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Support for Freelancers

By May 20, 2021No Comments

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)