Coronavirus: Self-Employed Income Support Scheme
On 26 March, the Chancellor announced a new Self-Employment Income Support Scheme (SEISS) to help the self-employed and freelancers.
Self-employed individuals will be able to apply for a grant of up to 80% of average monthly profits for a 3-month period. This will be calculated by looking at average profits over the last 3 tax years (2016/17 to 2018/19) or shorter period where applicable. Like the Coronavirus Job Retention Scheme (CJRS), this is subject to a maximum claim of £2,500 per month. The maximum total grant is therefore £7,500.
The plan will be backdated to March and cover up to 95% of the self-employed, according to the Chancellor. Payments are set to be made to up to 3.8 million people.
Read our fact sheet for more details on the scheme. For further information or advice on Coronavirus, visit our dedicated hub or call us on 01903 234094.