PLEASE NOTE THAT THE INFORMATION ON THIS PAGE MAY NO LONGER BE CURRENT. During the coronavirus pandemic, important news and announcements are being made daily. Official advice can change from one day to the next. We are doing our best to keep our COVID-19 information up to date on these two pages - but we recommend you check any information with official government, NHS or other responsible sources before acting on it.

COVID-19 advice and updates for SMEs and the self-employed

Read More

COVID-19 personal finances advice and updates

Read More

Self-Employed Income Support Scheme

Good afternoon. Chancellor Rishi Sunak has just delivered the Downing Street press briefing, outlining extra support for the self-employed by way of the self-employed income support scheme.

Because this is such an important matter for many of our clients, we’ll go straight to the details of the new self-employed income support scheme.

The scheme will:

  • Give the self-employed a taxable grant worth 80% of their average monthly profit (over the past three years), up to £2,500.
  • Operate for at least three months, and will be renewed as necessary.
  • Allow you to claim the grants and continue to do business.
  • Be operational and making grants by the beginning of June, possibly earlier. In June you will get three months’ money in one payment.

To qualify, you must:

  • Already be self-employed and have submitted a tax return for 2019. If you haven’t, you have 4 weeks from today (26 March) to do so.
  • Make the majority of your income from self-employment
  • Have trading profits of less than £50,000 in 2018-19, or average trading profits of less than £50,000 in 2016-17, 2017-18 and 2018-19. In both cases these profits must constitute more than half your average taxable income over the period.

If you are eligible for the scheme, you will be contacted by HMRC.

There will be many questions about the scheme. We will be finding out more about the detail as soon as we can – and will keep you updated. Sign up for our newsletter on our blog home page.

Avatar for Ben Locker
About Ben Locker

Ben Locker is a copywriter who specialises in business-to-business marketing, writing about everything from software and accountancy to construction and power tools. He co-founded the Professional Copywriters’ Network, the UK’s association for commercial writers, and is named in Direct Marketing Association research as ‘one of the copywriters who copywriters rate’.

Join The Conversation
Cyber Essentials Plus certification
Sign up for our Newsletter