The key updates include:
• HMRC are aiming to contact self-employed individuals in mid-May, inviting them to make an application. Payments are expected to be made in June.
• Applicants will need to confirm to HMRC that their business has been adversely affected by coronavirus. HMRC have stated they will “as usual use a risk based approach to compliance”.
• HMRC have now confirmed how ‘trading profit’ is defined for the purposes of the scheme.
• HMRC have clarified the definition of ‘total income’. A condition of the scheme is that the trading profits are more than 50% of the person’s total income.
• HMRC have confirmed that individuals may also make an application for Universal Credit at the same time as making a claim under the grant support scheme. It is important to note that the support received under the scheme must be declared for the purposes of Universal Credit.
• Amendments made to personal tax returns after 26 March 2020 will be ignored for the purposes of establishing an individual’s eligibility.