Self-Employment Income Support Scheme

Government Support for your Business
Updated 29th May 2020

This scheme has been set up to support businesses whose trade has been adversely affected due to Covid-19

What do you need to know…

  • Receive a grant of up to 80% of average monthly trading profits
  • Grant is capped at £2,500 per month
  • Available for 3 months and will be paid in 1 instalment
  • Trading profits must be less than £50,000*
  • HMRC to will contact eligible sole traders directly by mid May 2020
  • Payments due early June 2020
  • Grant is taxable but NOT repayable
  • You’ll be able to make a claim for a second and final grant in August 2020

Eligibility…

  • Business must have submitted a tax return for the tax year 2018/19, and
  • Must have traded in the 2019/20 tax year
  • Must intend to continue trading in the future
  • Profits have been adversely affected by Covid-19
  • *Trading profits must not exceed £50,000 in 2018/19, or the average of the 3 years 2016/17, 2017/18, 2018/19
  • New businesses: you do not need to have submitted a tax return for all 3 years, but must have submitted one for 2018/19

Note the following…
If you have several different income sources, i.e. you run a marketing agency and rent out a property. Your income from the business must be greater than 50% of your total income

If you normally engage an accountant to submit your tax return for you, HMRC have advised they cannot make the SEISS claim on your behalf

Tip!!!
Make sure you have access to your government gateway account now

How can AOR can help you…
We can help you work out if you are eligible
Work out how much you can claim
We can help you set up a government gateway account

As ever, Adams O’Rourke are here if you need any further assistance regarding Covid-19 business support. Click here to get in touch with us.
Take care everyone!

Further Info

https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

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