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Latest Update 27 March – some welcome news for the self employed

The Chancellor announced measures yesterday evening to support the self employed stating that “you have not been forgotten”, however the money will take some time to come through. Further details below.

Coronavirus Self-employment Income Support Scheme

  • Grant available up to £2,500 a month
  • Based on average monthly profits over the last three years
  • At least half their income needs to have come from self-employment as registered on the 2018-19 tax return filed in January, or averaged over the three previous years
  • Trading profits max of £50,000 in 2018/19 or averaged over the past three years (2016/17, 2017/18, 2018/19)
  • Must have submitted a tax return for 2018/19
  • Extra 1 month to submit tax return if not completed already
  • The grant will be paid out in June
  • Will be available for at least three months and when money paid out it will be backdated
  • Applications will be required to obtain the grant
  • 95% of self employed people will be covered
  • Backdated to 1 March
  • HMRC will pay people directly into their bank accounts
  • Grants will be taxable
  • Company owners who pay themselves a dividend are not covered