A Guide to the Self-employment Income Support Scheme

Self Employed Income Support

The Self Employment Income Support Scheme is designed to give financial support to Sole Traders who have completed a Self Assessment Tax Return for the Tax Year Ending April 2019.

You can claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months (it might be extended depending on what is happening). To qualify, your self-employed trading profits (this is all based on your profit) must be less than £50,000.

If you have started trading in this Tax Year (and therefore did not submit a Tax Return for the year ending April 2019) then you will, unfortunately, not qualify for this scheme.

To qualify for the Self Employment Income Support Scheme you must:

Have submitted your Income Tax Self Assessment tax return for the tax year 2018-19

Have traded in the tax year 2019-20 (the tax year that just closed in April 2020)

Be trading when you apply, or would be trading except for COVID-19

Intend to continue to trade in the current new tax year which is April 2020 to April 2021

Have lost trading/partnership trading profits due to COVID-19

You’ll get 80% of your average profits from the tax years from 2015/16-to 2018/19. Remember this is all about profits!

The Self Employment Income Support Scheme will give you up to a maximum of £2,500 per month for 3 months. So even if you had more profits than an average of £2,500 a month, you cannot claim a higher amount as it is capped.

As a self employed person you can continue to work whilst claiming this Grant (which is different to an employee who is on PAYE and who is being Furloughed. You can find out more about this in our Blog here). You do not need to stop trading in order to qualify for this Grant (some great news).

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A Guide to the Self-Employment Income Support Scheme

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