26 Mar Self Employed Income Support Scheme…but not until June 2020

Rishi Sunak has announced support for the self employed:

  • Government will pay self-employed people, who have been adversely affected by the coronavirus, a taxable grant worth 80% of their average monthly profits over the last 3 years, up to £2,500 per month for 3 months (this may be extended)
  • Open to those with profits up to £50,000 , who make a majority of their income from self-employment.
  • Open to those who submitted a tax return in 2019
  • Able to access scheme at the beginning of June, If eligible, HMRC will contact you with an online form, they pay the taxable grant straight to your bank account.

Further information will follow on how this is to work in practice, how it is claimed, and for how long the support will be provided. There’s lots of questions of what income from your tax return will count, for example holiday lets and dividends, are those who have only just registered as self employed eligible, whether capital allowances will be added back to the tax return figure etc.

Our advice is just to keep up to date with the information via the GOV.uk website.  We will continue to provide further guidance as we receive it.

If you would like any further information on the above please contact us.