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  • Laura Steele

SELF EMPLOYED SUPPORT 26/03

Update 26/03


Direct from Chancellor Rishi Sunak


Self employed income support scheme


Taxable grant of 80% of last 3 years profits up to £2500 For up to 3 months, extended if required


Can continue to run your business


Same for self employed people as for furloughed employees - 80% of average earnings over the last 3 years up to £2,500 - if you don’t have 3 years they will look at whatever you have.


Open to anyone with trading profits up to £50,000


If you have no returns - IE new businesses you will not receive support under this scheme and are directed to universal credit.


Must make majority of income from self employment.


Must be already In Self employment and have a 2019 tax return already submitted.


Government has granted special allowances meaning if you haven’t submitted your 2019 return you can do so within 4 weeks.


HMRC working on this urgently and expected to be in place by the beginning of June, if you are eligible HMRC will contact you directly to compete paperwork and refund monies owed into your account.


Business interruption loans available to self employed to claim for the interim period - benefitting from 12 months interest fee loans.


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