Support for the Self Employed during the Corona Outbreak

The Chancellor has just announced that there will be a new support scheme for the self employment affected for the Corona Virus – he said it will help 95% of people who are self employed

To be eligible for the scheme you must meet all the criteria below:
  • Be self-employed or a member of partnership;
  • Have lost trading/partnership trading profits due to COVID-19;
  • File a tax return for 2018-19 as self-employed or a member of a trading partnership. Those who have not yet filed for 2018-19 will have an additional 4 weeks from this announcement to do so;
  • Have traded in 2019-20; be currently trading at the point of application (or would be except for COVID 19) and intend to continue to trade in the tax year 2020 to 2021
  • Have trading profits of less than £50,000 and more than half of your total income come from self-employment. This can be with reference to at least one of the following conditions:
    • Your trading profits and total income in 2018/19
    • Your average trading profits and total income across up to the three years between 2016-17, 2017-18, and 2018-19.

Further information can be found here

We will be working with our clients to assist them with the application process when more details are announced

Please contact us if you require any further information