Tax Return Support provided by UK Government in the wake of COVID 19 Pandemic
Followed by the Covid 19 outbreak, the UK Government has issued measures introducing liquidity support to UK’s businessmen, self-employed contractors and employees. These additional measures are being exercised to offer financial support to individuals facing dire consequences. Income support plan for self-employed individuals In order to respond to an increasing number of self-employed individuals who have recently lost a considerable portion of their income due to the Covid outbreak, the UK government has announced various financial plans that aim at supporting these self-employed people. As the financial difficulties are rising among the mass Job Retention plans have recently been issued. As per the scheme, all self-employed individuals who are eventually tax payers will receive a massive grant of 80% based on an average monthly profit. However the grants are subject to tax deductions. An individual can thus consult a Tax advisor in Reading to understand the taxable amoun