We're waiting for full guidance to be published by the government but for now some key points:
How do I apply?
It was said that HMRC will have details for all of those that are eligible for this service. You do not need to apply and HMRC will contact you automatically when the system is in place.
What if I only have 1 years of accounts?
The government confirmed that as long as you have a single tax return you will be eligible.
Why have they mentioned 3 years of returns?
In order to get an average they are working on up to 3 years of returns. This is to help those who have had volatile years. An average will be taken of all three years.
How long will this initiative last?
To begin with it has been said that this will be valid for 3 months. The same was said for the employed system. No one can predict how long this crisis will last so hopefully it will be extended.
What if I do not have a years accounts?
You will not be able ot benefit from this.
What if I have employed and self employed income?
We're waiting on full confirmation but it was said that you can use whichever is your main income. So if your employment brings in more money then it it unlikely you can claim for self employed income.
When will this be live?
No confirmed date but it is hoped from June.
Please note that the above is based on the press conference and we'll add more information when the full guidance is published,
How do I apply?
It was said that HMRC will have details for all of those that are eligible for this service. You do not need to apply and HMRC will contact you automatically when the system is in place.
What if I only have 1 years of accounts?
The government confirmed that as long as you have a single tax return you will be eligible.
Why have they mentioned 3 years of returns?
In order to get an average they are working on up to 3 years of returns. This is to help those who have had volatile years. An average will be taken of all three years.
How long will this initiative last?
To begin with it has been said that this will be valid for 3 months. The same was said for the employed system. No one can predict how long this crisis will last so hopefully it will be extended.
What if I do not have a years accounts?
You will not be able ot benefit from this.
What if I have employed and self employed income?
We're waiting on full confirmation but it was said that you can use whichever is your main income. So if your employment brings in more money then it it unlikely you can claim for self employed income.
When will this be live?
No confirmed date but it is hoped from June.
Please note that the above is based on the press conference and we'll add more information when the full guidance is published,