Covid-19 Government Support Scheme for the Self-Employed

In this first Covid-19 support blog post, Icon Scotland Group has compiled the latest information regarding Government support for the self-employed, summarised by Business Gateway below:

Business Gateway: UK Self-Employment Support Package

How do I claim the help?

  • HM Revenue and Customs (HMRC) will use existing information to identify those eligible and will invite applications
  • The application will require them to confirm that they meet the eligibility requirements
  • It will be paid straight into a bank account, which eligible taxpayers will need to confirm on their application form
  • People do not need to contact HMRC now if they are eligible HMRC will contact them directly
  • The scheme will pay 80% of average monthly profits over the last three years, up to £2,500 a month, for three months initially
  • The money, backdated till March, will arrive directly into people’s bank accounts from HMRC as a lump sum for all three months, but not until June
  • The grants will be taxable and will need to be declared on tax returns by January 2022
  • At least half your income needs to have come from self-employment as registered on the 2019-20 tax return filed in January or averaged over the three previous years
  • Company owners who pay themselves a dividend are not covered

https://www.bgateway.com/resources/coronavirus-support

For more information find a link to the HMRC website below:

HMRC [Covid-19] Self Employment Income Support Scheme

This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed.

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

FAQ’s

Self-employment Income Support Scheme FAQs

Furthermore, Ii you are self-employed and not claiming any benefits, you may be entitled to claim Employment and Support Allowance (ESA) or Universal Credit.

 

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