Published on: 13 May 2020
Earlier this week, the Self-Employed Income Support Scheme went live. The scheme is intended to help individuals that are self-employed manage the impact of COVID-19.
The scheme allows you to claim a taxable grant of up to 80% of your average monthly trading profits. The grant is capped at £7,500 and is paid in one single instalment which will cover the last three months.
To qualify, your trading profits must be no more than £50,000 and at least equal to your non-trading income.
British Marine understands that if you receive the grant, you can continue to work, start a new trade or take on other employment.
HMRC will assess whether you are eligible by reviewing your 2018 to 2019 Self-Assessment tax return.
More information on the guidance and further details of how to claim can be found here.
Our members should also be aware that the UK Government has extended the Coronavirus Job Retention Scheme until the end of October. More detail on this can be found here.
For members wishing to stay up-to-date with the latest developments on COVID-19, please visit our dedicated Coronavirus Hub.