The Chancellor, Rishi Sunak, has announced the financial support for self employed people in England.
Self Employed Income Support Scheme
- Self-employed people facing financial difficulties as a result of COVID-19 will be able to receive a taxable grant of 80% of their monthly trading profits up to a cap of £2500 a month
- The scheme will run initially for 3 months and be extended if required
- The grant will be calculated using average monthly profits over the last three financial years (or as much as they have – 12 months plus – if people don’t have the full 3 years).
- The grant will be open to those who are already self-employed and have a self-assessment tax return for 2019.
- It will apply to the self-employed with trading profits up to £50,000 a year
- HMRC are working on what is a complex scheme and the aim is for the scheme to be accessible no later than the beginning of June. HMRC will write to those eligible directly and invite you to complete a simple online form, payment will then be made directly.
- Those self-employed who missed the filing deadline in January will have 4 weeks from today to complete it.