Self- Employment Income Support Scheme
If you are self-employed or a member of a partnership and have been adversely affected by COVID-19, you should check on the Government’s website to find out if you can use this scheme to claim a grant. Click here to link to this checker.
This scheme will allow you to claim a taxable grant of 80% of your average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether. This is a temporary scheme, but it may be extended and might prove to be a lifeline over the next few months
If you receive the grant you can continue to work, start a new trade or take on other employment including voluntary work, or duties as an armed forces reservist.
The grant does not need to be repaid but will be subject to Income Tax and self-employed National Insurance.
If you are not eligible for this scheme, there is other support available which you should investigate.
HMRC will work out if you’re eligible and how much grant you may get.