Coronavirus Financial Support for Self-Employed

On 26 March the UK Government announced financial support for individuals who are self-employed and have been negatively affected by COVID-19.

Self Employment Income Support Scheme

The Self Employment Income Support Scheme will provide self-employed individuals or members of partnerships with a taxable grant worth 80% of their profits, up to a cap of £2,500, for the next three months. 

To be eligible for the scheme you need to meet the following criteria:

  • traded in 2019/20, trading when you apply or would be trading if not for COVID-19 
  • filed a tax return for 2018/9 (those who have not filed, will have four weeks from 26 March to do so)
  • have lost trading profits due to COVID-19
  • intend to continue to trade in 2020/21
  • trading profits are less than £50,000 and more than half your income comes from self-employment*

*This is determined by at least one of the following conditions being true:

  • Your trading profits and total income in 2018/19
  • Your average trading profits and total income across up to the three years between 2016-17, 2017-18, and 2018-19.

The grant amount will be 80% of your average profits from the tax years 2016-2019. It will be a maximum of £2,500 per month for three months. Grants are expected to start being paid in June 2020.

HMRC will contact those who are eligible. 

View HMRC guide

View Government Advice

 

Information is correct at time of publishing (27 March) 

for latest updates check our guide