As muted earlier in the discussions the Chancellor has chosen the 3 years of SA302’s, this is an important issue, as it is the final tax calculation as computed by HMRC bearing tax liabilities applied to profits and will be the definitive document.
As with mortgage lenders they are reluctant to read final accounts for the net taxable profit, I do hope the Chancellor follows lenders by using the pre tax profit as the definitive figure.
This is the direct link to the information on SEISS.
https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme.
Some points of interest, it would appear from the builtin, if you filed your tax return on time for Fiscal YE 2019 this will be the assessable figure, should you have traded for a further two years YE 2017 and 2018 this will be added to 2019 and divided by three. Should you have been slow/negligent in filing your YE 2019 you can do this prior to April 5th 2020. An important note HMRC will be doubly diligent on assessing late filings, be very careful of Client/Tax Payer examinations being triggered.
Mortgage Lenders and finance institutions often state if you are a Director of a limited company, they will regard you as Self-Employed, this is both incorrect and misleading as it falls foul of two separate legal remits, that of Employment law and Employment Tax law. NOTE being a Director of a limited company entitles you to claim 80% of your Directors salary and is evidenced from your P60.
Finally at present the portal is not open to make SEISS claims, HMRC indicates they will contact you if you are eligible, be wary of this and ensure you follow the HMRC bulletins or simply log in to our News Letters as further posts will be online immediately they are confirmed. I do not report on hearsay or fake news!
