Chancellor unveils new measures to support self-employed and freelance Hairdressers and Barbers
Key points of his announcement:
Self-Employed Income Support:
- Receive 80% of average profits, up to £2,500 a month
- Profits averaged over the last three years' accounts (if three years' accounts are not available, the Chancellor suggested that the last two years' accounts or even the last one year's accounts could possibly be used to make a claim)
- Starts from June, so you will receive a lump sum backdated
- HMRC will contact those who are eligible and invite applications.
HMRC will then pay the funds straight into your bank in June.
- The new scheme would be available for an initial three months period and would be extended if necessary
- Will allow anyone who missed the filing deadline in January, four weeks from 26th March to submit their 2019/2020 tax returns
- Self-assessment income tax returns that were due in July can be deferred to the end of January 2021.
You Don’t Qualify if:
- Your annual profits average over £50,000 per annum
- You are a new or start-up business in the past 12 months and haven't submitted a tax return
- You are a Director of a Limited Company.
Other Self-Employed Support:
- You can claim for Universal Credit and ask for an advance if you need an early payment
- You can claim for Contributory Employment Support and Allowance
- You can claim a three month mortgage holiday
- You can defer your self-assessment and VAT business payments
For Additional information log into:
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020 8760 7010