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Government help for the self-employed due to coronavirus

The chancellor has just announced the Self-employed Income Support Scheme, due to the coronavirus situation.

The scheme aims to pay 80% of self-employed profits, as a taxable cash grant, up to a maximum of £2,500 per month. The scheme is planned to last for a minimum of 3 months.

The first payments are expected to be made in June and will be backdated – so people will receive 3 months’ worth as one lump sum.

The 80% figure is based on the average monthly trading profit over the last three years.

The scheme will be open to people with a trading profit of less than £50,000 in 2018/19 or an average trading profit of less than £50,000 from 2016/17, 2017/18 and 2018/19. In addition, over half of your income in these periods must have come from self-employment.

There are also a few other requirements to qualify for the scheme:

  • You must have submitted your tax return for the 2018/19 tax year (If not, there is a short extension window available)
  • Have traded in the tax year 2019/20
  • Are still trading when you apply, or would have been except for the coronavirus situation
  • You intend to continue to trade in the tax year 2020/21
  • You have lost trading profits due to the coronavirus situation

There is no need to take any action initially – HMRC will identify those who are already in self-employment and meet the above conditions and will then contact them directly with guidance on how to apply.

Although not technically self-employed, those people who pay themselves a salary and dividends through their own company are unfortunately not covered by the scheme. There are also restrictions on the help available.

With regards to immediate cash needs, I have shared about how the 31st July payments on account have been deferred until 31st January 2021 – this cash could perhaps be temporarily reallocated until the grants are expected to be issued in June.

Before the grant payments are made, the self-employed will still be able to access other available government support for those affected by coronavirus including more generous universal credit and business continuity loans where they have a business bank account.

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Accountant in Surrey

Are you looking for a personal tax specialist?

I built up my tax experience in industry and practice over 17 years before founding my own practice in 2006.

Based in Cobham, Surrey I can also help clients throughout the UK.

  

My goal is to make personal tax and accounts for the self-employed as easy as possible for clients

 

Award-winning Accountant

Small Business Saturday is the UK's most successful small business campaign. Only one hundred of the UK’s top small businesses are selected each year for the SBS100. They act as trail-blazers in the official count-down towards the annual event.

I was one of the alumni from the 2014 Small Business Saturday 100, resulting in two visits to Downing Street.

In the Surrey Digital Awards from 2015 - 2018, I was also the winner of several top awards.

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