Self-employment Income Support Scheme - Coronavirus (COVID-19)

The Chancellor outlined the scheme this afternoon (Thursday 26 March). The main points are:

• The government 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.
• It will run for a minimum of three months
• He says that it is equivalent to the support available to the employed.
• That it will be open to anyone with average profits of £50,000 or less.
• It will be open to people who make the majority of their income from self-employment.
• And, to avoid fraud, it will only be open to people who are already self-employed and have a tax return from 2019.
• He says 95% of the self-employed will be covered.
• It will be available by June.
• Finally, anyone who missed the deadline for their tax return will get an extra four weeks, he says.

For help or advice, please do contact us. For full details see the Government site Self-employment Income Support Scheme