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Self-Employment Income Support Scheme — UK-wide
The Self-Employment Income Support Scheme (SEISS) will support self-employed workers whose income has been negatively impacted by COVID-19.
Eligibility criteria
You must be self-employed or a member of partnership, and you must:
- have lost trading/partnership trading profits due to COVID-19
- file a tax return for 2018-19 as self-employed
- have traded in 2019-20
- be currently trading at the point of application (or would be except for COVID-19) and intend to continue to trade in the tax year 2020 to 2021
- have trading profits of less than £50,000 and more than half of your total income come from self-employment. This can be with reference to at least one of the following conditions:
- your trading profits and total income in 2018-19
- your average trading profits and total income across up to three years between 2016-17, 2017-18, and 2018-19
What it covers
The scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month. HMRC will use the average profits from tax returns in 2016-17, 2017-18 and 2018-19 to calculate the size of the grant. The scheme will be open to those for whom the majority of their income comes from self-employment and who have profits of less than £50,000.
How to access it
Individuals should not contact HMRC now. HMRC will use existing information to check potential eligibility and invite applications once the scheme is operational. HMRC will then pay the grant directly to eligible claimants’ bank account.
Duration
The scheme will be open for an initial three months, with people able to make their first claim by the beginning of June.
Government resource
https://www.businesssupport.gov.uk/self-employment-income-support-scheme/Disclaimer:
The information provided here was sourced from the HMRC and it will be updated periodically but we request you to check the individual sites provided about for more information. Last updated 5th April 2020.