1 The Government has announced a new Self-Employed Income Support Scheme to support those who work for themselves.
2 The government will pay self-employed people, who have been adversely affected by the #coronavirus, a taxable grant worth 80% of their average income over the last three years, up to £2,500 per month, for at least three months.
3 Self-employed people who are eligible can apply directly to HMRC for the grant, using a simple online form; HMRC will then pay the grant straight into your bank account.
4 This scheme will be open to those with income of £50,000 or less, who make the majority of their income from self-employment.
5 For self-employed people who are struggling now, we’ve also made sure that most will be able to access the business interruption loans.
6 And we’ve also changed the welfare system so that self-employed people can now access Universal Credit in full.
7 A self-employed person with a non-working partner and two children, living in the social rented sector, can receive welfare support of around £1,800 per month.
What is it?
The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19. The scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month.
HMRC will use the average profits from tax returns in 2016-17, 2017-18 and 2018-19 to calculate the size of the grant. The scheme will be open to those where the majority of their income comes from self-employment and who have profits of less than £50,000. The scheme will be open for an initial three months with people able to make their first claim by the beginning of June.
Learn more about the Government announcement for the Self-Employed Income Support Scheme to support those who work for themselves.