The government’s Self-Employment Income Support Scheme has now opened for claims;
On Thursday 26 March, the Government announced a new Self-Employed Income Support Scheme to support self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19. The scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month.
HMRC will use the average profits from tax returns in 2016-17, 2017-18 and 2018-19 to calculate the size of the grant. The scheme will be open to those where the majority of their income comes from self-employment and who have profits of less than £50,000. The scheme will be open for an initial three months with people able to make their first claim by the beginning of June.
HMRC have published Self-employment Income Support Scheme guidance (external link) on the scheme. This guidance will continue to be updated. HMRC have also have a helpful Self-employment Income Support Scheme FAQs (external link)