The Chancellor announces new Self-employed Income Support Scheme

Last week the Chancellor announced he would support businesses by covering 80% of employee’s pay, today the Chancellor announced similar measures for the self-employed.

 

You must have a trading profit of up to £50,00. You are only eligible for this if you have filed a tax return in 2019 (if you haven’t filed one yet the chancellor has given you 4 more weeks extension to file your return and apply for this grant).

 

HMRC will write to those eligible in June 2020. In the meantime, self employed people can still apply for business interruption loans. Through this scheme self employed people can apply to receive a taxed grant which will cover up to 80 % of average monthly income over last 3 years. This will be capped at a maximum of £2500. This grant is initially for 3 months and may be extended if necessary. 

 

For more info visit the HMRC website or contact us on sot@khuddam.co.uk.

 

Link to information :https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

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