Coronavirus Support Package for Self-employed

Coronavirus Support Package for Self-employed

Having previously announced support for businesses employing staff, the UK Government have announced support for the self-employed.

What is the benefit?

A taxable grant of 80% of their average monthly profits for the last 3 years, up to £2,500. The scheme will run for an initial period of 3 months, with an option to be extend by the Chancellor.

Who is entitled?

It is open to anyone with profits of up to £50,000, where the majority of their income is from self-employment.

Only those currently in self-employment, who have submitted a 2019 self assessment, will be eligible.

What if I have only one year of trading?

HMRC will average over 3 years of trading, or fewer where that applies. If there is only one year of trading the grant will be based on that one year of trading.

Those who have started trading after 6 April 2019 will not be entitled to this specific grant.

When will it be paid?

Due to some process and systems-related issues to work through, individuals will receive the grant as one lump sum in June 2020 (ie backdated to 1 March 2020).

If you have any questions please contact info@sadleradvisory.com or 020 3746 1594.