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
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.
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.