Self Employed Income Support Scheme
The scheme currently allows you to claim a taxable grant worth 80% of your average monthly trading profits, paid out in a single installment covering 3 months’ worth of profits, and capped at £7,500 in total.
If you’re eligible and your business has been adversely affected you must make your claim for the first grant on or before 13 July 2020. If you’re eligible for the second and final grant, and your business has been adversely affected on or after 14 July 2020 you’ll be able to make a claim in August 2020. You can claim for the second grant even if you did not make a claim for the first grant.
How the grant works
If you receive the grant you can continue to work, start a new trade or take on other employment including voluntary work, or duties as an armed forces reservist.
The grant does not need to be repaid but will be subject to Income Tax and self-employed National Insurance.
HMRC will work out if you’re eligible and how much grant you may get. But you can follow these steps to help you understand how we will do this and what you can do now
Who can claim
You can claim if you’re a self-employed individual or a member of a partnership and all of the following apply:
- you traded in the tax year 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
- you traded in the tax year 2019 to 2020
- you intend to continue to trade in the tax year 2020 to 2021
- you carry on a trade which has been adversely affected by coronavirus
Check if you’re eligible to claim
You can check online to find out if you’re eligible to make a claim for the first grant. Your tax agent or adviser can also check your eligibility on your behalf.
You’ll need your:
- Self Assessment Unique Taxpayer Reference (UTR) number
- National Insurance number
Click here for more information
How much you’ll get
You’ll get a taxable grant based on your average trading profit over the 3 tax years:
- 2016 to 2017
- 2017 to 2018
- 2018 to 2019
We will work out your average trading profit by adding together your total trading profits or losses for the 3 tax years, then we will divide by 3.
The first grant will be worth 80% of your average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total. The online service will tell you how we’ve worked your grant out.
The grant amount we work out for you will be paid directly into your bank account, in one instalment.
How to claim
Make your claim as the online service for the first grant is now available. If you’re eligible and want to claim the first grant you must make your claim on or before 13 July 2020.
If you’re unable to claim online you should contact HMRC for help.