This Content Was Last Updated on November 27, 2020 by Jessica Garbett
This has been announced today, details are evolving, but this is what we know:
- a taxable non repayable grant for Self Employed and Partners – not company directors
- only available if your average profits over 16/17, 17/18 and 18/19 less than £50,000
- grant is 80% of average profits over 16/17, 17/18 and 18/19 to a maximum of £2,500 / month (believe this is 80% of £2,500 – punctuation not clear on Government website)
- scheme lasting three months initially
- the averaging year rules adjust if you started Self Employment in that period
- Self Employment must be the majority of your income
- payments to be made from June onward as one lump sum
- no restriction on continuing to work
HMRCs Guidance:
Claim a grant through the coronavirus (COVID-19) Self-employment Income Support Scheme
Company Directors / shareholders not covered. In theory can claim the Coronavirus Job Retention Scheme grant at 80% of salary but:
- salary only not dividend
- can’t continue to work whilst claiming
Edit 14 April 2020 – more detailed guidance now released
Edit 4 May 2020 – details of claims process released
Edit 29 May – “Second and final” grant