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.