27th March 2020

On Thursday 26th March, The Chancellor of the Exchequer announced a world-leading scheme to support the UK’s self-employed affected by the coronavirus outbreak.

Self-Employed Income Support Scheme

  • The government will pay self-employed people, who have been adversely affected by the corona virus, a taxable grant worth 80% of their average income over the last three years, up to £2,500 per month, for at least three months.
  • Self-employed people who are eligible can apply directly to HMRC for the grant, using a simple online form; HMRC will then pay the grant straight into your bank account.
  • This scheme will be open to those with income of £50,000 or less, who make the majority of their income from self-employment.
  • For self-employed people who are struggling now, the Government have also made sure that most will be able to access the business interruption loans.
  • The Government have also changed the welfare system so that self-employed people can now access Universal Credit in full.
  • A self-employed person with a non-working partner and two children, living in the social rented sector, can receive welfare support of around £1,800 per month.
  • This scheme also applies to members of partnerships

More information about what the Chancellor announced can be found at:

https://www.businesssupport.gov.uk/self-employment-income-support-scheme/

We will continue to share the most up to date information directly with you as it becomes available.