For the self-employed or members of a partnership adversely affected by coronavirus, the HMRC has launched an online eligibility checker for its Self-Employment Income Support Scheme.
The scheme will allow individuals to claim a taxable grant of 80% of their average monthly trading profits, which must be no more than £50,000 per year. The grant will be paid out in a single instalment covering three months, and capped at £7,500 altogether — the HMRC explained that this is a temporary scheme, but it may be extended.
The online claim service for the Self-Employment Income Support Scheme will be available from 13 May 2020 — using the HMRC’s online tool, the self-employed can now check ahead to see if they’ll be eligible to claim a grant.
If eligible, the online tool can tell you the date and time from which you can make your claim and calculate your grant, as well as ask you to add your contact details, which it will use to remind you when the online service is available.
Find out more about making a claim, as well as information about when you’ll get the money paid into your bank and how to record the grant, at imagesmag.uk/selfemployed