UK Coronavirus Support Update
Find out more about the government’s support schemes to help your business
The UK government has provided various types of financial support for small- and medium-sized businesses, as well as the self-employed. There have been a few notable updates recently, outlined below.
Self-Employment Income Support Scheme
On Wednesday, 13 May 2020, the UK government started accepting applications here for the Self-Employment Income Support Scheme.
Under this scheme, self-employed individuals may receive taxable grants of 80% of average monthly trading profits, paid out in one instalment covering three months, and capped at a total of £7,500.
The average trading profit is calculated over the past three tax years of 2016-2017, 2017-2018, and 2018-2019. To be eligible for the grant, the following requirements must be met:
On Wednesday, 13 May 2020, the UK government started accepting applications here for the Self-Employment Income Support Scheme.
Under this scheme, self-employed individuals may receive taxable grants of 80% of average monthly trading profits, paid out in one instalment covering three months, and capped at a total of £7,500.
The average trading profit is calculated over the past three tax years of 2016-2017, 2017-2018, and 2018-2019. To be eligible for the grant, the following requirements must be met:
- The business of the self-employed individual has been adversely affected by coronavirus. For example, the individual may be unable to work due to shielding, self-isolating or being on sick leave or having caring responsibilities because of coronavirus. Other examples for being adversely affected are that the self-employed business had to scale down or temporarily stop trading due to supply chain interruptions, fewer or no customers or clients, or having staff unable to come to work.
- The self-employed individual traded in the tax year 2018 to 2019 and submitted a Self Assessment tax return on or before 23 April 2020 for that year.
- The self-employed individual traded in the tax year 2019 to 2020 and intends to continue to trade in the tax year 2020 to 2021.
Please note that the information we have provided is not legal advice and may change quickly given the dynamic environment. For questions specific to your business, it’s advisable to consult an accountant or solicitor.
For tips on managing your business during the Covid-19 crisis, check out other webinars and content from our Houzz Pro Resilience Initiative here.
Please email ukeditor@houzz.com if there are additional topics on which you would like more information.
For tips on managing your business during the Covid-19 crisis, check out other webinars and content from our Houzz Pro Resilience Initiative here.
Please email ukeditor@houzz.com if there are additional topics on which you would like more information.
Sponsored
On Tuesday, 12 May 2020, the Coronavirus Job Retention Scheme was extended until 31 October 2020. We summarised the scheme, which is not available for the self-employed, here. As part of the extension, the government announced that, from the beginning of August, furloughed workers will be able to return to work part-time, with employers being asked to pay a percentage towards the salaries of their furloughed staff.
The employer payments will substitute the current government contribution, so staff continue to receive 80% of their salary, up to £2,500 a month. More details about these changes will be forthcoming by the end of May.