On 26 March 2020, the Chancellor announced the Self-employment Income Support Scheme.
This scheme pays a grant of 80% of your average trading profits up to a maximum of £2,500 per month for three months. It is available to self-employed individuals and members of a business partnership who have trading profits of less than £50,000 and get more than half of their income from self-employment.
You must also:
- Have submitted your 2018 – 2019 tax return (or do so by 23 April 2020);
- Have traded in the 2019 – 2020 tax year;
- Still be trading (or would be if it were not for coronavirus);
- Plan to continue trading in the 2020 – 2021 tax year; and have lost trading profits because of coronavirus.
The scheme is not open yet. HMRC will start contacting eligible people by the start of June. For more information, go to www.gov.uk and search for ‘Claim a grant through the coronavirus (COVID-19) Self-employment Income Support Scheme’. Please also read the scam warning.