COVID-19: Help for self-employed people

by | Apr 9, 2020 | Blog, Covid-19

Income support for the self-employed

The Self-employment Income Support Scheme has been created to help those who have lost income as a result of Coronavirus

It enables you to claim a grant worth 80% of your trading profits up to a maximum of £2,500 per month and is initially available for three months though the scheme may be extended, if necessary.

To be eligible for the scheme, you must:

  • Have submitted your self-assessment tax return for 2018/19 (which was due in January). If you haven’t yet submitted your return, you have until 23rd April to do so.
  • Traded in the tax year 2019/20.
  • Be trading when you apply, or would be if you weren’t affected by Coronavirus.
  • Intend to continue to trade in the current (20/21) tax year.
  • Have lost trading profits due to Coronavirus.

It’s open to those with trading profits of £50,000 or less and for those who derive more than half their income from self-employment.

You do not need to take any action at present. HMRC will contact you if you are eligible and will let you know how much you will receive. You’ll be able to make an application online, though the system is not yet up and running. If you claim tax credits you will need to include the grant in your claim as income.

You may find it helpful to read our tips on managing your personal finances to reduce the impact of Coronavirus.

JSA Group

Specialist outsourced accountancy and payroll services for recruitment agencies, freelancers, contractors and umbrella workers. We’ve built up expert knowledge and experience within the industry by supporting tens of thousands of customers for 30 years.

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