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Covid-19 26 March government update

27th March 2020

26 March: Support for self-employed people, at last

Having been under pressure for the past week, Chancellor Rishi Sunak has announced measures to support self-employed people whose earnings have been affected by the coronavirus outbreak.

Self-employed income support scheme (SEISS)

  • Those who are already self-employed and facing financial difficulties are asked to apply.
  • The scheme will cover up to 80% of average profits over the past three years, up to £2,500 per month, for at least three months.
  • Those with trading profits of more than £50,000 are not eligible.
  • Eligibility is determined with reference to earnings in 2018/19 as reported on tax returns filed this year.
  • What next? Application will be to HMRC via an online platform, yet to launch. The grants probably won’t be available until June 2020, backdated to 1 March. In the meantime, self-employed people who can’t work are expected to claim universal credit, access to which was broadened in the Spring Budget.

    icaew chartered accountants  acca