Coronavirus News: Help for the Self-Employed

It was good news last week to hear that the Government has introduced the Self-Employed Income Support Scheme where self-employed people (including those in partnerships) can claim for 80% of their earnings from HMRC during the Coronavirus outbreak.

Unfortunately, claimants can’t access the scheme right now to make their claim as the scheme it is still being finalised by HMRC.

The proposed scheme will provide a taxable grant which will be 80% of your average profits for up to a maximum of £2,500 per month for 3 months of the initial Coronavirus scheme period (which may be extended). It will be a single payment and based on 80% of your income, taking your self-assessment tax returns income into account for the last three years from 2016 (where applicable).

You can apply for the taxable grant payment if you’re a self-employed individual or a member of a partnership and you:

• have submitted your Income Tax Self-Assessment tax return for the tax year 2018-19

• traded in the tax year 2019-20

• are trading when you apply, or would be except for COVID-19

• intend to continue to trade in the tax year 2020-21

• have lost trading/partnership trading profits due to COVID-19

HMRC will contact eligible claimants automatically and invite you to apply online, providing information about how much you will be entitled to and how to apply.

The Government’s announcement can be found here [26 March].

We're here to help. 

Please contact one of our employment team members. We're here to support you with employment advice at this time.

You can also complete our online enquiry form.

At Lawson-West, we provide a national employment service.

 

[30 March]

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