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Self-Employment Income Support Scheme Update – 02/07/2020

Self-Employment Income Support Scheme Update – 02/07/2020

The Self-Employment Income Support Scheme currently allows you to claim a taxable grant worth 80% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total.

If you’re eligible you must make your claim for the first grant on or before 13 July 2020.

The Government have released information covering the following areas, where you can find out if you are eligible to apply for this scheme:

  1. If your tax return is late, amended or under enquiry
  2. If you’re a member of a partnership
  3. If having a new child affected the trading profits you reported for the tax year 2018 to 2019
  4. If you have loans covered by the loan charge and have not agreed a settlement with HMRC before 20 December 2019
  5. If you claim averaging relief
  6. If you’re a military reservist
  7. State aid
  8. If you’re non-resident or chose the remittance basis
  9. Adversely affected examples

This scheme is being extended. Find out more about the extension to the scheme.