£2500 A Month Taxable Grant Allowance Invite?

bradztheman

Does this mean if your eligible for £7500 you'll only get £6000 paid into your bank after 20% tax??

Jeremy535897

No, you declare it as gross income in your self employed figures for 2020/21, and pay tax and NIC on it as appropriate as part of your self employed taxable trading profit for that year.

bradztheman

Ok so for example if i earnt for example
£24,000 16/17
£34,000 17,18
£32,000 18,19

am i eligible for the full £7500 ?

Rodders53

bradztheman said:

Ok so for example if i earnt for example
£24,000 16/17
£34,000 17,18
£32,000 18,19

am i eligible for the full £7500 ?

You seem eligible for up to that amount but:-
Total profits for the 3 years = £90k divided by 3 = £30k average p.a. x 0.8 (grant = 80% of the average) = £24k  divide by 12 = £2k per month.  So on those numbers you'll get £6k lump grant for the three month initial period.

ssdkck

bradztheman said:

Yeap already got it all. Basically from today (4th May) there's a new tool which allows you to see if your eligible where you enter your UTR number AND national insurance number.. after i entered these it told me i was eligible but it doesnt say how much for yet, i then had to enter my government gateway id to login and verify my identity with driving license, it then asked me to enter my email.. it said we will email you on 15th May to claim online from 8am :-) Happy days! 

When your invited to claim online do you think you have to do it on that date or is it you can claim from this date? Is there a time scale to put an application in? 

bradztheman

ssdkck said:

bradztheman said:

Yeap already got it all. Basically from today (4th May) there's a new tool which allows you to see if your eligible where you enter your UTR number AND national insurance number.. after i entered these it told me i was eligible but it doesnt say how much for yet, i then had to enter my government gateway id to login and verify my identity with driving license, it then asked me to enter my email.. it said we will email you on 15th May to claim online from 8am :-) Happy days! 

When your invited to claim online do you think you have to do it on that date or is it you can claim from this date? Is there a time scale to put an application in? 

You know what, i'm really not too sure. My invitation date is 15th at 8am, but i heard that other people can claim from the 13th so on the 13th i'm going to go onto that webpage and have a little look if i can claim before i was told i can.

sheramber

I should imagine they are staggering  the date claims are made as  otherwise the site would crash when everybody tried to log on.
 

bradztheman

Going back into my tax year 16/17 there was a period of around 4 months that i was employed on the books income (not through sia scheme).... will these earnings be added and taken into account for that year at all?

Dazed_and_C0nfused

bradztheman said:

Going back into my tax year 16/17 there was a period of around 4 months that i was employed on the books income (not through sia scheme).... will these earnings be added and taken into account for that year at all?

Assuming you declared the income on your 2016:17 Self Assessment return them yes they will be taken into account when considering your eligibility.

They won't increase the amount of any SEISS payment though as that is based on your self employment profits.

ssdkck

sheramber said:

I should imagine they are staggering  the date claims are made as  otherwise the site would crash when everybody tried to log on.
 

This sounds very possible. I got the impression the window for application was from the 13th to the 18th of may. Surely it should be possible to claim after the 18th