Help for the Self Employed

06 April 2020 - Elizabeth Nichols

Self-employment Income Support Scheme
Update 2 November 2020: While the first two grants are now closed the third one will open 30 November. The fourth one won't be available until February next year – we will update this guide when we have more details on it.​ Following the announcement of a second lockdown, Rishi Sunak has doubled the Self-Employed Income Support Scheme (SEISS) back to 80% for November.

Update July 2020: Applications for the first grant closed on 13 July 2020.

The second taxable grant is worth 70% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £6,570 in total.

Please note that we are unable to submit an application on your behalf using your Government Gateway credentials as it will trigger a fraud alert and will result in delays in receiving payments. 

On 26th March the government announced the above scheme for self-employed individuals or members of a partnership that have lost income due to the recent Covid-19 pandemic, allowing you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months, which may be extended.
To make a claim you will need to:

  • Have submitted your 2018/19 tax return
  • Have traded in the tax year 19/20
  • Be trading at the point you apply, or would have except for Covid-19, and intend to continue to trade
  • Have lost trading profits due to Covid-19
  • Have self-employed profits of less than £50,000, with more than 50% of your income coming from your self-employment (by looking at either the 2018/19 tax year or the average trading profits of 2016/17, 2017/18 and 2018/19

The deadline for submitting your 2018/19 tax return, was extended to 23rd April 2020. If you have missed the deadline you will not be eligible for the scheme. 

Self-Employment Income Support Scheme Applications Open

From 13th May, self-employed individuals or members of partnerships whose business has been adversely affected by coronavirus are be able to apply for a Self-Employment Income Support Scheme (SEISS) grant worth 80% of their average monthly trading profits.

If eligible, you will be able to claim your SEISS grant on a specified date, from 13 – 18 May. You can check your date using HMRC’s online checker at any time.

It was indicated that the first grants will start to be paid at the beginning of June 2020, however, if this changes in the meantime we will issue updated guidance.

Tax deferral for the self-employed:…

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