Business News

Self-Employed Income Support Scheme

On 26th March, Chancellor, Rishi Sunak announced “world-leading scheme to support the UK’s self-employed affected by the Coronavirus outbreak.”

The details are as follows:

  • A direct cash grant of 80% of self-employed’s average monthly trading profits over three years, up to £2,500 per month
  • Scheme applicable where trading profit is less than £50,000 in 2018-19 or an average trading profit of less than £50,000 from 2016-17, 2017-18 and 2018-19
  • More than half of income in these periods must come from self-employment
  • Grants to be available for at least three months
  • Availability from early June 2020
  • Payment of grant will be a single sum
  • Less than three years in self-employment, the scheme will consider whatever accounts are available
  • If no filed trading accounts the scheme is not available
  • Those who pay themselves a salary and dividends through their own company are not covered
  • But can claim for their salary under the Coronavirus Job Retention Scheme if paid via PAYE
  • No application is required and HMRC
  • HMRC will use existing information to check potential eligibility and invite applications once the scheme is operational
  • Income support scheme is being designed by HMRC from scratch
  • The grant will be taxable in the hands of the payees
  • Scheme is available to members of partnerships
  • Before grant payments are made, the self-employed can access other available C-19 government support
  • This includes more generous universal credit and business continuity loans where they have a business bank account
  • Further information and details of the scheme will be shared shortly by HMRC

The Government says that the Self-Employed Income Support Scheme “..brings parity with the Coronavirus Job Retention Scheme, announced by the Chancellor last week, where the Government committed to pay up to £2,500 each month in wages of employed workers who are furloughed during the outbreak.”

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