Chancellor Rishi Sunak announced, on 26th March, a new Self-employment Income Support Scheme for self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19;
- scheme aims to be available from beginning on June 2020
- taxable grant of 80% of average profit over last 3 years (capped at £2,500 per month)
- scheme open for 3 months and possibly extended if needed
- limited to those with trading profit of up to £50,000 per annum
- only those with a tax return for 2019 can apply (4 week window from 26/03/2020 to get one in if one wasn’t filed)
- tax payments can be deferred until next year
For further information and eligibility, see the gov.uk information page ‘Business Support’ https://www.businesssupport.gov.uk/coronavirus-business-support/
If tenants are struggling through this difficult time, please see the following guidance for landlords from SWLA;
