Self-Employment Income Support Scheme

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Here’s a quick summary of practical help for Self Employed notified by the Chancellor:

  1. Direct cash grant of 80% of their profits, up to £2,500 per month
  2. The self-employed receive up to £2,500 per month in grants for at least 3 months.
  3. Apply directly to HMRC for the taxable grant, using a simple online form, with the cash being paid directly into people’s bank account.
  4. The scheme will be open to those with a trading profit of less than £50,000 in 2018-19 or an average trading profit of less than £50,000 from 2016-17, 2017-18 and 2018-19.
  5. To qualify, more than half of their income in these periods must come from self-employment.
  6. Only those who are already in self-employment and meet the above conditions will be eligible to apply.
  7. HMRC will identify eligible taxpayers and contact them directly with guidance on how to apply.
  8. Grants will be paid in a single lump sum instalment covering all 3 months and will start to be paid at the beginning of June.
  9. Individuals should not contact HMRC, HMRC will use existing information to check potential eligibility and invite applications once the scheme is operational.
  10. Those who pay themselves a salary and dividends through their own company are not covered by the scheme but will be covered for their salary by the Coronavirus Job Retention Scheme if they are operating PAYE schemes.

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