Business Insight
Corona Virus Self Employed Income Support Scheme
HELP FOR THE SELF EMPLOYED
Thursday 26th March 2020, Chancellor Rishi Sunak has announced measures to support the self-employed and partnerships.
The scheme is called the Coronavirus Self-Employment Income Support Scheme (CSEISS).
If they have suffered a loss in income, a taxable grant will be paid to the self-employed or partnerships, worth 80% of their profits up to a cap of £2,500 per month.
Initially, this will be available for three months in one lump-sum payment and will start to be paid from the beginning of June.
To be eligible applicants must have more than half their income from being self-employed.
The scheme is open to those with a trading profit of less than £50,000 in 2018/19, or an average trading profit of less than £50,000 from tax years 2016/17, 2017/18 and 2017/18.
Those who are recently self-employed and do not have a full year of accounts will not receive any help under this scheme.
The Self-employed can also postpone their 31 July 2020 payment on account until 31 January 2021.
This is how this Grant works:
- 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
- You do not need to contact HMRC, if you are eligible HMRC will contact you direct
Further details will be provided as soon as we receive them. Be strong and stay healthy!