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Support for self-employed individuals

NEW SELF EMPLOYED INCOME SUPPORT SCHEME

  • The Government will pay self-employed individuals who have been adversely affected a taxable grant worth 80% of average of monthly profits over the last three years

  • This will be worth up to £2,500 a month and open to people across the UK. It will be backdated to March 1 2020 and last for three months initially.

  • The scheme will be open to those with a trading profit of less than £50,000 in 2018-19 or an average trading profit of less than £50,000 from 2016-17, 2017-18 and 2018-19.

  • To minimise fraud, only those already in self employment with a tax return for 2019 will be able eligible

  • HMRC working on scheme and people will be able to access by the beginning of June

  • HMRC will contact eligible businesses, they will be asked to fill in an online form and it will be paid direct into bank account

  • To make sure that no-one who needs it misses out on support, anyone who missed the filing deadline in January has four weeks from today to submit their tax return

    MORE INFORMATION CAN BE FOUND ON THE GOVERNMENT'S BUSINESS SUPPORT WEBSITE HERE

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