What to take from today’s announcement.
If you are self-employed with profits of up to £50k and who have been adversely affected by the coronavirus, a taxable grant worth 80% of their average monthly profits over the last 3 years, up to £2,500 per month.
Open for at least 3 months across the UK, Extended if necessary.
It is only for those who are already in self-employment and who have a tax return for 2019, if your 18.19 return is still overdue, you have four weeks now to submit the return in order to remain eligible for the grant.
The first payment will likely come in around June and would be backdated to include all amounts due up to that point.
With regards to average over 3 years, 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
More updates to follow, please check out our calculator to see how much may be available to you.