NEW Coronavirus Support for Self Employed – Self Employed Income Support Scheme

Today the Chancellor announced a support package for the self employed, freelancers and gig economy.

Coronavirus Support for Self Employed – Self Employed Income Support Scheme

You will received a taxable grant of 80% of the average profit of your business over the last 3 years – as submitted in your personal tax return, up to £2,500 per month.

And you can continue to do business.

This is applicable to anyone who’s trading profits are up to £50k a year.

To qualify you must have submitted a tax return for the year to April 2019. Andif you are late in submitting that – then you have 4 weeks to file from today. 

This is for anyone who’s major source of income is from self employment.

Payments will not be made until June, however they will then be backdated for March, April and May. 

If you have not yet filed a tax return since you are newly self employed then this is not available to you – and you will have to look to the welfare system for support. 

If your trading profits are over £50k you are not eligible for this. 

If you have less than 3 years trading they will take what you have submitted as your average. 

Note – if you are a director of a limited company you are NOT self employed and this does not apply (unless it comes out differently in the small print) 

About the Author

Annette Ferguson 

Owner of Annette & Co. - Chartered Accountants & Certified Profit First Professionals. Helping online service-based entrepreneurs find clarity in their numbers, increase wealth and have more money in their pockets.