News & Important Dates
Coronavirus - Self-Employed Support Scheme
The Government announced support worth 80% of average monthly trading profits over the last 3 years to a maximum of £2,500 for 3 months - in line with the Furlough scheme for employees.
However, you cannot apply for the scheme yet and HMRC will contact you if you are eligible and invite you to apply online. Do not contact HMRC now as the processes are not in place - first payments are expected in June.
There are a lot of conditions that apply:
- You must have submitted your 2018/19 tax return (you now have until 23rd April 2020);
- Traded in 2019/20;
- Be trading when you make the applications (or would be except for Covid-19);
- Have lost profits;
- Intend to trade in 2020/21; and
- Your average self-employed trading profits must be less than £50,000 and over half your income comes from self-employment. HMRC will initially assess this from your 2018/19 tax return and we can assist with reviewing their calculations.
To be considered for the scheme you must file your 2018/19 tax return by 23rd April 2020.
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