The Self Employed Income Support Scheme is now open for applications.
This scheme provides Government grants for up to £7,500 for eligible self -employed individuals. If you are eligible HMRC will assign you a claim date between 13th and 18th May (you cannot claim before that date) depending on your unique tax reference number and it is expected that money will be paid within 6 working days. A single installment will be paid covering 3 months.
You can check you claim date on HMRC’s claim date checker at https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference
The grant is worth 80% of average monthly trading profits capped at £7,500.
To be eligible for the grant you have to be self-employed and your business has to have been adversely affected by COVID-19 and…
● you have to have traded in the tax year 2019/2020 and intend to continue trading;
● earn at least half of your income through self-employment;
● have trading profits of no more than £50,000;
● traded in the tax year 2018/2019 and submitted their Self-Assessment tax return on or before 23 April 2020 for that year.
The amount of grant that you would be eligible for is calculated based on an average of your tax returns for 2016/17, 2017/18 and 2018/19.