Self Employed Support Coronavirus 26 March 2020

The Self Employed Income Support Scheme was released by Chancellor Rishi Sunak this evening.

The Government will provide the self-employed with a taxable grant of up to 80% of their average monthly income taken over a 3 year period up to a maximum of £2,500 per month. If you do not have 3 years accounts, it will be based on the best available data.

You will not qualify if you started after 6 April 2019 and only those who completed tax returns for the year ended 5 April 2019 and remain self-employed will be included.

This will be available for an initial 3 months and may be extended if necessary. The payment will not be released until early June but will be backdated. You will be able to claim the grant and continue to do business.

The grant will be available to people with trading profits of up to £50,000 and for those where the majority of their income comes from self-employment. For those struggling right now, there are business interruption loans available.

If you have not submitted your tax return for the year ended 5 April 2019, you now have 4 weeks to do so. This is very important so if you know anyone who needs help ask them to get in contact.

Income tax second payments on account due on 31 July have been deferred until 31 January 2021. Access to Universal Credit is available and advance payments are in place rather than a 5-week check (as per the Chancellor)

There will be a form available for completion soon

Compliance checks will be added to this form. General accountancy advice can be found here.

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