Self-employment Income Support Scheme Calculator has been saved
Self-employment Income Support Scheme Calculator
Use the Self-employment Income Support Scheme calculator, developed by Deloitte, to find out how much support you may be able to access via grant from the HMRC coronavirus (COVID-19) Self-employment Income Support Scheme.
Do I qualify?
According to the UK government guidance, in broad terms you should be eligible for a grant if you are trading (or would be apart from COVID-19), your business has been adversely affected by COVID-19 and your trading profits do not exceed £50,000 and are more than half your total income. However the precise rules, for example when you need to be trading and which tax years are relevant, are detailed and complex.
Two grants are potentially payable. Applications for the first grant had to be made on or before 13 July 2020 (subject to possible extension for military reservists or those meeting the parental leave criteria set out in the guidance below). This calculator only deals with the second grant, which is open for claims from 17 August 2020. Claims must be made on or before 19 October 2020. Please see the following Government guidance for full details:
- Check if you can claim a grant through the Self-employment Income
- How HMRC works out trading profits and non-trading income for the Self-employment Income Support Scheme
- How different circumstances affect the Self-employment Income Support Scheme
- Decide if your business has been adversely affected by the Self-employment Income Support Scheme
Completion of the Calculator, using the further guidance below, will give you an indication, based on your responses to the questions, of:
- whether you may be eligible for the scheme;
- if eligible, the grant available; and
- how to claim the grant from HMRC.
The results from the Calculator are indicative only. The results should not be used to determine any financial strategy or as a substitute for professional advice.
What support may be available?
For eligible individuals, the taxable grant available is normally 70% of the average monthly profits over the 2016/17, 2017/18 and 2018/19 tax years (based on average profits reported on tax returns filed for these years) capped at £2,190 per month. The tax years used for averaging may vary if trading began later than 2016/17 or if the parental leave rules apply (see guidance below).
The grant is for three months, making the maximum grant £6,570. HMRC should make the grant payments in August 2020. The first grant was 80% of the average monthly profits for three months, subject to a maximum grant of £7,500.
Steps to complete the Calculator
Step 1 – read the notes and Government guidance above on eligibility for the scheme.
Step 2 – ensure you have access to your self-assessment tax returns and income tax calculations for the 2016/17, 2017/18 and 2018/19 tax years. However, if you started trading after tax year 2016/17 you only need these details for the tax year(s) during which you were trading.
HMRC will not take into account any changes made to submitted returns after 6pm on 26 March 2020, when calculating eligibility or the grant amount. They will also disregard figures on tax returns for 2016/17 and/or 2017/18 that were filed after 23 April 2020.
Step 3 – input the figures from your tax returns and income tax calculations into the Calculator. See the Guidance section below for help on where to find the figures you need to input.
Step 4 – receive an indication of the grant available from the scheme.
It does not deal with all possible situations. Please see the Guidance for specific situations not covered. There may also be complexities in your tax affairs which affect the results of the calculator.