COVID-19: Self employed update

HMRC has now provided further information on calculating the amount you can claim as a grant; the £50,000 profit limit remains together with confirmation of an overall cap of £7,500 but provides a lot more detail on how to calculate the requisite 3 months value of 80% of your average monthly trading profits.

The online claim service is not yet available and the advice is still to wait for HMRC to contact you later on this month to confirm that you are eligible to claim as your agent cannot make this claim for you.

If you need advice or assistance the Mercer & Hole team are here to support you and your business, please contact us if you require any assistance.