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
https://www.businesssupport.gov.uk/self-employment-income-support-scheme/
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
