COVID-19 Income Support for the Self Employed
If you’re either self employed or a member of a partnership, there is governmental support available.
Initially set for a period of 3 months, you’ll be able claim a grant of 80% of your trading profits, up to a maximum of £2500 per month. The government has made it plain this period could extended if the situation warrants it.
Who Can Apply?
- You must have submitted an income tax return for the year 2018/20
- You must have traded in the current year 2019/20
- You can only apply if you would be trading now, where it not for the situation with COVID-19
- You intend to trade next year
- Your profits have been impacted by COVID-19
- Your profits must be less than £50k
- More than half of your income must come from self-employment
How Much Will You Receive?
HMRC will take an average of the profits you got over the last 3 years (where applicable), and then give you 80% of that.
The money will be paid into your bank account directly, in a single installment.
When Will this Happen?
HMRC are working hard to arrange the mechanics of this. They request that people do not contact them about this, it won’t speed up the process in any way.
Do We Need to Apply?
HMRC will contact you when the scheme is up and running. There is no way to apply just yet.