News | Legal News

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

For further information or advice surrounding the self-employment income support scheme please contact our employment team on 01753 889995 or email enquiries@bpcollins.co.uk

Jo Davis

Jo Davis

Tel: 01753 279029 | 07894 608230

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