Contact Us

After weeks of waiting, HM Revenue and Customs (HMRC) has announced further guidance detailing how it will work out total income and trading profits for the Self-employment Income Support Scheme. 

A number of questions around how to calculate profits, work out deductible expenses, allow for losses and deal with multiple trades have now been answered. This should mean that most of the self-employed in the UK should now be able to work out how much grant they will be eligible to receive. 

Among the points HMRC has clarified are: 

  • HMRC plans to contact you by mid-May if it calculates you are entitled to a grant under the scheme. HMRC still anticipates this will be paid in early June.  
  • The grant will initially be for three months 
  • Losses arising in the years 2016/17 to 2018/19 are deducted from profits before calculating the average profits for the purposes of the grant. 
  • If you have run more than one business in a year, those profits will be added together, losses deducted from profits, or losses added together as appropriate, to calculate the figure to use for each tax year.  
  • A list of allowable expenses for trading profits, including office and travel costs, clothing expenses, staff costs, things you buy to sell on, financial costs, costs of your business premises, advertising or marketing, and any training courses related to your business. 

We are here to help 

Given the nature of the calculation to be carried out by HMRC and the information it will be based on, we recommend you speak to your accountant to see what this may mean for you after using our grant calculator. 

To arrange a free initial consultation, please don’t hesitate to call our friendly and experienced team today on 01284 771899 or drop use our online enquiry form.

For our latest COVID-19 news and guidance for your business, visit our dedicated Coronavirus Hub.
We will be updating it regularly as we continue to monitor and digest all the latest information

Date published 14 Apr 2020 | Last updated 23 Sep 2020

Choose the right accounting firm for you

Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?

Local business focus icon

Local business focus

We specialise in supporting independent businesses and work with 80,684 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.

Come and meet us icon

Come and meet us

We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 409 locations, meet with us online through video call software, or talk to us by telephone.

Switching is simple icon

Switching is simple

Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.

See how TaxAssist Accountants can help you with a free, no obligation consultation

01284 771899

Or contact us