Self Employment Income Support
We are sending important information to all of you who are self employed and can benefit from the new Self-employment Income Support Scheme for self-employed people who have been adversely affected by COVID-19.
The scheme is for you if you can answer yes to all of these questions:
1. Have you submitted your Self Assessment tax return for the tax year 2018/19 or will do so by 23 April 2020?
2. Have you traded in the tax year 2019/20?
3. Are you trading at the date of application or
would be except for COVID-19?
4. Do you intend to continue to trade in the
tax year 2020/21?
5. Have you lost trading/partnership trading
profits due to COVID-19?
6. Does more than 50% of your income come from self-employment or your average trading profits in 2016-17, 2017-18, and 2018-19 are less than £50,000 and these profits constitute more than half of your average taxable income in the same period?
Self-employed people do not need to get in touch with HMRC as the scheme isn’t yet open for applications. HMRC will contact eligible sole traders by the beginning of June, inviting them to apply online. You will be able to claim grant worth 80% of average of 3 years trading profits or less depending on your personal circumstances. HMRC will work this out and will make a one off payment into your bank account.
Unfortunately, we are aware of an increase in scam emails, calls and texts. If someone gets in touch claiming to be from HMRC, saying that financial help can be claimed or that a tax refund is owed, and asks you to click on a link or to give information such as your name, credit card or bank details, please do not respond.
We are ready to help you if you have any questions or need assistance with the online application.
Stay in touch and stay safe!