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COVID-19 Financial Support for the self-employed

 

The self-employed income support scheme will be available to those who are already self-employed and who have submitted a self-assessment tax return for 2019.

Self-employed individuals facing financial difficulties will be paid a taxable grant worth 80% of average monthly profits of the last three years.

To be eligible for this scheme you must receive the majority of your income through self-employment and your annual trading profits must be no more than £50,000 per year.

As with the Coronavirus Job Retention Scheme support will capped at £2,500 per month, initially, for three months, therefore covering the same amount as furloughed employees.

The Chancellor said this level of support is unprecedented and unlike almost any other country and should support 95% of those who are majority self-employed – the remaining 5% being those who have average incomes of £200,000.

He also said that ministers have worked hard to make sure that the support is targeted at those who need it the most.

Access to the taxable grants should be made available no later than June, when individuals should be able to fill out a simple form online and then have the grant paid directly into their bank account.