COVID-19 Grants for the Self-Employed!

Rishi Sunak

It was recently announced by Rishi Sunak, The Chancellor, that the UK Government would be launching a grant called The Self-Employment Income Support Scheme. Here is a brief overview of this support:

All self-employed workers will be eligible for a taxable grant worth 80% of their average monthly profits over the last three years; up to £2,500 a month.

You can apply if you’re a self-employed individual or a member of a partnership

You have submitted your Income Tax Self-Assessment tax return for the tax year 2018-19

Traded in the tax year 2019-20

Are trading when you apply, or would be except for COVID-19

Intend to continue to trade in the tax year 2020-21

Have lost trading/partnership trading profits due to COVID-19

Your self-employed trading profits must also be less than £50,000 and more than half of your income come from self-employment

The scheme opened from Wednesday 13th May to check your eligibility and to find out when to start your claim. To start your claim follow this link, here you can check your eligibility. Once confirmed you will receive a date you are able to start the claim.

Once your claim is in, the Government  is targeting to send the grants to your bank account within 7 days.

Stay safe!

The Guild.