HMRC will start contacting self-employed businesses from this week who may be eligible for support.
The scheme will allow you to claim a taxable grant of 80% of your average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether. This is a temporary scheme, but it may be extended.
If you receive the grant you can continue to work, start a new trade or take on other employment including voluntary work, or duties as an armed forces reservist.
Who can claim
You can claim if you’re a self-employed individual or a member of a partnership and:
you carry on a trade which has been adversely affected by coronavirus
you traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
you traded in the tax year 2019 to 2020
you intend to continue to trade in the tax year 2020 to 2021
Your business could be adversely affected by coronavirus, for example if:
have caring responsibilities because of coronavirus
you’ve had to scale down or temporarily stop trading because:
your supply chain has been interrupted
you have fewer or no customers or clients
your staff are unable to come in to work
How to claim
The online service you’ll use to claim is not available yet. HMRC will aim to contact you by mid-May 2020 if you’re eligible, to invite you to claim using the GOV.UK online service. Payment will be made by early June 2020 if your claim is approved.
Covid-19 Update #4
Posted on
Self-Employment Income Support Scheme
HMRC will start contacting self-employed businesses from this week who may be eligible for support.
The scheme will allow you to claim a taxable grant of 80% of your average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether. This is a temporary scheme, but it may be extended.
If you receive the grant you can continue to work, start a new trade or take on other employment including voluntary work, or duties as an armed forces reservist.
Who can claim
You can claim if you’re a self-employed individual or a member of a partnership and:
Your business could be adversely affected by coronavirus, for example if:
How to claim
This entry was posted in Coronavirus, News and Comments, Personal Taxes.