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Coronavirus Update: Government Announce Self-Employed Income Support Scheme

26-Mar-2020 5:26 PM | Anonymous

Key details of the Self-Employed Income Support Scheme are as follows:

  •  A taxable grant of 80% of average weekly profits (calculated over the last three years) up to a maximum of £2,500 a month

To be eligible you must

  • Have trading profits of no more than £50,000 a year
  • The majority of your income must come from self-employed work
  • Have filed a tax return for 2018/19

The scheme will pay the grant directly to the bank accounts of those eligible for the support. The scheme will run for an initial three months

HMRC is building the mechanism by which the grants will be paid. It is expected that the grants will start to be paid in June.

UKFT will share more detail once it becomes available. In the meantime we would be very interested in hearing your thoughts on the scheme.

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