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Covid-19: Financial Support for the Self-Employed

Posted by Admin Posted on 27 Mar 2020

The Government have announced financial support for the self-employed who have suffered loss of income due to the Coronavirus outbreak. 80% of their average monthly trading profit based on the last three trading years, or a shorter period if trading for less than three years, up to a maximum of £2,500 will be payable. Tax returns for at least 5th April 2019 must have been filed. Self-employed businesses with trading profits above £50,000 per year will not qualify. HMRC will be contacting self-employed individuals who qualify and invite them to apply online. It is expected that payments will be available in June.