Coronavirus Self-employment Income Support Scheme

So 72hrs have now passed since the Governments Self-employed Support scheme was announced, here are the Key facts:

Self-employed people will be invited to apply for a taxable grant worth 80% of their average monthly Net profits over the last three years, up to £2,500 a month. Only 20% of this grant needs to be paid back, next year.

(If you have only completed one Tax return then it will only be based on one, if you have two then it will be based on two etc.)

Your Net profit is your total income minus your total expenses, if you claimed a large tax rebate, you will have lower net profits, than someone on a similar income who received a lower tax rebate.

The more you claimed then, the less you get now!

Use this calculator to see how much you could be eligible to receive:

HMRC have asked that People do not contact HMRC. You can not apply for this grant, HMRC will contact you directly if you are eligible.

You can still work and claim the full entitlement to this Grant.

You can still complete your 19.20 return as normal, it may take slightly longer to receive your repayment, purely due to the higher than normal amount of submissions.

If you are out of work now, you will be able to claim employment and support allowance (ESA) and/or Universal Credit. This will not affect your eligibility for the grant or the amount you receive.

The weekly payment for ESA is typically £73.10 or £57.90 for people under the age of 25.

The payments for Universal Credit have been temporarily raised so that the self-employed receive the same amount as someone on statutory sick pay (£94.25 a week).

You can not still work and claim the full entitlement to these benefits, if you return to work you must update your benefit claim.

You must apply as a couple if you live with a partner, even if you are not married. Your partner’s income may affect your eligibility.

If you had a universal credit account before, you do not need to go through the full application again, you should be able to reapply through your existing account.

Small business reliefs and loans: A “Small Business” is defined by having a minimum of six employees, if you are a sole trader with less than 6 employees, you are a micro business

A lot of questions being raised about this year being your first year as self-employed and the grant requires an 18.19 return.

We firmly believe, as do many other accountants, and as was discussed during a BBC question time interview.

HMRC have suggested that people with less than 12 months accounts would be looked at based on what they have?

Assuming your 19.20 return is submitted ASAP, then HMRC will have a full set of 12 months accounts to review.

Please remember that this scheme is brand new and the eligibility criteria are based on the 5.3 million self-employed workers as a whole, it is not based on each and every individual case.

As long as you are fair, genuine and can submit a genuine application to be reviewed, we do believe that HMRC will allow some bending of criteria to accommodate.

This scheme is all about fairness and parity, as long as you are fair, you will be fine.

For the time being construction sites are allowed to remain open, although we expect this to change soon.

If you are an Essential worker you are legally allowed to work if you choose to, and can remain more than 2 meters apart.

If you are an Essential worker you also are not legally required to work, if you choose not to.

If you are not an Essential worker you must stay home.

For the time being, remain patient, sit tight, stay healthy and stay home.

A Big Thankyou to more than 500,000 people who have come forward as NHS Volunteers.