Self employed

Redted2004

Advice if anyone knows. 

I was self employed for years up until April 2019. I have set a Ltd company from April 2019 but have not yet done my end of year, but my accountant has put me on PAYE so I can get the tax relief up to £12,500. So nothing has gone through yet. 

Hope it makes sense just wondering if anyone would know if I would get a payment in June?

Jeremy535897

This is a question for your accountant, but on the face of it, you don't meet the eligibility criteria:

"You can apply if you’re a self-employed individual or a member of a partnership and you:

• have submitted your Income Tax Self Assessment tax return for the tax year 2018-19
• traded in the tax year 2019-20
• are trading when you apply, or would be except for COVID-19
• intend to continue to trade in the tax year 2020-21
• have lost trading/partnership trading profits due to COVID-19

Your self-employed trading profits must also be less than £50,000 and more than half of your income come from self-employment. This is determined by at least one of the following conditions being true:

• having trading profits/partnership trading profits in 2018-19 of less than £50,000 and these profits constitute more than half of your total taxable income
• having average trading profits in 2016-17, 2017-18, and 2018-19 of less than £50,000 and these profits constitute more than half of your average taxable income in the same period

If you started trading between 2016-19, HMRC will only use those years for which you filed a Self-Assessment tax return."

Those tests highlighted in bold you do not appear to meet.

If you have been paid a salary by your company, and you were on a HMRC registered payroll at 28 February 2020, and there is no work at all that you can do in the company (other than routine duties a director would be expected to perform independent of the business), you might get into the job retention scheme for 80% of your salary. Ask your accountant. That's what they are there for.