SELF EMPLOYED INCOME SUPPORT SCHEME

Friday, 17 April 2020 14:59 Last Updated on Friday, 17 April 2020 14:59 Written by admin

In order to be eligible for the grant, claimants will have to have filed a tax return for 2018/19, have continued to trade into the tax year 2019/20, intend to continue to trade into the tax year 2020/21 and be trading when the application is made, or would have been trading had the coronavirus outbreak not occurred. Claimants also must have lost trading profits due to coronavirus.

Trading profits need to be no more than £50,000 and more than half of the individual’s total income for either:

the tax year 2018/19, or
the average of the last three tax years’ ie 2016/17, 2017/18 and 2018/19

Trading profits will be calculated by taking total trading income from the tax returns and deducting allowable business expenses and capital amounts

No amounts will be deducted for losses from previous years or for an individual’s personal allowance.

Where there is more than one trade all profits and losses from the trades will be added together.

Total income

Total income will comprise income from:

earnings
trading profits
property income
dividends
savings income
pension income
miscellaneous income including social security income

Client Testimonials

Wonderful, friendly service. Thank you so much for looking after us!

Faye Chandler, Oliver Chandler Limited

I would gladly recommend Keeley to anybody who is looking for a conscientious, detailed and hard working accounting professional. Both individually, during her career before Magenta, and now as part of the wider Magenta Accounts team Keeley has looked after my financial well-being over the last fifteen years, and has done it exquisitely well. In fact, so happy am I to recommend Keeley, that four of my closest friends now have their company finances managed by Keeley's safe hands at Magenta.

Mike Boreham. Managing Director, Quiddity Solutions Limited

Magenta have handled our payroll and invoicing for three years, and have had an extremely positive impact on Semantic. Between them the team now handle all my personal and professional needs.

Nick Warren. Managing Director, Semantic Limited

Keeley has handled all my tax affairs for many years and I cannot speak highly enough about the professional level of service she has provided. Her efficiency and knowledge mean that my tax affairs are handled swiftly and competently making the whole experience pleasurable and cost effective.

Linda Green

Just a note to say how impressed I have been with Magenta Accounts and the service that you have provided me within my first 6 months of setting up my business. With being a new business, making sure I generate income immediately is vital, so by knowing that you are taking away of all my financial duties from me such as making small payments to providing monthly management accounts allows me to focus more of my time on other aspects such as growing the business and generating revenue. Each member of staff provides a personal and prompt service and it is comforting to know that whoever I speak to at Magenta Accounts, each member of staff is fully aware of my accounts and the current situation. I would fully recommend your company to any business who is looking for a service that not only helps take away the stress of looking after money, but also helps you grow as a business.

Michael Dyble, Managing Director, Dybles Limited