four years, reveals new report.

Derby and Nottingham attracted lowest levels of Foreign Direct Investment (FDI) in four years despite ranking 13th and 18th respectively in the Top-20 best...

Tinkers Lock duplex apartment proposal for Trent Bridge Quays development

The company behind the development of luxury apartments and townhouses at Trent Bridge Quays and former Muller Yard Meadow Lane in Nottingham has revealed...

Derby company wins major railway and infrastructure award  

Composite Braiding, a manufacturing firm which specialises in thermoplastic composite braiding technology, has won a major accolade at the JEC Composite Innovation Awards 2020. The...

Business confidence in East Midlands drops for fourth consecutive month

Business confidence in East Midlands fell 20 points during May to -42%, according to the latest Business Barometer from Lloyds Bank Commercial Banking. Companies in...

Strategic appointment at Air IT

East Midlands based Managed Service Provider (MSP), Air IT have appointed industry veteran, Mark Whitehead in a new role as Sales Director. The new appointment...

Related news

The FSE Group announces new Head for £40million MEIF Debt Fund and CBILS accreditation

New accreditation will now allow The FSE Group to issue loans from the Midlands Engine Investment Fund (MEIF) Debt Fund backed by a Coronavirus Business...

East Midlands attracts lowest levels of Foreign Direct Investment (FDI) in four years, reveals new report.

Derby and Nottingham attracted lowest levels of Foreign Direct Investment (FDI) in four years despite ranking 13th and 18th respectively in the Top-20 best...

Tinkers Lock duplex apartment proposal for Trent Bridge Quays development

The company behind the development of luxury apartments and townhouses at Trent Bridge Quays and former Muller Yard Meadow Lane in Nottingham has revealed...

Derby company wins major railway and infrastructure award  

Composite Braiding, a manufacturing firm which specialises in thermoplastic composite braiding technology, has won a major accolade at the JEC Composite Innovation Awards 2020. The...

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close