Measures for the self employed
Measures have been announced as part of the Government's "unprecedented" support package.
The Chancellor emphasized that the self-employed population covered a diverse range of sectors, jobs and incomes and so there was a need for this scheme to be "deliverable" and target those who need it most.
The Self Employed Income Support Scheme
- Those eligible can receive a taxable grant of up to 80% of their average monthly profits from the previous three years, with a cap of £2,500 (so similar to the "Furlough" scheme for employees).
- This can be claimed for a period of 3 months currently (subject to a review) and will be paid as one lump sum.
- You do not have to stop working completely to be able to claim this grant
You are eligible for this scheme if you:
- have trading profits of less than £50,000 in the tax year 2018/19 - or have average trading profits of less than £50,000 in the tax years 2016/17, 2017/18 and 2018/19
- make more than 50% of your income through self-employment during the above periods
- already have self-employed status for the tax year 2019/20
How do I apply?
This taxable grant will be made accessible via an online application form and, if successful, will be paid directly into your bank account. HMRC are working urgently to put this scheme into motion and the Chancellor said that this would be ready by the beginning of June.
For an update relating to this particular scheme, please click here.
If this delay is likely to cause you financial difficulties, or if you do not meet the eligibility criteria, there are other measures that have already been announced that you may be able to benefit from, including:
- the Coronavirus Business Interruption Loan Scheme
- deferral of your Income Tax Payment until January 2021
- access to Universal Credit
Please click on the links above to access futher information relating to these measures.
An additional 4 weeks from now to submit your 2018/19 Tax Return
The Chancellor also announced that he would be extending the 2018/19 Self Assessment Tax Return Filing Deadline by 4 weeks from now, without incurring a penalty or interest. If you would like us to assist you with this, please get in touch.
We are here to help...
We are in very uncertain and challenging times, but if you are concerned in any way, please get in touch with your usual Jerroms contact on 0121 693 5000 (Solihull Office) or 01527 833124 (Bromsgrove Office).