Advice for the self employed impacted by the Covid-19 related lockdown.
The Self Employed Income Support Scheme (SEISS) will give self employed individuals a grant of up to 80% of average monthly profits up to a maximum of £2,500 per month. In simple terms:
- The initial period of the scheme is for three months
- The grant money will be added to your turnover for the year (so in effect may become taxable).
- To qualify you must have completed and filed your 2018/19 tax return as a self employed person by 23rd April 2020.
- Your trading profits in 2016/17 17/18 and 18/19 must be less than £50,000 and make up more than half of your total income.
HMRC will begin contacting though they believe are eligible from 4th May 2020. The SEISS claims service will open on 13th May. We will update this article with relevant links as soon as they are available.
HMRC say if your claim is approved you’ll receive payment within six working days.