HMRC’s guidance is not complete and they have not had time to provide us with detailed rules on all aspects of how the calculations are to be made. HMRC have said that they are only interested in business income less allowable business expenditure.
Due to the time constraints imposed by HMRC, we are unable to check your claim for you before you make it.
When you make your application, you will be presented with a calculation of the amount of the grant. You will not need to enter any figures about your income. There is no option to change the amount of the grant HMRC has calculated you are entitled to. Our recommendation is you should claim the amount of the grant as calculated by HMRC and then request a review, if you think the grant should be a different amount.
Our current understanding is that accountants will be able to request a review of the grant amount but until the system goes live, we can’t confirm this.
When checking the amount of the grant, it is worth noting that the grant is calculated based on the trading profits shown on the tax returns; no adjustment is made if you traded for only part of a tax year.