Covid 19 Self-employment Income Support Scheme UPDATE

Self-employed Income Support Scheme
Self-employed individuals will be entitled to receive direct cash grants through a new UK-wide scheme to help them during the
coronavirus outbreak.
The package is a cash grant of 80% of self-employed profits capped at £2500 per month for 3-months.
Chancellor Rishi Sunak said: ‘Together with support packages for businesses and for workers, I am confident we now have the
measures in place to ensure we can get through this emergency together.’

Eligibility and applying
You can apply if you have submitted your Income Tax Self Assessment tax return for the tax year 2018-19, traded in the tax year
2019-20, are trading when you apply – or would be except for Covid-19 – intend to continue to trade in the tax year 2020-21 and
have lost trading/partnership trading profits due to COVID-19.
You must also have trading profits of less than £50,000 and more than half of your total income come from self-employment, or an
average trading profit of less than £50,000 from 2016-17, 2017-18 and 2018-19.
Grants will be paid in a single lump sum instalment covering all 3 months and will start to be paid at the beginning of June.
HMRC will use existing information to check potential eligibility and invite applications once the scheme is operational.

How to Know if You are Not Covered and Other Support
Those who pay themselves a salary and dividends through their own company are not covered by the scheme but will be covered
for their salary by the Coronavirus Job Retention Scheme if they are operating PAYE schemes.
Therefore, before grant payments are made, the self employed will still be able to access other available Government support for
those affected by coronavirus while the scheme is currently being rolled out, including VAT deferrals, increased universal credit,
Business Interruption Loan Scheme and business rates grant schemes.

Association of Independent Professionals and the Self Employed
IPSE are running an online Coronavirus Hub to provide the self-employed with the latest updates, Government schemes and practical advice.
Coronavirus Webinars click here
Latest Advice click here
Coronavirus FAQs click here
Government Support
The Government website is also offering guidance on financial support, grants and needing time to pay  click here