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bigduckontax, Accountant
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I'm in a partnership and have a question relating to

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I'm in a partnership and have a question relating to eligibility for the grants announced today for self employed affected by Coronavirus in UK.
JA: Are you filing as a sole proprietor or independent contractor?
Customer: sole proprietor I believe, in a partnership with my wife
JA: Anything else you want the Accountant to know before I connect you?
Customer: no that's all thanks

Hello, I am one of the experts on Just Answer and pleased to be able to help you with your question.

 

Here is what the Chancellor said:

 

'The government will pay self-employed people, who have been adversely affected by the Coronavirus, a taxable grant worth 80% of their average monthly profits over the last three years, up to £2,500 a month.'

 

His statement further advises:

 

'If you’re eligible, HMRC will contact you directly, ask you to fill out a simple online form, then pay the grant straight into your bank account.'

Customer: replied 3 days ago.
Hi there, I'm in a partnership with my wife. In the weddings / music industry. Our business has been badly affected by Coronavirus and wanting to find out if we'll be eligible for the recently announced grants? We filed as a partnership 17-18 and 18-19, 16-17 we filed separately (not a partnership). Will the £50,000 cap Rishi Sunak announced be based on the total amount the partnership earned or the individual profits filed? Thanks very much.

Individual profits.

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Customer: replied 3 days ago.
Many thanks, that makes sense as otherwise it would be very unfair to people in partnerships I guess! Thankyou

Delighted to have been of assistance.

 

Thank you for your support.