This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed.
You cannot apply for this scheme yet. HMRC will contact you if you are eligible for the scheme and invite you to apply online.
You can apply if you’re a self-employed individual or a member of a partnership and you:
· have submitted your Income Tax Self Assessment tax return for the tax year 2018-19
· traded in the tax year 2019-20
· are trading when you apply, or would be except for COVID-19
· intend to continue to trade in the tax year 2020-21
· have lost trading/partnership trading profits due to COVID-19
Your self-employed trading profits must also be less than £50,000 and more than half of your income come from self-employment. This is determined by at least one of the following conditions being true:
· having trading profits/partnership trading profits in 2018-19 of less than £50,000 and these profits constitute more than half of your total taxable income
· having average trading profits in 2016-17, 2017-18, and 2018-19 of less than £50,000 and these profits constitute more than half of your average taxable income in the same period
If you have not submitted your Income Tax Self-Assessment tax return for the tax year 2018-19, you must do this by 23 April 2020.
How much you’ll get
You’ll get a taxable grant which will be 80% of the average profits from the tax years (where applicable): 2016 to 2017, 2017 to 2018 & 2018 to 2019
It will be up to a maximum of £2,500 per month for 3 months.
They will pay the grant directly into your bank account, in one instalment.
If you’re a director of your own company and paid through PAYE you may be able to get support using the Job Retention Scheme.
The full link is here