The government have announced the Self Employed Income Support Scheme, We’ve summarised this for you below for further details, see the full government break down here.
The government will pay self-employed people a taxable grant based on their previous earnings over the last three years, worth up to 80% of earnings, and capped at £2,500 a month.
It will run for a minimum of three months
It’s the equivalent to the support available to the employed.
This will be open to anyone with annual profits of £50,000 or less.
It will be open to people who make the majority of their income from self-employment.
To avoid fraud, it will only be open to people who are already self-employed and have a tax return from 2019.
It will be available by June.
Anyone who missed the deadline for their tax return will get an extra four weeks to do so.
The scheme will be administered by HMRC who will contact eligible people directly, request a form to be completed and pay the grant directly into their bank.
You will access this scheme only through GOV.UK. If someone texts, calls or emails claiming to be from HMRC, saying that you can claim financial help or are owed a tax refund, and asks you to click on a link or to give information such as your name, credit card or bank details, it is a scam.
See the government FAQ document here.