Coronavirus Support for Self-Employed

I’m not quite sure what to make of that really! The good news is if you are self employed you may get support if you meet the criteria, but I think we may have just been put on notice that there will be future changes to the tax system for self employed.

I shall update this blog tonight when I see more information, so do check back as this could change but here is my understanding of what has been said:-

There will be a TAXABLE Grant of 80% average monthly profits upto a maximum of £2,500 per month. This is available as long as your trading profits are not greater than £50,000.

It will be available as long as majority of your income is from self employment.

It will be available if you submitted a tax return for 2018/19. If you have not yet done so you have 4 weeks to do so.

It will be accessible no later than the beginning of June and they will get in touch with you.

In the meantime you can access Coronavirus Business Interruption loans from the bank, which I understand have had some bad press. Your July payment on account will be deferred automatically if you had one due.

Self employed can access universal credit in full.

More details will follow once I know more.