Coronavirus Self-employment Income Support Scheme (updated 1 June 2020)

This has been announced today, details are evolving, but this is what we know:

• a taxable non repayable grant for Self Employed and Partners – not company directors
• only available if your average profits over 16/17, 17/18 and 18/19 less than £50,000
• grant is 80% of average profits over 16/17, 17/18 and 18/19 to a maximum of £2,500 / month (believe this is 80% of £2,500 – punctuation not clear on Government website)
• scheme lasting three months initially
• the averaging year rules adjust if you started Self Employment in that period
• Self Employment must be the majority of your income
• payments to be made from June onward as one lump sum
• no restriction on continuing to work

HMRCs Guidance:
Claim a grant through the coronavirus (COVID-19) Self-employment Income Support Scheme