A new online tool that helps the self-employed to estimate the grant available from government to support them through the current Covid-19 crisis has been launched by TaxAssist Accountants.
By entering information from their filed tax returns, specifically their trading profits, the tool will work out if they may be eligible for a grant, and if so, estimates how much this may be.
Grants are being offered of up to 80% of their trading profits (up to a maximum of £2,500 p.m) but claimants must be able to demonstrate they have lost profits due to the current pandemic. HMRC will use the average trading profits over 3 years to determine the size of the grant, deducting any trading losses arising in those years from any profits. Averaged trading profits cannot exceed £50,000.
Daren Moore FCCA, group commercial director, says that while the government’s Self-employment Income Support Scheme (SEISS) is welcomed, many have no idea whether they are entitled to claim or how much they can expect: “Many are waiting for the HMRC to make contact and do the sums for them,” he said.
“But that might not be for another 2 weeks and people need to be able to understand their finances. What if after all that time waiting you find you’re not entitled to a penny? By using our calculator, you can consider eligibility now, plan your next steps and face the future with greater confidence.”
The calculator is available on TaxAssist’s website, where users can also find a guide to the government’s income support measures for the self-employed.