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Monday 11 May 2020

Self-Employment Income Support Scheme

If you’re self employed or a member of a partnership and have been adversely affected by coronavirus you may be able to claim a grant from the Government.

On Wednesday 13th May, HMRC will launch their online service where you will be able to make your claim.  Before this date, you will need to check if you’re eligible for this grant (see link below).

This support scheme will allow you to claim a taxable grant of 80% of your average monthly trading profits.  It will be paid out in a single instalment covering 3 months, and capped at £7500 altogether.

HMRC have advised that this is a temporary scheme, but may be extended.

If you receive the grant you can continue to work, start a new trade or take on other employment including voluntary work.

The grant will be subject to Income Tax and self-employed National Insurance.

For further information and to check whether you are eligible to claim