HMRC Self-Employment Income Support Scheme

Government grants to support the self employed throughout the coronavirus pandemic

If you're self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19) you can use this government scheme to claim the grant.

You need to apply yourself, rather than your tax advisor applying for you as this will cause a fraud alert and the HMRC, who are providing the service, claim this could cause a ‘significant delay’ to your claim.

Who can claim?

You can claim if you’re a self-employed individual or a member of a partnership and all of the following apply:

• you traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year

• you traded in the tax year 2019 to 2020

• you intend to continue to trade in the tax year 2020 to 2021

• you carry on a trade which has been adversely affected by coronavirus

What is the grant worth?

The scheme will allow you to claim a taxable grant of 80% of your average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether. This is a temporary scheme, but it may be extended.

Can I still work?

If you receive the grant you can continue to work, start a new trade or take on other employment including voluntary work, or duties as an armed forces reservist.

Will I need to pay it back?

The grant does not need to be repaid but will be subject to Income Tax and self-employed National Insurance.

To find out more follow this link on the gov.uk website