On 26th March, the Government announced that funding is available to support self-employed people whose income has lowered or stopped due to the Coronavirus pandemic.
The Self-employment Income Support Scheme will provide claimants with a taxable grant worth 80% of their trading profits, up to £2,500 per month for the next three months. If necessary, the scheme will be extended.
To qualify for the scheme, you must be self-employed and have filed a Tax Return for 2019. If you haven’t done this yet, HMRC will allow a grace period of the next 4 weeks to ensure that you can file a completed Tax Return.
If you are new to self-employment and therefore unable to file a Tax Return, you will not be eligible for the scheme, but you will be eligible to claim Universal Credit instead.
How do I apply?
If you are registered as self-employed, HMRC will contact you directly and invite you to apply to the scheme online. Currently, you cannot apply without being contacted by HMRC beforehand.
How and when will I be paid?
You will receive the grant directly to your bank account.
Importantly, the Government has announced that payments from this scheme will be issued in June 2020. If you are concerned about your finances in the meantime, please see our financial advice page.
If your financial situation has changed due to Coronavirus and you are worried about rent, bills, debt or benefits, please contact us. Our Advice Team can be contacted via email: email@example.com or by calling 0161 448 4200.
You can find more information on support available on our Coronavirus main page.
For more information on the Self-Employment Income Support Scheme, visit Gov.uk