HMRC have issued further guidance today on how the grant for the self-employed will be calculated. It clarifies the position with losses, multiple trades, capital allowances and the trading allowance.
Unfortunately trade losses will reduce the total income that will be averaged to calculate the amount of the grant claim, as will capital allowances and the trading allowance. However, for some this may bring their average self-employed income below the £50,000 threshold so that they may then be eligible.
Visit http://www.gov.uk/guidance/how-hmrc-works-out-total-income-and-trading-profits-for-the-self-employment-income-support-scheme for more information and examples.
