Self Employed Income Support Scheme
First Grant Applications for the first grant closed on 13 July 2020
A taxable grant, worth 80% of an average 3 months trading profits, was payable in June 2020. To be eligible, you must have submitted your 2018-2019 tax return on 31 January or have submited your return by 23 April 2020.
The scheme is for unincorporated traders and partnerships. It does not apply to Limited companies.
Further eligibility criteria:
- Your trading profits are less than £50,000
- Over half of your taxable income relates to trading profits
- You have been in trade during 2019/20
- You are currently trading or have stopped trading due to Covid-19
- You are intending to trade during 2020-2021
- Your profits have been reduced due to Coronavirus
Further details are available on the gov.uk website
HMRC will contact those eligible with an invitation to apply.
Note that the grant will be subject to income tax and Class 4 NIC. The grant also counts as earnings for universal credit and tax credits.
Amendments made to tax returns after 26 March 2020 are not taken into account.
Please beware of fraudsters claiming to be HMRC and asking for personal details.
Posted April 2020