COVID-19 Support for Self-Employed

Chancellor announces additional measures to help businesses and the self-employed impacted by COVID-19

The Chancellor announced a major package of support for the self-employed:

  • HMG will pay the self-employed a taxable grant worth 80% of their average monthly profits over the last three years up to £2500 per month
  • This will be available for three months. Will be extended if necessary
  • People can claim these grants and continue to do business
  • Covers self-employed same as those furloughed

To ensure the funds reaches the people most in need:

  • Open to anyone of trading profits of up to £50,000
  • Available to people who i) make the majority of their income being self-employed, ii) Have a self-employed tax return for 2019

How to access

  • HMRC will contact you directly and you’ll have to fill out a form
  • HMRC will pay the grant directly to bank accounts.
  • Aim is to pay at the beginning of June (3 months backdated). Hoping to be quicker than that but recognition HMRC are now having to design two new systems
  • Anyone who missed the Jan filing deadline has an extra 4 weeks from today to submit their tax return

Further Details can be found at – https://www.gov.uk/government/news/chancellor-gives-support-to-millions-of-self-employed-individuals