Self employed income support scheme further grants confirmed

April 8, 2021|In KRW Tax news|By Keith Witchell

The Chancellor confirmed that there will be two further three-month grants for self-employed taxpayers once again set at 80% of past profits, and capped at £7.5k. In a welcome step, both grants will be made available to newly self-employed individuals, providing they have filed a 2019/20 Self Assessment tax return. However, for the fifth and final grant covering May to September 2021, your turnover must have reduced by at least 30% to get the full 80% grant, with a lower level grant of 30% of past profits for those whose income has fallen by less than 30%, capped at £2,850.

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Keith Witchell