Self-Employed Income Support Scheme

26th March 2020

The Chancellor Rishi Sunak has outlined the financial support being made available to self-employed individuals and we outline the support below: –

  • Self-employed individuals will receive a taxable Grant of 80% of their average monthly profits over the last 3 years, up to £2,500 per month
  • The scheme is open for 3 months with an extension being available if required
  • Those claiming can claim the Grant and ‘continue to do business’ (continue trading where possible)
  • The Grant is the same as ‘furloughed’ employees are receiving
  • The scheme is open to anyone with trading profits of up to £50,000
  • A specific requirement for claimants is that the majority of the income declared on their tax return is from self-employment
  • You must have submitted a 2019 self-assessment tax return to be able to apply
  • It is envisaged that the scheme will be accessible from the beginning of June
  • HMRC will contact all potential claimants directly asking them to complete an online form (contact is likely to be by post) – please therefore be very cautious about e-mails or text messages claiming to be from HMRC with suspicious links enclosed
  • The Grants will be paid directly into your bank account
  • Anyone who has not yet submitted their 2019 self-assessment tax return have 4 weeks from today (Thursday 26th March 2020) to do so to be included in the scheme
  • Self-employed individuals can access the Coronavirus Business Interruption Loan Scheme (CBILS)
  • Any self-assessment tax payments due in July 2020 are delayed until January 2021
  • Universal Credit and government SSP is accessible in full in the intervening months before the scheme is in place
  • The was also a passing comment that an equalisation of the tax system is coming and that the self employed can expect that taxes are to align with the employed in the future due to this measure.

Further information to help all businesses can be found at

We will update with further details once the full information has been released by the Government.