News > UK self-employment-income-support-scheme

UK self-employment-income-support-scheme

Thu 26th Mar 2020

 

What is it?

" The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19 . The scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month."

The scheme will be open to those with a trading profit of less than £50,000 in 2018-19, or an average trading profit of less than £50,000 from 2016-17, 2017-18 and 2018-19.

 

"The Chancellor said HMRC would look at one year’s earnings (2018/19) if that is all you have. If you have two years of returns, they will average your monthly earnings across that period. If you have three, they will do the same but across three years.

More good news is that for anyone who filed their tax return late, after 31 January 2020, the Chancellor is giving you another four-week window, starting 26 March until 23 April, to send in your tax form in order to qualify for the income scheme."

 

Please see link for more info https://www.businesssupport.gov.uk/self-employment-income-support-scheme/

Also see https://www.starlingbank.com/blog/coronavirus-how-the-government-will-help-self-employed/