SELF-EMPLOYED INCOME SUPPORT SCHEME
The Chancellor has now announced the help that the Government will provide to the self-employed.
The scheme will allow some self-employed clients to claim a taxable grant, initially for the next 3 months, but may be extended.
You will qualify 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, or submit it by the 23rd April 2020.
- 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 total income must come from self-employment. The conditions based on the calculation of your average trading profits and other income in the three-year period to 5th April 2019, or shorter period if you commenced self-employment after 6th April 2016.
If you qualify you will get
80% of the average trading profits in the three-year period to 5th April 2019, or shorter period if you commenced self-employment after 6th April 2016, up to a maximum of £2,500 per month.
You cannot apply for this scheme yet.
HMRC will contact you if you are eligible for the scheme and invite you to apply online. Unlikely to pay out until June at the earliest.
Let us know if you have any queries or visit the HMRC notes at