Self-Employed Income Support Scheme – Covid19

If you’re eligible and your business has been adversely affected you must make your claim for the first grant on or before 13 July 2020.

This scheme is being extended. If you’re eligible for the second and final grant, and your business has been adversely affected on or after 14 July 2020 you’ll be able to make a claim in August 2020. You can claim for the second grant even if you did not make a claim for the first grant.

Click here to find out more about the extension to the scheme.

On the 29th May, the government announced it will offer self-employed workers a second and final grant in August.

Those who are eligible will be able to claim a second grant capped at £6,570.

The grant will be worth 70% of average monthly trading profits, covering 3 months’ worth of profits and capped at £6,570 in total. This will be paid out in a single instalment.

Further guidance on the second grant will be published on Friday 12 June.

Update as at 15th May 2020

HMRC has opened the Self-Employed Income Support Scheme, where freelancers and contractors can apply up to 80% of lost earnings in a £7,500 lump sum.

To qualify for this grant, your self employed income must be below £50k AND this amount must be >50% of total income.

It is a very quick seamless application process, information required:

1. Personal UTR Number

2. National Insurance Number

3. Government Gateway ID and Password

4. Bank Account Information (where you would like the grant paid into)

The system automatically calculates if you are eligible for the grant and how much you are to receive based on your historic submitted returns.

Only make this claim if you’re self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19).

Around 3.5m self-employed freelancers and contractors will already have been contacted by HMRC, deeming that they are eligible for the Self-Employed Income Support Scheme (SEISS).

Freelancers and the self-employed can apply for a one-off payment of up to £7,500 covering three months. This is based at looking at your tax returns for the past three years and then averaging your monthly income. Only freelancers and the self-employed who have been earning up to £50,000 a year can apply for the self-employed coronavirus income support scheme.

The grant does not need to be repaid but will be subject to income tax and national insurance.

Money should hit bank accounts by May 25 or six working days after a claim is made.

The Treasury is thinking about dropping the ceiling for self-employed support to £30,000 when the scheme is extended.

Leave a Reply