AUTHORISED AGENT FOR HMRC SELF-EMPLOYED SUPPORT SCHEME & HMRC 64/8

The Genius Team are always looking to add value to our contractors especially in uncertain times like this.

As you may be aware the HMRC announced on the 26th March 2020 that they would be extending the COVID 19 grant system to Self-Employed via the Self-Employed Support Scheme.

The Genius team is offering to administrate this grant for any contractor that is, or has been using the Genius Payroll Services. All we need from you is the authorisation to communicate with the HMRC on your behalf via a signed HMRC 64/8 form.

THE GENIUS TEAM CAN ONLY UNDERTAKE ADMINISTRATION OF THE GRANT ON YOUR BEHALF IF YOU PRINT, FILL IN, SIGN AND RETURN THE HMRC 64/8 FORM.

WHO
IS
ELIGIBLE

You are eligible 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.

If you have not submitted your Income Tax Self-Assessment tax return for the tax year 2018-19, you must do this by 23 April 2020.

HMRC will use data on 2018-19 returns already submitted to identify those eligible and will risk assess any late returns filed before the 23 April 2020 deadline in the usual way.

HOW MUCH YOU'LL GET

You’ll get a taxable grant which will be 80% of the average profits from the tax years (where applicable):

  • 2016 to 2017

  • 2017 to 2018

  • 2018 to 2019

To work out the average HMRC will add together the total trading profit for the 3 tax years (where applicable) then divide by 3 (where applicable), and use this to calculate a monthly amount.

It will be up to a maximum of £2,500 per month for 3 months.

The applications process is currently still off line (unfortunately) and it is looking like this will start to be processed in May. There are also certainly going to be some restrictions on who this is applicable to apply as above, more information can be found by clicking any of the information links at the top of this page.

To proceed please print, fill in and sign the HMRC 64/8, sending this back to the Genius Team as soon as you can. Once we have this we will send this directly to the HMRC which also authorise your interest to have the grant processed and administered by the Genius Team on your behalf. We are also able to assist you with your current tax matters and rebate for 2019/2020 if you do not have this in hand already.

If you have not submitted your Income Tax Self-Assessment tax return for the tax year 2018-19, you must do this by 23 April 2020.

Please also keep an eye out on our website for updates https://geniusmoney.co.uk/coronavirus

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