27 March 2020
Coronavirus Self-employment Income Support Scheme
Who can claim?
Those who are self-employed and:-
- have a self-assessment tax return for 2019 (if you haven’t filed your tax return yet, you have 4 weeks from today to do so and therefore benefit from the scheme);
- were still trading and planning to continue doing so this year;
- have suffered a loss in income;
- more than half of their income comes from self-employment;
- had an average trading profit of less than £50,000 (over the period of trading up to three years – i.e. looking at accounts for 2016-17, 2017-18 and 2018-19)
What is it?
A taxable grant to the self-employed (including partners) of 80% of their profits up to a cap of £2,500 per month.
It will run for an initial period of three months in one lump-sum payment and will start to be paid from the beginning of June.
How to make a claim
- HMRC will identify those eligible and will invite applications
- There will be an online application form to confirm eligibility
- If eligible, it will be paid direct into the individual’s bank account