The chancellor today made his much anticipated announcement on further assistance for the self-employed who have been affected by the Covid-19 crisis.
The scheme will pay out self employed individuals who have been adversely affected by Covid-19.
They will receive a taxable grant worth 80% of their average monthly profit over the last three years up to £2,500 a month. If 3 years of data is not available then a review of what data is available will be carried out.
The scheme is open to people across the UK for at least 3 months and can be extended for longer if necessary.
It is intended to be a targeted support scheme open to anyone who is self-employed with trading profits of up to £50,000.
It will only be available if you make the majority of your income from self-employment and if you had to file a tax return for 2019.
It was stated by the chancellor that the scheme will assist the majority of the self-employed.
The scheme will be administered by HMRC who are working on providing access to this no later than the beginning of June.
If your eligible for the scheme HMRC will contact you individually, asking you to fill in an online form and then the grant will be paid into your bank account directly.
It was also announced that late filers can also still access and be eligible for the scheme provided that their late return is filed 4 weeks from todays date (26 March 2020).
In addition to the new announcement of the SEISS, self employed individuals are also eligible to access the business interruption loan scheme previously announced.
Alongside the deferment of the 31 July 2020 on account tax payment to 31 January 2021, plus access to Universal Credits in full.
The chancellor ended by stating “The scheme is designed to be fair and targeted to those that need the most help” and crucially that this scheme will be deliverable.
This is currently all the information we are aware of and when further guidance is in the public domain, we will provide this to you.
SRC-Time is here to help through this unprecedented times. If you would like us to help with any issues you are experiencing in your business due to the Covid-19 pandemic please contact the office on 01273 326 556 or contact our account managers who will be able to help. Alternatively you can email email@example.com.