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Business News

Government announces the Self Employed Income Support Scheme

27/03/2020

Yesterday evening the Chancellor, Rishi Sunak, announced that the self-employed could benefit from help worth up to £2,500 per month.

The Government has said that it will pay self-employed people a taxable grant based on their previous earnings over the last three years, worth up to 80% of earnings, and capped at £2,500 a month.

What we know so far:

  • The scheme will run for a minimum of three months.  
  • The scheme will be open to anyone with trading profits of up to £50,000.
  • It will be open to people who derive most of their income from self-employment.
  • In order to avoid fraud, the scheme will only be open to those who are already self-employed.
  • You must have submitted a self-employed tax return for tax year 18/19 which was due by 31st January 2020. However, the Chancellor also announced that anyone who missed this deadline will be given an additional 4 weeks from the 26th March to do so.
  • The taxable grant will be based on an average of 80% of your last 3 submitted tax returns (2016/17, 2017/18 & 2018/19).
  • A self-employed person can make a claim and continue to work.
  • The scheme is expected to open at the beginning of June.
  • Self-employed individuals will not need to apply, HMRC will contact them.
  • It is estimated that 95% of the self-employed will be covered by the scheme.

 

As more details emerge, we will provide an update and if you need any help completing and submitting your 18/19 self-assessment please get in touch.