We’re living in unprecedented times, with the Coronavirus crisis causing uncertainty for business owners and employees alike. Our offices may be temporarily closed, but we are still here to provide advice and support to our clients where possible, answering the questions you need to know.

 

Q: I’m self-employed – is there any support for me?

 

A:

 

With tough social distancing measures in place and all non-essential businesses such as construction sites, beauticians and hairdressers forced to close at the beginning of lockdown, it will have been almost impossible for self-employed individuals to find income during the ongoing Covid-19 crisis.

 

Luckily, the Government has introduced the Self-employment Income Support Scheme (SEISS) – a package to support individuals who have lost, or will be losing, income due to Coronavirus.

 

The SEISS scheme currently allows those affected to claim a taxable grant worth 80% of their average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits and capped at £7,500 in total. This does not need to be paid back.

 

The grant is available to those whose business has been adversely affected by the Coronavirus pandemic and subsequent lockdown. This includes:

  • If you are unable to work due to shielding, on sick leave, or caring for someone
  • If you’ve had to scale down or temporarily stop trading due to supply chain interruption, staff are unable to work, or no/fewer customers

 

Those who are eligible and wishing to claim their first grant must act quick – claims need to be made on or before 13th July. To make a claim you’ll need your Government Gateway user ID and password, UK bank details, and be able to prove to HMRC that your business has been affected.

 

However, if you don’t claim in time, or don’t feel you need to just yet, there’s no need to panic. The scheme has now been extended so claims can be made for a second and final grant in August 2020. If eligible, you’ll receive a taxable grant worth 70% of your average monthly trading profits, paid out in a single instalment covering a further 3 months’ worth of profits and capped at £6,750 in total.

 

As the nation begins to resume some normality, it’s important for self-employed individuals to remember that they can continue to work, start a new trade or take on other employment, even if they have received a grant.

 

If you need support through this scheme, visit https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme to find out more and apply for your grant.