Coronavirus – Financial Support for Self-employed

Posted on March 27th, 2020

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;

Coronavirus – Advice for Landlords