The Self-Employment Income Support Scheme allows self-employed individuals or members of a partnership who have been adversely affected by coronavirus to claim a grant from the government.
How does the scheme work?
The scheme allows taxable grants to be claimed from the Government in stages. Whilst applications for the first and second grants closed on 13th July 2020 and 19th October 2020 respectively, the scheme has been extended for a further six months from November 2020 until April 2021.
Grants for the extension will be paid in lump instalments each covering a three-month period. The first instalment covers the period from November 2020 until the end of January 2021 and will cover 40% of average monthly trading profits. It will be paid in a single instalment and capped at £3,750.00, which means HMRC will provide approximately the same level of support in this scheme as they do for employees via the JSS.
How can I claim?
HMRC have yet to provide details regarding claiming and applications
Where can I find more information?
Please note: The terms of the Self-Employment Income Support Scheme were updated on 23rd October 2020 following an announcement by the Chancellor on 22nd October 2020.