Support for the Self-employed

Self-employed graphic

On 26 March, Chancellor Rishi Sunak announced a strong package to help the self-employed. Self-employed people who have been adversely affected by the coronavirus can apply for a taxable grant worth 80% of their average monthly profits over the last 3 years, up to £2500 a month. The scheme will be open for at least 3 months and will be extended if necessary.

The scheme is open to self-employed people who:

  • have trading profits of up to £50,000
  • make the majority of their income from self-employment
  • are already in self-employment with a tax return from 2019

Other key points:

  • HMRC are working urgently to deliver the scheme; grants are expected to start being paid by the beginning of June 2020
  • Anyone who missed the filing deadline in January has 4 weeks from today to submit their tax return

In the meantime:

  • The self-employed can access Business Interruption Loans
  • Self-assessed income tax payments due in July can be deferred to the end of January next year
  • The self-employed can now access Universal Credit in full

More information on the Self-Employed Income Support Scheme can be found here: https://www.businesssupport.gov.uk/self-employment-income-…/