COVID-19 latest news for the self-employed
Self-employed income support scheme (SEISS)
If you are self-employed or a member of a partnership in the UK and have lost income due to coronavirus (COVID-19) this scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month.
The ICAEW have published guidance on the self-employed income support scheme (SEISS) which can be found here
HMRC guidance on this scheme includes:
- Check if you can claim a grant through the Self-Employment Income Support Scheme– ‘If you’re self-employed or a member of a partnership and have been adversely affected by coronavirus (COVID-19) find out if you can use this scheme to claim a grant.’
- How HMRC works out trading profits and non-trading income for the Self-Employment Income Support Scheme– ‘Find out how HMRC will work out your trading profits and non-trading income if you’re self-employed or a member of a partnership and have been adversley affected by coronavirus (COVID-19).’
Deferral of self-assessment payment
Of benefit to many of the self-employed, the second self-assessment payment on account that is ordinarily due to be paid to HMRC by 31 July 2020 may now be deferred until 31 January 2021.
Confirmation of this move can be found on the HMRC website here.
Newly Self-Employed Hardship Fund
The Scottish Government have launched a hardship fund to support the newly self-employed, defined as those who became self-employed on or after 6 April 2019 and are ineligible for other COVID-19 related business support. This funding is accessed through your local authority’s website, and more information on the Fund can be found on the Scottish Government/ Business Gateway support page here.