Support for Freelancers
Freelancers have been affected hugely by what’s happening with Covid. A support program has been announced that will provide many freelancers the opportunity to get a grant on their taxes. if you have been affected negatively by the pandemic, You may be eligible for a tax grant.
Can i claim
New legislations state, you are eligible to claim if you meet the below:
- You are a self-employed.
- You are working in partnership with another individual.
- Your 2019/2020 tax return has been filed by the 02/03/2021.
- You have traded in 20/21 tax year.
- You are unable to make expected profit but have continued to trade.
- Work has decreased (due to Covid 19).
- Lockdown restrictions have halted your ability to work/run the business.
- Continuing future work.
limited company directors are not eligible for this grant
What’s the deadline to apply for this?
This grant will cover earnings from May 2021, a value of up to 80% will be given by way of an grant so long as the company has made a loss of at least 30% of regular earnings. Applications for this open at end of July. losses for May – September would be covered. However nothing has been put in to stone as yet for the applications date.
If the companies loss < £30,000 then a 30% grant of the loss of earnings would be given to the maximum of £2850.
Amount that could be awarded?
Staying in line with the forth and last grant, an 80% grant on the trading profit of three months with a cap out of £7,500 is what has been spoken of. (amount dependent on average profit like the last time around)