COVID-19: Self Employment Support
Chancellor Rishi Sunak has announced government support for self employed individuals affected by the coronavirus pandemic.
Cash grants of 80% of trading profits, up to £2,500 per month, will be paid via one payment. This grant will initially reflect three months of profits.
This support package is aligned to the Coronavirus Job Retention Scheme, whereby the government is paying a similar level (80% up to £2,500 per month) to furloughed workers.
It is available 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. If less than three years of self assessment returns are available, the amount will be calculated from the returns available. Anyone who has not yet submitted their self assessment tax return for tax year ending 5 April 2019 has four weeks to do so.
Members of partnerships are also eligible for this support package. Those who pay themselves a salary and dividends through their own company are not covered by the scheme but will be covered for their salary by the Coronavirus Job Retention Scheme if they are operating PAYE schemes.
Payments are expected to be available from June. All those who are eligible for self employment support will be contacted direct by HMRC and invited to complete a form online.
Full details of this support package are here.