The Government has today announced a new Self-employment Income Support Scheme, which will provide self-employed people facing financial difficulties with 80% of their average monthly income, up to a maximum of £2,500. This will be calculated using their average monthly profits over last three financial years.
The scheme will initially last for three months, offering the same level of support for furloughed workers.
To be eligible, recipients must:
- Already be self-employed
- Have a self-assessment tax return for 2019 (a four week extension from today will enable people to submit a tax return if they missed the deadline)
- Have trading profits of up to £50,000
- Make the majority of their income from self-employment
HMRC are administering the scheme and aim for it to be live by June. Eligible recipients will be contacted directly and money paid directly into their bank account following application.
The scheme is in addition to of all of the self-employed support measures already announced including access to Universal Credit, Coronavirus Business Support loans and HMRC support outlined already.
Find out more details of the Self-employment Income Support Scheme from Gov.uk.