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COVID-19 – Self-Employment: What are my options?

Posted: 5th April 2020   In: Business Employment, Individual Employment

Eligibility


What support is available?

Eligible applicants to the Scheme will receive a grant of 80% of their average trading profit. This will be calculated by HMRC from the tax returns over the preceding three years. If you have been trading for a shorter period, it will be taken from an average of reported profit from your filed tax returns. However, as eligibility relies on you having traded in 2019/2020, self-employed workers trading after 5th April 2019 will not be covered by the Scheme.
Any grants awarded will be capped at £2,500pcm for the three month period from March to May. Payments are expected to be made in June 2020 in a lump sum, backdated to March. The government has confirmed there is scope for the Scheme to be extended past these three months if circumstances require it.


How do I make a claim?

You do not need to do anything at this stage, other than ensure you tax return for 2018/2019 is filed prior to the extended deadline of 23rd April 2020. HMRC will contact eligible individuals in due course.


If I don’t qualify, what other support is available?

Unfortunately, not all self-employed workers will be eligible under the Scheme. For those who do not qualify, the following further support may be available if you are affected by COVID-19:

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Posted by: Faith Widdowson
Employment
Luton Office