The Chancellor has announced today measures to support self-employed people affected by the Coronavirus pandemic.
Government grants are available equal to 80% of average monthly profits over the last three years, capped at £2,500 per month. The grants will be available across the UK for at least three months and may be extended further. The initial three months will be paid as a lump sum, and will start to be paid from the beginning of June.
To qualify, businesses must have been trading in the last financial year (2018-19), still be trading now and plan to continue trading in future. At least half of the traders income needs to come from self-employment. Trading profit must be less than £50,000 on average for the last three tax years, or less than £50,000 for 2018-19.
HMRC will use existing data to identify who is eligible and contact them directly. The applicant will have to confirm they meet the required criteria and the funds will then be paid directly by bank transfer.
Please contact us if you need help to establish if you meet the criteria.
We have attached this link that will take you directly to the Government website for the self-employed income support scheme