Yesterday evening it was announced by the Chancellor that new support was to be available for the self-employed. This support, in the form of a new Self-employment Income Support Scheme, will support those affected by COVID-19.
The scheme will allow self-employed people to claim a taxable grant of up to 80% of their trading profits up to the value of £2,500 per month for 3 months.
The scheme is only accessed through GOV.UK. There has been a rise in scams recently. If anyone contacts you to click a link or give personal details or bank details in order to receive a grant, it is a scam.
Any self employed individual or member of a partnership can apply if:
At the moment, this scheme does not cover the self employed who started to trade after 5th April 19.
The size of the grant is determined by 80% of the average profits from the last three tax years. The average monthly profit figure is then calculated and granted (up to £2,500 per month for 3 months).
While this scheme is not open for applications at this time, HMRC will be in contact with those that are eligible to invite them to apply online. They are encouraging people to avoid contacting HMRC as this will slow the process.
The government is also providing the following additional help for the self-employed:
As always, please do not hesitate to contact us if you have any questions.