The Government have set up a scheme to help those who are self-employed or a member of a partnership and have lost income due to coronavirus.
This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed.
You can apply if you're a self-employed individual or a member of a partnership and you:
- have submitted your Income Tax Self Assessment tax return for the tax year 2018-19
- traded in the tax year 2019-20
- are trading when you apply, or would be except for COVID-19
- intend to continue to trade in the tax year 2020-21
- have lost trading/partnership trading profits due to COVID-19
Your self-employed trading profits must also be less than £50,000 and more than half of your income comes from self-employment.
At current, you cannot apply for this scheme. HMRC are contacting those eligible and you will be invited to apply online so you must wait until contacted.
Please do contact your relationship director for more information on how we can help you secure this grant, or see more at GOV. UK.
About the Author: Kevin Johns
