The Government has announced a support scheme for the self-employed, which will allow those who are eligible to claim a taxable grant worth 80% of their net earnings (up to a maximum of £2,500 per month) for three months.
Additionally, the scheme has now been extended, with applications for a second and final grant opening in August. This will be the same as the existing scheme, except the value of the grant will be reduced to 70% of your average profits up to a total of £6,570.
How do I know if I’m eligible?
You can check your eligibility using the Government’s online eligibility tool. The Government has explained that you will be eligible for the scheme if you’re self-employed and you:
Have submitted your Income Tax Self Assessment tax return for the tax year 2018-19;
Have worked in the tax year 2019-20;
Are working when you apply, or would be except for COVID-19;
Intend to continue to work in the tax year 2020-21; and
Have lost out on earnings due to the impact of COVID-19.
Note, other circumstances may affect eligibility. For more information, see Government guidance.