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Coronavirus: Financial support for the Self-employed – first look

After days of speculation we now have clarity over the financial support available to the self-employed.

The announcement made by the Chancellor reflects the support available to employed workers. The key points from the Chancellors statement are as follows:

  • The maximum grant available to the self-employed individual will be the lower of: £2,500 and 80% x average profits over the last 3 tax years where this is less than £50,000
  • To be eligible you must derive most of your income from Self Employment
  • Payments are expected to be made in June
  • HMRC will contact you if you are eligible
  • A form will need to be completed to apply for the grant – the money will then be paid into your bank account
  • The grant will be taxable income in the hands of the self-employed individual
  • For the recently self employed who have submitted a 2019/20 tax return, profits will be based on this return (provided no earlier self-employment returns have been submitted in which case these will be included up to a maximum of 3 returns)
  • If you have not yet submitted your 2019/20 tax return the Chancellor is allowing a 4 week period in which you must submit your return to be eligible for the scheme
  • If you are very recently newly self employed and were not self employed for any part of the 2019/20 tax year, you will not be eligible for this scheme. The Chancellor noted the difficulty of implementing a scheme to these workers and directs them towards other Government initiatives such as the Cornoavirus Business Loan Scheme.

The Chancellor anticipates this scheme will cover 95% of the self employed workforce. With average earnings of over £200,000 for the remaining 5% of the self employed workforce he is confident that much of the self employed community will be aided through this scheme.

Over the coming days we will learn more how the scheme will work so we can help those who need access to this valuable source of funding in these difficult times.

If you have any questions on the scheme please get in contact, either directly or at


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