SUPPLIED BY BUSINESS GROWTH HUB
On Thursday 26 March, the Chancellor announced measures to support the UK’s self-employed individuals through the current coronavirus (COVID-19) outbreak. The measures included details of a Self-Employment Income Support Scheme which will reimburse 80% of their averaged profits over the last three years, with a cap of £2,500 per month.
The grant will run for an initial three months and be paid in one go. HMRC will inform those eligible and will have the grant paid into their account expected by the beginning of June. If you have not submitted your Income Tax Self-Assessment tax return for the tax year 2018-19, you must do this by 23 April 2020, in order to qualify for this scheme. Please be aware of scams, you can access this scheme only through GOV.UK.
The full details of the newly presented scheme can be seen here.
In his speech, the Chancellor reiterated the measures already in place which can support the self-employed until then, including the Business Interruption Loan Scheme, as well as access to Universal Credit in full.
For more information and advice on issues relating to the Coronavirus pandemic, visit our dedicated Resource Hub as well as our Business FAQs page
The GC Business Growth Hub is funded by government to deliver business support and as soon as further information becomes available, we will email you directly. Sign up for regular updates here.
Further support for those who are self-employed can be accessed through The Growth Company’s Enterprising You programme (eligibility criteria applies).