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 mustmeet 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

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