UPDATE: This first self employment grant scheme has now closed. For details of the second scheme please see my blog Coronavirus: Second self-employment grant.
What is available?
Self-employed individuals may be able to claim a cash grant of 80% of their average monthly profits over three tax years, up to £2,500 per month.
The grant will be subject to tax and national insurance.
You can continue to work or take on other employment whilst claiming the grant.
Who can claim?
To make a claim you must be self-employed and
- Have submitted a self-assessment Tax Return for 2018/19
- Have traded in the 2019/20 tax year
- Be trading when you apply (or would be trading except for the coronavirus)
- Have lost trading profits due to coronavirus
- Have trading profits of less than £50,000 and more than half your total income for 2018/19 OR on average for the three tax years 2016/17, 2017/18 and 2018/19.
You will have to confirm to HMRC that your trade has been adversely affected by the coronavirus.
How can I claim?
Claims can only be made using an online service that HMRC will provide.
HMRC are aiming to contact you by the middle of May if you are eligible to make a claim.
How much can I claim?
HMRC have published details as to how the ‘average profits’ will be calculated. This is covered in a separate blog – Coronavirus: calculating the self employment grant.
Please contact me if you have any queries or would like help quantifying or making your claim.
