The Government's coronavirus support scheme for the self-employed is now open for claims. Individuals or members of partnerships will be able to apply for a Self-Employment Income Support Scheme (SEISS) grant worth 80% of their average monthly trading profits.
People that are self-employed or member of a partnership, can find out how their circumstances can affect their eligibility for the Self-Employment Income Support Scheme. The update includes examples added, to show when the 'adversely affected' criteria for the first and second grants will be met. Find out more here.
Applicants can make a claim from the date HMRC advised them when they checked their eligibility (between 13 and 18 May). They will not be able to apply before their claim date but can make a claim after that day.
The scheme will pay self-employed people, who have been adversely affected by the Coronavirus, a taxable grant worth 80% of their average monthly profits over the last three years, up to £2,500 a month.
It will be open for at least three months initially.
You will be able to claim these grants and continue to do business.
To make sure that the scheme provides targeted support for those most in need, it will be open to anyone with income up to £50,000.
It will be available to people who make the majority of their income from self-employment.
To minimise fraud, only those who are already in self-employment, who have a tax return for 2019, will be able to apply.
For anyone who missed the filing deadline in January, the Government has allowed four weeks from today for them to submit their tax return so they can still apply for the scheme.
The Government expect people to be able to access the scheme through HMRC no later than the beginning of June.
If you're eligible, HMRC will contact you directly, ask you to fill out a simple online form, then pay the grant straight into your bank account.
For more immediate help for self-employed people, the Government has also announced that:
Self-employed people can access the business interruption loans.
Self-assessment income tax payments, which were due in July, can be deferred to the end of January 2021.
Self-employed people can now access Universal Credit in full.
The Government's website includes a section focused on Self-employed people and Sole traders at https://www.gov.uk/coronavirus/business-support
Further guidance on the Self-employment Income support scheme can be found at https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme
Details were initially set out in the Chancellor's speech (26 March) at https://www.gov.uk/government/speeches/chancellor-outlines-new-coronavirus-support-measures-for-the-self-employed.