These are scary times, but don’t despair
You can claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next three months
This scheme allows you to claim a grant worth 80% of your trading profits (less tax) up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed.
Who is eligible
You may be eligible if you’re a self-employed individual or a member of a partnership and you:
- have submitted your tax return for the tax year 2018-19
- were trading in the tax year 2019-20
- are still trading when you apply, or would been if COVID-19 hadn’t happened and intend to continue to trade in the tax year 2020-21
- have lost trading profits due to COVID-19
- most of your income comes from self employment
- your profits are less than £50,000 (averaged over the last 3 years)
HMRC has started contact you if you are eligible for the scheme and invite you to apply online. Payment is expected to be made June .