Self employed income scheme – key points

Self employed income scheme – key points

Please note below key points from the Chancellor’s Press Conference on 26th March 2020

New self employed income scheme:

  • HMG will pay the self-employed a taxable grant worth 80% of their average monthly profits over the last three years up to £2500 per month
  • Available for three months – will be extended if necessary
  • People can claim these grants and continue to do business
  • Covers self-employed same as those on furlough

To ensure the funds reaches the people most in need:

  • Open to anyone of trading profits of up to £50k
  • Available to people who i) make the majority of their income being self-employed, ii) Have a self employed tax return for 2019 – aimed to stop fraud

How to access:

  • HMRC to contact you directly and you’ll have to fill out a form
  • HMRC will pay the grant directly to bank accounts
  • Aim is to pay at the beginning of June (three months backdated). Hoping to be quicker than that but recognition HMRC are now having to design two new systems
  • Anyone who missed the January filing deadline has an extra four weeks from 26th March 2020 to submit their tax return