New “Self Employee Income Support Scheme” announced

In today’s COVID-19 Coronavirus briefing, Rishi Sunak, Chancellor of the Exchequer unveiled the Self Employee Income Support Scheme.

The scheme will be available to those who have been adversely effected by the COVID-19 Coronavirus pandemic. The scheme will provide a taxable grant to cover 80% of the average monthly profits, based on the profits made over the last three years, up to £2,500 per month. Where a person has less than three years of accounts, the average will be based on whatever is available. The scheme will, in line with the others recently announced, run for 3 months initially. Those who are self employed will be able to claim and continue to trade.

The scheme is open to those with Trading Profits of up to £50,000. In order to be eligible, you must make the majority of your income from your Self Employed trade. You must also already be in Self Employment, with a tax return for 2019.

The scheme will be available from the beginning of June at the latest. HMRC will contact eligible individuals directly. For those who missed the deadline to file their Self-Assessment in January, there will be a four-week extension from today for Assessments to be completed and filed.

Those who are Self Employed are also able to access the Coronavirus Business Interruption Loan Scheme. Find out more about this scheme and how to apply here. In addition to this support, Self Assessed Income Tax payments can be deferred to January 2020. Those who are Self Employed can now also access Universal Credit.

Colmore BID remains available to support our businesses, as well as our public sector parters. Please contact the team in the usual way, or email info@colmorebid.co.uk.

Colmore BID will continue to share confirmed, factual information during this crisis. You can keep up to date by subscribing to our mailing lists. You can join these by emailing info@colmorebid.co.uk. You can also keep up to date by following us on Twitter, Facebook and Linkedin.