Chancellor Rishi Sunak has finally announced the Self-employed income support scheme (SEISS). The scheme aims to help those who are already self-employed and facing financial difficulties. Key points below:
• The scheme will cover up to 80% of average profits over the past three years, up to £2,500 per month, for at least three months.
• Those with trading profits of more than £50,000 are not eligible.
• Eligibility will be determined by 2018/2019 earnings using tax returns filed this year.
• Application to HMRC will be via an online platform
• Grant likely to be available in June 2020
• The self-employed not currently in work are encouraged to claim Universal Credit
• Anyone drawing the majority of income through dividends will miss out on support
For more information on how we can help during this time please get in touch on 01274 588115 or via email@smithbutler.co.uk