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27 Mar 20201 minute read

New self-employed support scheme

ECAtoday
New self-employed support scheme

The Government has announced a new Self-employment Income Support Scheme (SEISS), which aims to support the self-employed whose income has been negatively impacted by coronavirus.

The scheme is designed to provide a grant to self-employed individuals or partnerships, worth 80 per cent of their average profits, up to a cap of £2,500 per month.

The scheme will be open to those where most of their income comes from self-employment and where average trading profits are up to £50,000. Initially, it will be open for three months, to be extended if need be.

HMRC will look at average profits from tax returns over three years (2016-17/2017-18/2018-19) to calculate the level of grant due.  HMRC says it will contact those who may be eligible.

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