Flash-forward a few weeks, and we're now trying to figure out which, of the economic buffet of support of offer, should we choose!
For all the government's follies, when it has come to delivering financial support cushion for UK businesses, they've delivered and delivered uncharacteristically early.
Amazingly, as of May 6th, weeks ahead of schedule, HMRC will begin contacting three and a half million Self-Employment Income Support Scheme (SEISS).
TAXO'D TOP TIP: Trading Profits is your total income, minus your allowable expenses or any previous year losses. In employment terms this would be referred to your take-home pay' (or beer money).*
Who doesn't qualify
TAX TIP: if you're feeling anxious there's no need to wait around for the call to confirm your eligibility, you can go online here and check your eligibility for SEISS.
Before you jump on in, make sure you have checked off the following prep points to ensure a smooth ride.
Once the check is complete, you'll be given a date when you can submit your claim.
TAXO TOP TIP: This is a grant, not a loan, so what you get is what you keep. But keep in mind that this is a taxable income grant, which means you will pay tax on the amount in the same way that you pay tax on any income you make with a regular job.
Example: if you earnings are nearing the high-income threshold (£50,000) and you take the grant, this could take your earnings above £50,000 (the high-income threshold) taking your taxable income rate to 40% up from 20%.
Unfortunately, not all will benefit from the SEISS scheme as some will fall into the dreaded 'grey area'. If you are ineligible, HMRC will help you to understand why and guide you otherwise. The good news is that there are quite a few financial support schemes now available and if you need financial support, then they are worth exploring. Check them out here
We provide an end-to-end tax solution for all freelancers and most self-employed tax payers. Record as you go, know what you owe and file direct to HMRC. No Green Form. No More Accountants. All from your phone or desktop.
TAXO'D is a salary tax calculator. You record as you go (on your phone or your computer) day by day, throughout the tax year. As the weeks unfold and you are actively recording your income and expenses. With TAXO'D personal tax app - you will see in real-time displays the tax and National Insurance that you owe.With TAXO'D tax return software know exactly what tax you owe and when you owe it. Simple.
TAXO'D mobile tax tool does away with the need for an accountant, saving you further money and time. If you are earning money independently and responsible for your own taxes then sign up today. And find out why TAXO'D is the best self assessment software for freelancers and contractors.
Tax Sucks! Spend less time and money on it with TAXO'D tax filing app
Disclaimer: This is simply a guide and should not be treated as tax advice. Contact HMRC directly if you need tax advice.