Extra help for year of no profits

nightofjoy

Hi.

So I'm self employed and I've been getting the government grants which have just about kept me ticking over... but now I've filed my 20/21 tax return, and due to my work dropping off completely, I've only made a couple of hundred quid for that year.

Even taking into account the grants within that tax year, I'm below the 12k you need to hit to pay any tax.

So having no tax to pay is good, but things are tight.

Is there anything else I can try to claim?

Thanks.

MovingForwards

Universal credit, be aware it will cancel your tax credit claim and can't be reinstated. UC is also due to reduce by about £20pw in a few months.

https://www.entitledto.co.uk/benefits-calculator/Intro/Home?cid=1a5bbd4a-0603-4b25-ac67-80ac2af2a2e7

Grumpy_chap

The OP should remember that while the SEISS grants go into the taxable income, but there should be few expenses to deduct if work dropped of completely.

nightofjoy

MovingForwards said:

Universal credit, be aware it will cancel your tax credit claim and can't be reinstated. UC is also due to reduce by about £20pw in a few months.

https://www.entitledto.co.uk/benefits-calculator/Intro/Home?cid=1a5bbd4a-0603-4b25-ac67-80ac2af2a2e7

I don't think I have a tax credit claim, unless it's part of the return I just filed...

nightofjoy

Grumpy_chap said:

The OP should remember that while the SEISS grants go into the taxable income, but there should be few expenses to deduct if work dropped of completely.

I didn't put in for any expenses when I filed my tax return.

Jeremy535897

Tax credits are benefits, and you would file details of income on an annual basis by 31 July, separate to any self assessment tax return.

JJC1956

nightofjoy said:

Hi.

So I'm self employed and I've been getting the government grants which have just about kept me ticking over... but now I've filed my 20/21 tax return, and due to my work dropping off completely, I've only made a couple of hundred quid for that year.

Even taking into account the grants within that tax year, I'm below the 12k you need to hit to pay any tax.

So having no tax to pay is good, but things are tight.

Is there anything else I can try to claim?

Thanks.

Not sure if it is too late but local councils were given funding for businesses, they are called ARG, LRSG and RESTART, all grants dished out by local councils depending on whether you pay Business rates or not. Check out your local council’s website