Updated HMRC guidance on the Self-employment Income Support Scheme

HMRC updated guidance for claims by the self-employed yesterday, 14 April which can be accessed via the following link

There highlights of the updated guidance are:

• HMRC will start contacting people mid-May
• The intention is that payments will be made mid-June
• Taxpayers who have not submitted their Self-Assessment tax return for the tax year 2018/19, must do this by 23 April 2020 or they will not be able to claim
• HMRC will use data on the 2018/19 tax returns already submitted to identify those eligible and will review any late returns filed before the 23 April 2020 deadline in the usual way
• For taxpayers who amended a submitted return after 26 March 2020 any changes will not be taken into account when working out eligibility or amount of the grant.

HMRC have also issued a specific guide as to how they will assess profits over the period for the purpose of calculating the grant including the treatment of losses and having income from more than one trade. This guide can be accessed via the following link

Finally, HMRC have reminded taxpayers that If they receive texts, calls or emails claiming to be from HMRC, offering financial help or a tax refund and asking them to click on a link or to give personal information, it is a scam. Please see our Guide to being Scam Smart here.

For further information and any questions you may have on this matter, please contact a member of the Mercer & Hole team.