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Self Employed Income Support Scheme

As expected the Chancellor announced details of support for the self-employed this evening:

  • The announcement covers self-employed only, not contractors or one man bands working through a personal service company as some actors thought may be the case.
  • To qualify you must have made a maximum of £50k trading profits.
  • You receive a taxable grant worth 80% of your average profit based on 3 years trading.
  • The average can be based on a shorter period if you have been self-employed for a shorter period.
  • You must have submitted at least an 18/19 self assessment tax return.
  • You can be both Employed and self-employed, but the majority of your income must come from the self-employment.
  • Unlike the Job Retention Scheme, you can keep working.
  • The scheme is set up for an initial 3 month period.
  • HMRC will contact the individuals directly.
  • Anyone who has not submitted their tax return for 18/19 (so are late) has another 4 weeks to submit from today.
  • The first payment is expected to arrive in June, that will be back-dated to March.
  • The Chancellor made an observation on the inconsistency on taxation between the self employed and employed.  National Insurance revamp in the future anyone?

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