HMRC issues further advice about the Self-employment Income Support Scheme

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: 

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 01423 871 870 or drop use our online enquiry form.

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Last updated: 23rd September 2020