Self Employment Support

The government have now announced a Self Employment Income Support Scheme.

This scheme will allow sole traders and partners to claim a taxable grant worth 80% of their trading profits up to £2,500 per month, for at least three months.

HMRC will contact all self employed workers that qualify, with payments expected in June. They will at this point pay three months worth of claims as a lump sum.

Unfortunately, you do not qualify if your profits exceed £50,000 or if you were not registered and did not complete a 2018/19 tax return.

Here is the guidance for more information:

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme