Government press conference – 26th March – 5pm
Self-employment Income Support Scheme – SEISS:
Measures have been put in place to financially support the self-employed, those whose income has been negatively impacted by COVID-19 – the Self-employment Income Support Scheme.
Access to the scheme will be available no later than the beginning of June.
The Government will pay a taxable grant based on 80% of the average profits (not sales) over the past 3 years to a maximum of £2,500 per month which Mr Rishi said would cover 95% of the self-employed.
Grant payments will be back-dated and are expected to be made by the beginning of June.
Only those already in self-employment and who have submitted a tax return for 2019 will qualify for the scheme. However, those who have not yet submitted their 2019 tax return have been given 4 weeks from 26th March to submit those which must be filed by 23rd April.
Self-employed who have less that 3 years accounts, will be required to submit what they have but the system cannot operate for those who have only very recently become self-employed.
To be eligible for the scheme you must meet all the criteria below:
- Be self-employed or a member of partnership;
- Have lost trading/partnership trading profits due to COVID-19;
- File a tax return for 2018-19 as self-employed or a member of a trading partnership.
- Have traded in 2019-20; be currently trading at the point of application (or would be except for COVID 19) and intend to continue to trade in the tax year 2020 to 2021
- Have trading profits of less than £50,000 and more than half of your total income come from self-employment.
Full details can be found here: https://www.businesssupport.gov.uk/self-employment-income-support-scheme/
Amanda Fourie
4HTA
Making the Heatons a better place to live, work, and prosper
