Issue Number 5: Self Employment Income Support Scheme
If you are a Business Membership Organisation, please share this widely amongst your member companies and networks.
Coronavirus (COVID-19) – Self-employment Income Support Scheme
The Self-employment Income Support Scheme (SEISS) will support self-employed individuals (including members of partnerships) whose income has been negatively impacted by COVID-19. The scheme will provide a grant to self-employed individuals or partnerships, worth 80% of their profits up to a cap of £2,500 per month.
HMRC will use the average profits from tax returns in 2016-17, 2017-18 and 2018-19 to calculate the size of the grant. The scheme will be open to those where the majority of their income comes from self-employment and who9 have profits of less than £50,000. The scheme will be open for an initial three months with people able to make their first claim by the beginning of June.
The self-employed can also get support from
- Access to coronavirus business interruption loans
- Income tax payments due in July can be deferred to the end of Jan 2021
- Changes to the welfare system to allow access Universal Credit in full
- Anyone who missed the tax return filing deadline in January, have a further four weeks from today to submit their tax return
Government launches Coronavirus Information Service on WhatsApp
The UK Government has launch a GOV.UK Coronavirus Information service on WhatsApp. The new free to use service aims to provide official, trustworth and timely information and advice. To use the free GOV.UK Coronavirus Information Service on WhatsApp, simply add 07860 064422 in your phone contacts and then message the word ‘hi’ in a WhatsApp message to get started. Further information can be found here.
If you are concerned about being able to pay your tax due to COVID-19, call HMRC’s dedicated helpline on 0800 0159 559.
Business Support Helpline 0300 456 3565