Background
The Government has announced additional support for those who are self employed and who have been adversely effected by the Coronavirus Outbreak.
How much is available
HMRC will pay a grant to those who are self employed of 80% of their profits, up to £2,500 per month. The grant will be based on the average profits from the last three years, or whatever is available.
Who is eligible
In order to be eligible, you must:
- Be Self Employed or a member of a Partnership
- Have lost profits due to the Coronavirus Outbreak
- Have filed a tax return for 2019. If you missed January’s filing deadline, you have an additional 4 weeks from 26 March 2020
- Have traded in 2019/2020 and be trading at the point of application, and expect to continue to trade into 2020/2021
- Have trading profits of less than £50,000
- Have more than half of your total income come from Self Employment
How to claim
HMRC will contact those who might be eligible for the scheme once it is operational, which is likely to be in June 2020. Those who need immediate relief can defer their self-assessment payment until January 2021, or claim Universal Credit.
